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About Us

Thuto Savings and Credit Cooperative Society is a Cooperative Financial Institution that is owned and controlled by members. The organisation is regulated by the department of cooperatives under the ministry of Trade and Entrepreneurship.

Contact Info

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Funeral Scheme

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GROUP FUNERAL SCHEME POLICY

THUTO SAVINGS & CREDIT CO-OPERATIVE SOCIETY FUNERAL (COMPULSORY)

Scheme/Fund was designed to provide funeral benefits to all members of the society. At Thuto SACCOs, it is a compulsory requirement for all members to enroll in our funeral scheme. This policy ensures that every member - and by extension, their families - receives financial protection and support during times of bereavement, reflecting our commitment to the well-being of our community.

OBJECTIVES

To provide funeral cover to employees, members of the association or group at the most affordable and competitive premium rates in the market.

To ensure that the funeral benefit is paid promptly upon the death of a member or his/her dependents. The benefit is paid within 48 hours of receiving the formal death notification.

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TYPES OF COVERS

The flexibility of the scheme allows the following types of participation.

  • Nuclear Family Cover

  • Adult Children

  • Parents Cover

  • Extended Family Cover

  • This is a cover that covers the Member/Principal participant plus the Spouse and Children. Principal member and immediate family members will be covered after 3 months.

  • At the time of joining, the cover will be compulsory and restricted to full-time, contract and permanent employees who are below the age of 65.

  • Under the nuclear family a child will be covered if under the age of 25 and is a full-time student or if mentally or physically disabled.

  • Cover under this section ceases upon:

    earliest death of member
    member withdrawing from scheme
    policy holder terminating scheme

MAIN MEMBER

Nuclear Family Cash Benefit Funeral Service / Cash Amount
Main Member P45,000.00 + P5,000.00 Groceries P10,000.00
Spouse P45,000.00 P10,000.00
Children 16 - 21 P45,000.00 P10,000.00
Children 6 - 15 P22,500.00 P5,000.00
Children 1 - 5 P11,250.00 P2,500.00
Children 0 - 11 months P11,250.00 P2,500.00
Stillborn after 28 weeks P11,250.00 P2,500.00
Premium per month P60.00
Administration Fee P10.00

  • This covers adult children over the age of 21 up to 35 years.

  • Waiting period is 3 months.

ADULT CHILD COVER

Beneficiary Amount P25,000.00 P30,000.00 Funeral Service / Cash Amount (P10,000.00)
Premium rate per Adult Child P13.00 P16.00 P7.00

  • Members parents (Parent refers to both parents and parent-in-law).

  • Parents should be less than 80 years.

  • Parents over 80 years but below 85 years at joining should be covered under Extended Family Cover, if they require cover.

  • A maximum of two (2) parents and two (2) parent-in-law may be covered.

  • Waiting period is 6 months.

PARENTS COVER

Beneficiary Amount P15,000.00 P20,000.00 P25,000.00 Funeral Service / Cash Amount (P10,000.00)
Premium rate per parent per member P23.00 P31.00 P38.00 P15.00

  • Parents over the age of 80.

  • Extended family members should be less than 85 years.

  • Waiting period is 6 months.

EXTENDED FAMILY COVER

Beneficiary Amount P15,000.00 P20,000.00 P25,000.00 Funeral Service / Cash Amount (P10,000.00)
Premium rate per extended family member P14.00 P19.00 P24.00 P10.00

Disclaimer:

All funeral scheme claims must be submitted within six (6) months from the date of death notification. Any claims received after this period will be deemed invalid and will not be processed.

Upon the death of the principal member, any of the beneficiaries may elect to maintain the funeral plan, subject to all associated terms and conditions.