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Society Benevolent Fund
The SACCO has been operating the sinking fund for the members since the year 2001 to cater for the bereavement expenses for the principal member and his/her dependents. The fund was also enhanced to cover for insurance of both members’ deposits and loans.
- Benevolent Claims process
- Funeral claims documents
The following are the requirements when lodging a claim:
Requirements | Benefits |
Members account must be active and performing. | Members loan balance will be written down in case of a death of a principal |
Mandatory non-refundable monthly contribution of kes.400 for one to be able benefit from the Sinking fund. | Member subject to the above requirement of active and performing. |
Dependents (One Spouse and children below the age of 18 years) must be declared in advance | Members deposits are refunded two times in case of the death of the principal Member. |
Any replacement or additional dependents must also be declared timely. This is done through filling the Sacco’s Spouse and children form. | Funeral expenses compensation as per the rates below:Spouse-Kes.60 |
New married spouses and new born babies should be declared not later than 60 days. | |
Death notification and submission of death documents must be done within six months of the occurrence. | undefined |
Funeral Claim Documents
In case of Death of an active Member, Deposits (Non-withdrawable) are paid two times the member’s deposits. The loan balance is cleared by the insurance. The member through the branch officials is required to fill the benevolent claim form and attach the following documents:
Spouse | Child | Principal Member | Disability claims documents /requirement |
BENEVOLENT CLAIM FORM (Filled from the branch) | BENEVOLENT CLAIM FORM (Filled and endorsed by branch) | BENEVOLENT CLAIM FORM (Filled and endorsed by the branch where the member resided) | CLAIM FORM/LETTER |
BURIAL PERMIT (fully filled and stamped by the issuing entity)/DEATH CERTIFICATE | BURIAL PERMIT (fully filled and stamped by the issuing entity)/DEATH CERTIFICATE | BURIAL PERMIT (fully filled and stamped by the issuing entity)/DEATH CERTIFICATE | RETIREMENT LETTER ON MEDICAL GROUNDS FROM THE EMPLOYER |
SPOUSE ID COPY (both front and back) | CHILD’S ID COPY IF ABOVE 18 YEARS (both front and back) | PRINCIPAL ID COPY (both front and back)/SURRENDER OF ID CARD LETTER | PHYSICIAN STATEMENT OF DISABILITY (executed by the attending physician) |
PRINCIPAL ID COPY (both front and back) | BIRTH CERTIFICATE/BIRTH NOTIFICATION | CLAIMANT (N.O.K) ID COPY (both front and back) | DOCTOR'S RECOMMENDATION LETTER FOR RETIREMENT ON MEDICAL GROUNDS |
LETTER FROM ADMINISTRATION | LETTER FROM ADMINISTRATION | LETTER FROM ADMINISTRATION | DOCTOR'S MEDICAL REPORTS |
PRINCIPAL ID COPY (both front and back) | |||
CLAIMANT ID COPY (both front and back) In case applying on behalf of Principal Member |
Nomination of Next of Kin
This is a requirement that every member nominates in writing one or more persons in order of priority to whom upon his/her death, shares/deposits or any other interest shall be transferred.
Members can appoint a nominee in writing, signed in front of two witnesses. If multiple nominees are chosen, members should specify how benefits are divided; otherwise, it's split equally.
Nominee details are stored securely with the SACCO's CEO and can be updated anytime with the same signing process. If a member passes away without nominating anyone, their benefits are handled by the Public Trustee for the beneficiaries.
