AMPC: Mortuary Fund Policy

MORTUARY FUND POLICY

1.       Mortuary fund of Five hundred pesos (P500.00), Philippine currency, shall be collected from coop members upon acceptance and approval of application.

2.       It shall be a policy of AMPC to require all members, whether regular or associate, to maintain a minimum monthly mortuary fund deposit of Two Hundred Pesos (P200.00) with an obligation to monitor that the same mortuary fund deposit shall not be depleted.

3.       It shall be a policy of this cooperative that the benefits for death of members shall be based on share capital of each member as well as the number of years he has maintained membership in the cooperative based on the computation as follows:

Regular Member (one year and above):

Share Capital	% of Mortuary Contributions @ Php15.00/member	Amount of Contribution (Php15)
1,000-2,999	65%	9.75
3,000-4,999	70%	10.50
5,000-6,999	75%	11.25
7,000-8,999	80%	12.00
9,000-10,999	85%	12.75
11,000-12,999	90%	13.50
13,000-14,999	95%	14.25
15,000 and above	100%	15.00

  

The bigger the amount of share capital, the bigger mortuary benefits assured.

Duration of Membership	% of Mortuary Fund Benefit
less than 1 month	5% of MFB
1 month	8%
2 months	17%
3 months	25%
4 months	33%
5 months	42%
6 months	50%
7 months	58%
8 months	66%
9 months	74%
10 months	83%
11 months	92%
12 months	100%

For death due to accident, availment is 100% provided his/her mortuary and/or savings deposit is/are active at the time of accident.

1.       Mortuary benefits shall be subject to 5% admin fee.

2.       Mortuary benefits shall be given to the beneficiary accordingly designated by the member. Should the designated beneficiary is other than his legitimate wife or legitimate heir, the designation shall be made under oath; otherwise the benefits shall be given to the legitimate heir. A proof or proofs of identity and proofs of family relationship shall be required.

3.       If and when the whereabouts of the legitimate heir is unknown, the mortuary benefits (after deducting expenses for the deceased-eg. hospital, burial and related expenses) shall be held in trust by AMPC for a period of not more than three (3) years. If and when the legitimate heir is still missing after three (3) years, the mortuary benefit shall then be returned to the funds of the cooperative.

4.       For 100% Mortuary Benefit, an initial amount of Fifty thousand pesos (P50,000.00) shall be released upon verification and confirmation of claims by a duly authorized officer or representative of AMPC within a period of Two (2) working days.

5.       The remaining balance shall only be released upon submission of the following requirements within Two (2) working days such as death certificate, birth certificate or any valid document for identification purposes.

Upon submission of the aforesaid documents, the remaining amount of the mortuary benefit shall be released within Three (3) working days.

6.       It is the responsibility of each member to replenish his/her mortuary contribution regularly and it is mandatory that replenishment be made through automatic deduction from his/her savings, if any, in the amount fixed by the accounting department in order to avoid forfeiture of claims without prior notice.

A member who fails to pay his/her mortuary contribution can be reactivated after replenishment of his/her mortuary fund contribution and/or deposit within a period of Thirty (30) days from the date his/her mortuary deposit has been depleted.

However, he/she shall be reverted back to pro-rata basis as shown in the above schedule in case he/she fails to replenish the same within the said reglementary period.

7.       The mortuary benefit shall be forfeited if both mortuary and savings deposit of the deceased are zero (0) balance at the time of his/her death. It shall extend the grace period to Thirty (30) calendar days from the moment the mortuary fund of the cooperative member turned Zero (0) balance to replenish such account, amending the prior policies thereof.

8.       Overdue loan accounts of any deceased member not covered by insurance shall be settled first before any release of the mortuary fund benefit. In case the primary beneficiary is the surviving spouse of the deceased with an outstanding financial obligation with the cooperative, the corresponding amount equivalent to an amount, which is due and demandable shall be deducted from the mortuary benefit.

9.       Each regular member shall contribute P15.00 for the death of a regular member and P5.00 for the death of an associate member, it must be understood that an associate member is entitled to receive 100% of the said amount.

10.    An associate member shall contribute P5.00 for the demise of either a regular or an associate member.

11.    For death due to suicide, only 25% of the mortuary fund benefit shall be released to the beneficiary.

12.    The length of membership and their corresponding benefits for members with zero (0) mortuary fund on the date of their death are as follows:

Year/s	Mortuary Benefits
0	P0.00
1-10	P1,000 – 10,000 (Php1,000 per year)

 

1.       Unclaimed mortuary benefits after the considerable lapse of time despite the fact of death as evidenced by the pertinent certification shall be forfeited based on the following:

Place of Death	Days after the date of death
Davao City	90 days
Outside Davao City	180 days
Abroad	360 days

1.       All costs incurred in the processing and evaluation of death outside Davao City shall be deducted from the proceeds of mortuary fund benefits.