Mutual Aid Fund
RATIONALE: This fund is established from a yearly contribution of members for mutual aid to the family of deceased member.
TERMS AND CONDITIONS:
- 1. Must be a regular member.
- 2. Mutual Aid Fund (MAF) must be paid upon membership and renewed on or before the anniversary year of his/her membership.
- 3. In case, a member fails to pay contribution on the anniversary day but decides to continue again, membership will be treated as new.
- 4. Yearly contribution is based on the selected option of contribution.
- 5. To consider as member in good standing, he/she must participate in the capital build up program of the coop by paying at least 2,000.00 yearly.
- 6. Only the designated beneficiary/ies can claim this MAF.
- 7. All obligations of the deceased member to the coop shall be deducted from the benefit before releasing to the beneficiary.
- 8. Beneficiary/ies shall submit death of certificate as proof in claiming mutual aid fund.
- 9. The amount of assistance is based on the following options;
OPTION 1: Contribution - Php 1,000.00 Benefit - Php 60,000.00
| Length of Stay |
Percentage of Benefit |
Amount of Benefit |
| 1 month and below |
25% |
Php 15,000.00 |
| 1.1 month to 1 year |
50% |
Php 30,000.00 |
| >1 year to 5 years |
75% |
Php 45,000.00 |
| More than 5 years |
100% |
Php 60,000.00 |
OPTION 2: Contribution - Php 500.00 Benefit - Php 30,000.00
| Length of Stay |
Percentage of Benefit |
Amount of Benefit |
| 1 month and below |
25% |
Php 7,500.00 |
| 1.1 month to 1 year |
50% |
Php 15,000.00 |
| >1 year to 5 years |
75% |
Php 22,500.00 |
| More than 5 years |
100% |
Php 30,000.00 |
OPTION 3: Contribution - Php 250.00 Benefit - Php 15,000.00
| Length of Stay |
Percentage of Benefit |
Amount of Benefit |
| 1 month and below |
25% |
Php 3,750.00 |
| 1.1 month to 1 year |
50% |
Php 7,500.00 |
| >1 year to 5 years |
75% |
Php 11,250.00 |
| More than 5 years |
100% |
Php 15,000.00 |