DEATH BENEFIT GRANT
The Death Benefit Grant is a service provided to members of the SVG Teachers Co-operative Credit Union Ltd,in addition to the Life Savings and loan protection coverage from CUNA Mutual Insurance Society. The grant is in the sum of EC$6000 payable on the death of a member who was a participant of the Death Benefit (otherwise called the Fund). The primary purpose of the grant is to assist with funeral expenses of the deceased member.
A member of the SVG Teachers Co-operative Credit Union Limited can participate by paying an initial contribution of $25. Contributions are to be paid annually until death. New entrants of the Credit Union who are 65 Years and over will not be eligible to participate in the death Benefit Fund.New entrants of the credit Union who are over 60 years but less than 65 years may participate in the fund, but the benefit paid will be reduced to 60% of the amount. The Board of Directors reserves the right to deny participation if it is known that the applicant is suffering from an illness which is considered terminal.
A member of the credit union must pay his/her contribution for the year of operation by March 31st in the year of operation. If the contribution is not made by March 31st, the member is considered a non participant of the fund,and will not be eligible for any benefit unless full payment(s) were made three months before death occurs. Where members fail to pay their contribution by march 31st in any year, the treasurer will deduct the amount due from dividend and/or rebate and apply it as their contribution. In the year of establishment, all persons who are members of the credit union and who are participants of the fund will be eligible for full benefit from the fund: - irrespective of the length of time they are members of the credit union, provided that they would have saved a minimum of $600 for the year or maintain share capital accounts with funds of at least $1500. Persons who become members of the credit union after the fund has been established, must save a minimum of $600 for the year in share capital or maintain a share capital account with a minimum of$3000. Where participants have paid the required contributions to the fund, but do not have the minimum amount in share savings, the benefit paid would be reduced by the amount necessary to meet the required minimum savings. In the following cases, the board of directors reserves the right to reduce the benefit if:
- The participant commits suicide.
- There is an epidemic in the country.
- Civil disturbance(s), rioting or wars are responsible for an excess number of deaths.
- There is an excessive number of deaths due to natural disaster
Special accounts shall be separately established on the books of accounts of the society. A special committee comprising members of the board of directors chairman, the manager, a member of the education committee and an ordinary member (appointed by the supervisory committee) shall administer the death benefit fund. The commit
tee members shall hold office for a similar term as that of the committee responsible for their appointment. They shall be responsible for the following:
- Make recommendations to the board of directors as regards the operation of the fund.
- Hear complaints of beneficiaries/executors/administrations.
- Make recommendation to the board of directors in the event that there is any dispute relating to payments of the grant.
- Furnish an annual report to the board of directors to be considered at the annual general meeting.
Every participant should complete the prescribed application form and name beneficiary members will have the right to change to beneficiary on record. The decision of the board of directors on any matter relative to the management of the fund shall be final.
PAYMENT OF BENEFITS
Payment will be made to the named beneficiary and who it is expected would be responsible for the expenses of the funeral. Each claim must be supported by a death certificate, the passbook of the deceased member and identification of the beneficiary. Payments of the death benefit grant shall only be made:
- Upon proper identification of Beneficiary or
- Upon submission of a copy of the grant of probate or letters of administration to the executor or administration of the estate of the deceased.
Where the deceased member was a resident out of state duly authorized legal representative shall submit the document(s)as requested by sub-section (5.2)and (5.3)as a appropriate.
Call (784)457-2947 or visit our nearest branch today for more details.