Provision of Funeral Bonds for Youpla Support Program
Tender ID: 551731
Tender Details
Tender Description
The National Indigenous Australians Agency (the Agency) is publishing an open tender for the provision of a single, simple, low-risk funeral bond product for former policy holders of the Youpla Group as part of the Youpla Support Program (YSP).
The YSP will provide a resolution payment to people who held a funeral insurance policy with the Youpla Group (also known as the Aboriginal Community Benefit Fund) that was active anytime on or after 1 August 2015. Estimates based on available data indicate that approximately 13,700 persons held policies during this period.
The program commences on 1 July 2024. Applications close on 30 June 2026.
The value of the resolution payment will be determined by NIAA, assessed at 60% of the total premiums paid up to their policy limit.
People eligible under the YSP will be able to reinvest their resolution payment into a funeral bond, or they can opt to receive it as a cash payment. People eligible will be offered free, voluntary financial counselling prior to making their decision.
Due to the high proportion of First Nations persons among former policy holders, the successful tenderer must be able to demonstrate the capacity to provide the funeral bonds in a culturally appropriate manner. Additionally, as a significant proportion of former policy holders are located in remote and regional areas, the successful tenderer is to establish and maintain reliable contact in these areas.
Eligible people who opt for a funeral bond will be referred to the successful tenderer via the secure online Government portal ‘Business Hub’. The successful tenderer will be asked to deliver funeral bonds to eligible recipients from the YSP’s commencement date of 1 July 2024.
Other Instructions:
Industry Briefing
The Agency will be conducting an industry briefing concerning the RFT. The briefing will be held virtually on Thursday 11 April 2024 at 2:00pm Canberra time.
Refer to section 2.2 of the RFT for further details.
Deadline for submission of Tenderer Questions
Questions can be submitted up until Monday 22 April 2024 2:00pm Canberra time. Questions received after this time will not be responded to.
Location
New South Wales : Central West : Far North Coast : Far West : Hunter : Illawarra : Mid North Coast : Murray : New England : Orana : Riverina : Southern Highlands : Sydney
Queensland : Cairns & Far North Queensland : Gladstone : Mackay Whitsunday Region : Mount Isa & North West Region : Rockhampton : South East Queensland : South West & Darling Downs : The Central West : Townsville : Wide Bay Burnett
Victoria : Barwon South West : Gippsland : Grampians : Hume : Loddon Mallee : Melbourne
South Australia : Adelaide : Eyre & Western : Far North : Fleurieu & Kangaroo Island : Limestone Coast : Murray & Mallee : York & Mid North
Northern Territory : Barkly : Big Rivers : Central Australia : East Arnhem : Greater Darwin : Top End
Australian Capital Territory
Tasmania