Mortuary Fund Plan

Mortuary Fund Plan

Product Description

• Mortuary Fund Plan – a contributory fund that provides cash assistance benefit to the family of the deceased Mortuary Fund member.

• Write-off status – a status of member whose loan was already written-off by the Cooperative.

• Replenishment – the act of putting up additional amount to insufficient or depleted MF contribution to satisfy the minimum amount of contribution and stay as member of the Mortuary Fund.

• Replenishment – the act of putting up additional amount to insufficient or depleted MF contribution to satisfy the minimum amount of contribution and stay as member of the Mortuary Fund.
• Exclusion – conditions where a member of the Mortuary Fund will not be entitled to the MF benefit.
• Perpetual MF member – a member of the Mortuary Fund who no longer contributes to the fund but is still entitled to the MF benefit subject to the parameters set forth in this policy. 

Membership to the Mortuary Fund Plan (MFP) is compulsory for all regular members subject to the following qualifications:

• Members whose age ranges from 18 and not over 65 shall be entitled to Mortuary enrolment.
• Before one can become a member in MFP, he/she has maintained at least a minimum initial deposit requirement of P2,000.00 in his/her share capital and P500.00 in his/her regular savings.
• Members with write-off status can also become MF members  provided that they continuously contribute to the Mortuary Fund Plan.

Documentary Requirements

Payment of Benefits

MFP benefits shall be released by SMTCDC only to the designated beneficiary/ies of the deceased member, upon submission by the bereaved family, of certified true copies, photocopy or scanned copies (unless compared with the original) of the death certificate and other pertinent documents based on the following cases:

1. DECEASED MEMBER IS MARRIED WITH SURVIVING SPOUSE.
   • Marriage Certificate;
   • Two valid IDs of surviving spouse; and
   • Extra-judicial Settlement of Estate of Deceased Person (ESEDP) with Waiver of Rights, if necessary.

2. DECEASED MEMBER IS SINGLE WITH SURVIVING PARENT/S.

   • Birth Certificate of deceased member;

   • Two valid IDs of claiming parents; and

   • ESEDP with Waiver of Rights, if necessary.

3. DECEASED MEMBER IS MARRIED WITH CHILDREN W/OUT SURVIVING SPOUSE OR DECEASED MEMBER IS SINGLE WITH NO SURVIVING PARENT/S BUT WITH SIBLINGS

   • Birth Certificate of the claiming child (or sibling) or Affidavit of Guardianship in case all children (or siblings) are minor;

   • 2 valid IDs of child (or sibling);

   • ESEDP with Waiver of Rights; and

   • Special Power of Attorney (SPA)

     authorizing the representative to claim the MFP Benefits signed by all other children (or siblings) of the deceased member.  In case there is no means of obtaining the signature of all the children (siblings), the representative shall be required to submit the official receipts of funeral expenses and an Affidavit of Adjudication guaranteeing that any further claim against the MF benefit shall be of his responsibility, holding no liability on the part of the Cooperative.

4. DECEASED MEMBER IS SEPARATED (de facto)

   • The documentary requirements are the same as those in letters A, B, or C depending on who is claiming the benefit.  The following hierarchy on beneficiaries shall be observed:

     • 1^st priority legal spouse

     • 2^nd priority any one of the children of legal  age

     • 3^rd priority appointed guardian if all children are minor

     • 4^th priority surviving parents

     • 5^th priority any one from the deceased member’s siblings who is of legal age

5. DECEASED MEMBER IS LEGALLY SEPARATED

   • The documentary requirements are the same as those in letters A, B, or C depending on who is claiming the benefit.  The following hierarchy on beneficiaries shall apply as follows:

     • 1^st priority any one of the children of legal age

     • 2^nd priority appointed guardian if all children are minor

     • 3^rd priority surviving parents

     • 4^th priority any one from the deceased member’s siblings who is of legal age

6. DECEASED MEMBER IS LIVING WITH COMMON-LAW SPOUSE

   • The documentary requirements are the same as those in letters B and C depending on who is claiming the benefit and based on the following hierarchy of beneficiaries:

     • 1^st priority common-law spouse

     • 2^nd priority any one of the children who is of legal age

     • 3^rd priority appointed guardian if all children are minor

     • 4^th priority surviving parents

     • 5^th priority any one from the siblings who is of legal age