How to join the scheme?
By virtue of being a member of Sibonelo Savings and Credit Co-operative Society Ltd. (SACCO) you qualify to be a member.
Who Is Covered?
The member’s family is covered and by family, this scheme means 8 members being:
- Member’s spouse
- A maximum of six (6) children who are not above 21 years old. Children who are aged 21 – 24 years but still pursuing their studies and they are fully dependent on parent(s) are covered. Mentally challenged children are covered for life.
Parent(s)/ In-laws and any other adult dependent may benefit but at an additional annual premium per individual.
Parents / In-laws and any other adult dependent benefit at an additional premium per individual. Maximum entry age for Parents and In-laws:
- Parents – 73 years old
- Extended family members – 84 years old
Currently, a premium of E72 / E97 per month is required in order to cover the member and his/her family. Parents and In-laws are covered at E60.00/parent monthly.
How Much Is needed for the cover?
Currently, a premium of E864.00/E1,164.00 per annum per member is required in order to cover the member and his/her family.
The scheme currently allows a member to join for extended family (incl. additional spouse and children – max 4 people)
How to pay?
Member and his/her family premium is payable in monthly installments of E72.00 through employer stop order or other payment facilities. Parents’ and in-laws’ monthly installments are E60.00. Monthly premiums for dependants are in the following table.
| Age | E20,000.00 (Monthly Rate Per Person) |
|---|---|
| <=30 | 8.05 |
| 31-40 | 21.47 |
| 41-50 | 25.88 |
| 51-60 | 31.88 |
| 61-65 | 41.40 |
| 66-70 | 49.89 |
| 71-75 | 75.11 |
| 76-80 | 105.21 |
| 81-85 | 164.32 |
| >85 | 289.38 |
When Does a member benefit?
For a new member who is joining for the first time, he/she can only benefit 180 days (6 months) after joining.
What are the benefits?
Funeral Claim
In the event of death, benefits are paid as follows:
| Funeral Claim | Benefit |
|---|---|
| For a Member (E72.00 Premium) | E44,000.00 |
| For Spouse | E34,000.00 |
| For a Member (E97.00 Premium) | E54,000.00 |
| For a Spouse | E44,000.00 |
| For Children | |
| 14 to 24 years old | E23,000.00 |
| 6 - 13 years old | E13,000.00 |
| 1 to 5 years old | E7,500.00 |
| Still Born (26 weeks) | E3,050.00 |
| For Dependents (Above 24 years) | E20,000.00 |
| For Parents/In Laws | E20,000.00 |
| Permanent Disability | Covered for life |
Double Accident Benefit
In the event of a principal member’s death due to an accident, death benefit is E64, 000.00.
documents needed for joining and claiming
The following certified copies are needed:
- Member’s birth certificate
- Spouse(s)’s birth certificates
- Marriage certificate
- Children’s birth certificates
- Personal Identity Cards (PIN)–Member and Nominee
- Police report in case of an accident
- Medical report
- Undertaker confirmation
NB: Members are advised to submit these documents at the time of joining or as soon as these documents are available in order to avoid delays and inconveniences when a claim is made. These documents must be kept by Sibonelo office for record purposes.
To make a claim, the member or his relatives must bring a certified copy of death certificate(s).
- Medical Report/Umphakatsi letter
- Mortuary Confirmation Letter
Become A Member Today
Join our membership today and cut the chain of poverty.