Social fund was introduced as a new product with objective of supporting members in times of tragedy especially death and complete impairment of the registered parties. Every member is required for an annual fee of 20,000shs. However, the fee is adjustable from time to time as the resolution at the AGM. Every subscriber will be entitled to enroll a maximum of 6 dependents with him or her inclusive that is wife, husband and four biological children. The subscriber must provide 3 my valid bio-data information of the beneficiaries as it will be stipulated in the application form and such one is not meant to substitute beneficiary with another not mentioned in
the list provided.
In time of any claim, the subscriber/beneficiary must provide clear information of the occurrence of an incident to be covered which shall include, medical form, death
certificate or another information deemed necessary as required by the Sacco assessment team. And in case the information provided Is not satisfactory, evidential:
compensation will be halted for further investigations. In case any of the enrolled beneficiaries suffers the above mentioned incidents, the Sacco shall provide financial support of 200,000shs which figure is subject to revision from time to time by the AGM.
If the subscriber fails to meet his or her obligation of annual fees, the Sacco will not consider any claim by such a one. On the other hand, for every subscriber; the Sacco
shall be entitled to deduct the annual agreed amount from the subscribers’ account every start of the financial year.