How to join the scheme?
By virtue of being a member of Sibonelo Savings and Credit
Cooperative 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
- Children who are 21 and are full-time students with proof are covered until age 25 years. Disabled children are covered underparents until parent’s cover ceases
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:
- Member – 64 years old
- Spouse – 65 years old
- Children – 18 years old
- Extended family members – 75 years old
- Parents – 85 years old
How Much Is needed for the cover?
Currently, there are two types of covers; a premium of E72/E101
per month is required in order to cover the member and his/
her family. Parents and In-laws are covered at E64.00 / parent
monthly.
The scheme allows a member to join for extended family (incl.
additional spouse and children – maximum 6 people).
How to pay?
Member and his/her family premium is payable in monthly installments of E72.00/E101.00 through employer stop order or other payment facilities. Parents’ and in-laws’ monthly installments are E64.00. Monthly premiums for dependants are in the following table.
| Age | E20,000.00 (Monthly Rate Per Person) |
|---|---|
| <=30 | 8.46 |
| 31-40 | 22.58 |
| 41-50 | 27.22 |
| 51-60 | 33.53 |
| 61-65 | 43.54 |
| 66-70 | 52.47 |
| 71-75 | 78.99 |
| 76-80 | 110.65 |
| 81-85 | 172.82 |
| >85 | 304.36 |
When Does a member benefit?
- Six (6) months waiting period for new members, dependants and parents below 75 years old.
- Twelve (12) months waiting period for parents 75 years
and above but below 85 years.
What are the benefits?
Funeral Claim
In the event of death, benefits are paid as follows:
| Funeral Claim | E72.00 Premium | E101.00 Premium |
|---|---|---|
| For a Member | E44,000.00 | E55,000.00 |
| For Spouse | E34,000.00 | E44,000.00 |
| For Children | ||
| 14 to 21 years old | E23,000.00 | E28,000.00 |
| 6 - 13 years old | E13,000.00 | E15,000.00 |
| 1 – 5 years old | E7,500.00 | E8,500.00 |
| < 1 | E3,050.00 | E3,250.00 |
| For Parents/In Laws | E20,000.00 | E20,000.00 |
| Extended family Members | E20,000.00 | E20,000.00 |
Double Accident Benefit
In the event of a principal member’s death due to an accident, death benefit is (E64, 000 00).
Exclusions:
Self-inflicted injuries within the first twenty-four (24) months following the commencement date
documents needed for joining and claiming
The following documents are needed upon joining:
- Member’s ID
- Certificates linking Member to dependants (spouse, children,
parents, in-laws, extended family
The following certified copies shall be required when there is need for a claim:
- Death certificate
- Member’s ID
- Dependent / claimant’s ID
- Link document (Marriage / birth certificates)
- Doctors report / Umphakatsi letter / municipality letter
- Police report in case of accident
- Mortuary confirmation letter
- Claimant’s bank statement
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.
Become A Member Today
Join our membership today and cut the chain of poverty.