Who are the beneficiaries when I die?
- Spouse(s) and dependent children, (if not available then…)
- Other dependents, (if not available then…)
- Nominees, (if not available then…)
- Deceased Estate.
What will my dependents get when I die in service?
- Your Spouse(s) shall be entitled to 50% and dependent children 50% of your Accumulated Credit.
- Where there is a spouse only, he/she shall be entitled to 100% of the Accumulated Credit.
- Where there are dependent children only, they shall be entitled to 100% of the Accumulated Credit.
Is death benefit taxable?
The death benefit is taxable when the deceased member was below 55 years of age.
Which documents are required when my beneficiaries are claiming for death benefits?
- Certified copy of the death certificate.
- Certified copy of the Marriage Certificate or Confirmation of customary marriage from civil or magistrate court or three affidavits filled and signed by close relatives to the deceased with the same surname (excluding children and grandchildren),
- Certified copy of birth certificates for Children below 18 years of age or above 18 years of age but below 23 provided they are undergoing full time education (for colleges a certificate of registration of the college with Ministry of Education is required).
- Certified copy your Identity Document (ID) or valid Passport or Driver’s License,
- Certified copy of your Spouse’s Identity Document (ID),
- Fully completed Member Exit Form submitted by the Employer,
- Fully completed Employer Benefit Form for Employer extended benefits,
- Current Banking details,
- Fully completed Member Update Form (MU01),
- A copy of last payslip of deceased member.