How to join the scheme?
By virtue of being a member of Sibonelo Savings and Credit Co-operative Organisation (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 24 years old and are fully dependent on parent(s).
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.
How Much Is needed for the cover?
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 E44,000.00 cover.
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.
(Monthly Rate Per Person)
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?
In the event of death, benefits are paid as follows:
|For a Member||E44,000.00|
|14 to 21 years old||E30,000.00|
|6 - 13 years old||E16,500.00|
|1 to 5 years old||E9,250.00|
|Still Born (26 weeks)||E3,925.00|
|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 E68, 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
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).
Become A Member Today
Join our membership today and cut the chain of poverty.