MECHANICS FOR
DAMAY-KAPWA FUND
WHAT IS DAMAY-KAPWA FUND?
-represents the voluntary pooled contribution of CBQP Damayan Fund Members.
OBJECTIVES/PURPOSES OF DAMAY-KAPWA?
1. To provide financial assistance to beneficiary/ies of a DKF member in case of death.
2. To settle any unpaid loan obligation of a DKF member-borrower at the time of death while waiting proceeds of credit life insurance and/or a buffer in case of denial from insurance claims.
WHO CAN APPLY FOR MEMBERSHIP TO THE DAMAY-KAPWA FUND?
a. Micro-Finance borrowers/members
b. Bank Employees—all CBQP employees regardless of employment status, incumbent and past director of the bank.
c. Regular borrowers of the Bank
d. Depositors of the Bank.
e. Individual Members– individual members of the bank’s cooperative members and a conduit VLU’s
IV. TERMS AND CONDITIONS
AGE REQUIREMENTS
(a) for borrowers of the bank at the time of Application-from 18 to 60 years old.
(b) for non-borrowers (depositors only) - from 18 to 69 1/2 years old.
DKF FEES
(a) For new member - P250.00
* membership fee P25.00 ,* ID/Annual dues P25.00, (with CISP Personal Accident Insurance Package for P10,000.00 for one year), * Contribution Fund P100.00, * Seed Fund P100.00
(b) Annual Dues
- an annual dues of P25.00 (cost of ID renewal) plus the annual contribution fund of P100.00 shall be collected/paid on or before every membership anniversary date, regardless of contribution fund balance.
( c) Contribution Fund
- contribution shall be replenished when its balance reaches 50%. Each active member shall contribute P10.00 to be deducted from the DKF “Contribution Fund” to be given to the registered beneficiary of the deceased member.
IDENTIFICATION CARD (ID) WITH
CISP-PAI
- shall be renewed every anniversary/membership date by paying P25.00.
(a) An ID card is not an evidence of a lifetime membership, unless the membership is in active status.
(b) An ID with an expired date shall not be honored.
THE DAMAY KAPWA FUND
(b) Reactivated membership shall pay the required fees above and shall be governed by the new guidelines. TERMINATION OF MEMBERSHIP
- membership to DKF shall be automatically be terminated under the following conditions:
(a) if a member has no more “contribution fund”.
(b) if the member closed his/her deposit accounts and has no longer an outstanding loan with the bank.
BENEFITS
- Amount of Damay-Kapwa benefits shall be determined as follows:
(a) Full benefits— if the members dies after one year of membership.
(b) Total benefits shall be computed based on the total number of active members only. (those with seed fund and available contribution fund)
( c) Proportionate benefits—if the members dies less than a year after date of membership. A fraction of a month shall be considered one whole month.
REQUIREMENTS FOR CLAIMING OF BENEFITS
- The beneficiary/ies of a deceased member shall submit the following requirements:
(a) authenticated photocopy or Certified True Copy of the Death Certificate.
(b) Medical Certificate of deceased member.
(c ) Certificate of membership to the fund including the ID.
(d) Statement of Loan account to the bank.
- cannot be claimed by the beneficiaries other than the objectives and purposes specified in item II.
MEMBERSHIP
(a) An active member is one who has contribution fund balance of P10.00 at the time of the member’s death and has a seed fund balance of P100.00
(b) Reactivated membership shall pay the required fees above and shall be governed by the new guidelines.
TERMINATION OF MEMBERSHIP
- membership to DKF shall be automatically be terminated under the following conditions:
(a) if a member has no more “contribution fund”.
(b) if the member closed his/her deposit accounts and has no longer an outstanding loan with the bank.
BENEFITS
- Amount of Damay-Kapwa benefits shall be determined as follows:
(a) Full benefits— if the members dies after one year of membership.
(b) Total benefits shall be computed based on the total number of active members only. (those with seed fund and available contribution fund)
( c) Proportionate benefits—if the members dies less than a year after date of membership. A fraction of a month shall be considered one whole month.
REQUIREMENTS FOR CLAIMING OF BENEFITS
- The beneficiary/ies of a deceased member shall submit the following requirements:
(a) authenticated photocopy or Certified True Copy of the Death Certificate.
(b) Medical Certificate of deceased member.
(c ) Certificate of membership to the fund including the ID.
(d) Statement of Loan account to the bank.
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