Mwalimu Sacco Welfare Services- BBF, Risk Fund full details

MWALIMU NATIONAL WELFARE SERVICES

MNS endeavors to reach out to her members in time of need. Mwalimu National puts aside funds for such unforeseen circumstances. These welfare services are:

1. Burial Benevolent Fund (BBF)
2. Risk Fund.
3. FEATURES OF BURIAL BENEVOLENT FUND-BBF

• Is compulsory
• Monthly contribution is Ksh 150
• The fund is managed in accordance with the Mwalimu National BBF By laws
• In the unforeseen circumstances that a member passes on, or the member’s spouse, child(ren), parent(s) or parent(s)-in-laws, the member will be entitled to burial benefits as stipulated:

PERSON	ENTITLEMENT IN KSH
Self (Mwalimu active members)	60,000
Spouse	55,000
Onw child(ren)	35,000 . (Up to a max of 6 children)
Onw parent(s)	20,000
Parent(s) in-law	15,000

 

2. FEATURES OF RISK FUND.

• Is compulsory insurance scheme for all members
• Monthly contribution is Ksh. 400
• The funds are used to:

1. Offset outstanding loans of the deceased member
2. Double the savings ,of the deceased member, which are paid to his/her nominee(s)

• Pay the last respect benefit(paid in addition to the SACCO’s BBF benefits) as stipulated below

      

PERSON	ENTITLEMENT IN KSH
Self	120,000
Spouse	80,000
Own children	40,000(up to a max of 4 children)
Own parents	N/A
Parents in-laws	N/A

 

For efficiency in payment the members should:

• Confirm and update their nominees regularly with the Society to avoid legal tussles
• In case of more than one nominee, members are advised to clearly indicate the percentage allocation for each nominee.

Documents required when launching a claim:

• Certified copy of death certificate/burial permit
• Birthday notification form/ birth certificate(for all claims on own child)
• Discharge summary sheet issued by the hospital (for a child below 2 months old)
• Radio announcement or Newspaper caption or letter from Assistance Chief or Head of Institution
• Marriage certificate or duly signed affidavit
• Adoption order and birth certificate after adoption for adopted children.
• Any other supporting documents(specify)

NOTE:

1. Own children refer to natural children and legally adopted children
2. No claim shall be paid if lodged two years after the demise of the eligible deceased person.