Requirements To qualify for the scheme, a member must: Be an active member of the SACCO. Contribute KES 600 monthly, comprising: MPS – KES 200 RRF – KES 400 Have contributed for at least six (6) months before becoming eligible for benefits. Appoint nominees and update nominee details whenever necessary. For MPS claims, provide a […]
Requirements
To qualify for the scheme, a member must:
- Be an active member of the SACCO.
- Contribute KES 600 monthly, comprising:
- MPS – KES 200
- RRF – KES 400
- Have contributed for at least six (6) months before becoming eligible for benefits.
- Appoint nominees and update nominee details whenever necessary.
- For MPS claims, provide a death certificate or a medical report confirming total incapacitation.
- For RRF claims, provide a retirement letter or death notification together with proof of relationship to the member.
Benefits
- Member Protection Scheme (MPS)
The scheme provides financial protection to members and their families by:
- Taking over a member’s obligations in the event of death or total incapacitation.
- Offsetting all outstanding loans, excluding arrears.
- Doubling the deceased member’s BOSA deposits and paying them to the next of kin.
- Providing a funeral benefit of KES 50,000 to the next of kin upon the member’s death.
- Risk Retirement Fund (RRF)
Members contribute KES 400 monthly and enjoy the following benefits:
- A retirement token of KES 56,000 upon retirement.
- A consolation benefit of KES 28,000 upon the death of a spouse.
- A consolation benefit of KES 15,000 upon the death of a child.
- A consolation benefit of KES 110,000 paid to the next of kin upon the death of a member.
How to Join
- Complete the prescribed application form.
- Nominate beneficiaries/next of kin.
- Commence monthly contributions of KES 600 (KES 200 MPS and KES 400 RRF).
- Maintain active membership and continuous contributions to remain eligible for benefits.