The Food and Allied Workers' Funeral Plan provides three major categories of benefits to policy holders. There are Member only benefits, Family Benefits and Extended family benefits. The Benefit Structure for each of these categories are listed in the tables below.
Full Member Benefits*
| Family Member | Option A | Option B | Option C | Paid Up Benefit |
|---|---|---|---|---|
| Type of paid up | Death | Death | Death & Disability | - |
| Principal Member | R20,000 | R20,000 | R30,000 | R10,000 |
| Spouse | R20,000 | R20,000 | R30,000 | R10,000 |
| Children 14 - 21years* | R20,000 | R20,000 | R25,000 | R10,000 |
| Children 6 - 13 years* | R5,000 | R5,000 | R5,000 | R5,000 |
| Children 1 - 5 years* | R2,500 | R2,500 | R3,000 | R2,500 |
| Children 0 - 11months | R1,250 | R1,250 | R3,000 | R1,250 |
| Stillborn | R1,250 | R1,250 | R3,000 | R1,250 |
| Family Rate per month | R45.75 | R67.30 | R85.30 | - |
EXTENDED FAMILY BENEFITS
| Extended Family Member | Option A | Option B | Option C |
|---|---|---|---|
| Benefit >> | R5,000 | R10,000 | R20,000 |
| Rate below 65 | R25.00 | R41.25 | R82.50 |
| Rate at Age 64 - 74 | R56.25 | R105.00 | R168.00 |
| Rate at Age 75 - 84 | R62.50 | R130.00 | R240.00 |
DISCLOSURE
Legislation:
Babereki and its Key Individual Phumlani Mbatha is governed and operates as per the requirements of the FAIS
Act, which also gave rise to the industry regulatory body Financial Services Board which issues all the licenses to
financial services providers including Babereki and its key individual.
Babereki FSP no. 42305
Fidelity Cover
Babereki does not hold or receipt members premiums and therefore doesn’t require the fidelity cover. However the underwriter (Safrican) which collects the members’ premiums is obliged to have the fidelity cover as they are the risk underwriters.
Commission
Babereki is paid 13.75% commission by Safrican for placing members with the underwriter (Safrican).
*A few items to take note of
- Maximum entry age for Extended Family is 84 years.
- A maximum of 10 (ten) Extended Family may be covered.
- Rate applicable per Extended Family Member per month.
- There is a 6 (six) month waiting period for claims due to natural causes.
- 6 months waiting period waived if ALL members join at any respective company.
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