By virtue of being a member of Sibonelo Savings and Credit Co-operative Organisation (SACCO) you qualify to be a member.
The member’s family is covered and by family, this scheme means 8 members being:
Children who are above 24 years of age but still dependent on their parent(s), i.e. either or mentally disabled or still studying, are still covered.
Parent(s)/ In-laws and any other adult dependent may benefit but at an additional annual premium per individual.
Currently, a premium of E72.00/month or E864.00/annum per member is required in order to cover the member and his/her family for up to E27,000.00 cover.
The scheme currently allows a member to join for extended family (incl. additional spouse and children – max 4 people)
Age | E10,000.00 (Monthly Rate Per Person) | E27,000.00 (Monthly Rate Per Person) |
---|---|---|
<=30 | 4.02 | 8.05 |
31-40 | 10.74 | 21.47 |
41-50 | 12.94 | 25.88 |
51-60 | 15.94 | 31.88 |
61-65 | 20.70 | 41.40 |
66-70 | 24.95 | 49.89 |
71-75 | 37.55 | 75.11 |
76-80 | 52.60 | 105.21 |
81-85 | 82.16 | 164.32 |
>85 | 144.69 | 289.38 |
Member and his/her family premium is payable in monthly installments of E72.00 through employer stop order or other payment facilities. Premiums in respect of dependants and parents are payable in cash at the beginning of the year!!!
For a new member who is joining for the first time, he/she can only benefit 180 days (6 months) after joining.
In the event of death, benefits are paid as follows:
For a Member | E27,000.00 |
---|---|
For Spouse | E27,000.00 |
For Children | |
14 to 24 years old | E16,000.00 |
6 - 13 years old | E9,500.00 |
1 to 5 years old | E5,750 |
Still Born (26 weeks) | E2,175.00 |
For Dependants (above 24 years) | E20,000.00 |
For Parents/In Laws | E20,000.00 |
Permanent Disability | Covered for life |
In the event of a principal member’s death due to an accident, death benefit is E54, 000.00.
In the event of a principal member’s death, the family will get an additional E10,000.00 support benefit.
The following certified copies are needed:
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).
Join our membership today and cut the chain of poverty.