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LAMAC MPC MORTUARY AID SYSTEM AMMENDED POLICY (per BOD Resolution #63 S. 2009 dated September 27, 2009: Effectively -- October 1, 2009)The LMPC Mortuary Assistance System is a way showing interpersonal relationship among members of the cooperative in times of any member died at any cause of death by extending financial assistance as determined by the members of the cooperative and facilitated by the cooperative.I. WHO CAN BE A MEMBER? -- All LMPC Regular members with age not to exceed 55 years old (up to 55th birthday) II. QUALIFIED DEPENDENTS: -- Legal Husband/Wife of a MAS member with age not to exceed 60 years old -- No age limit for spouses of old members (December 31, 2006 backward) -- Legal Single children of a MAS members. from 1 month old up to 21 years old -- There is no age limit for children with complete disability (physically and/or mentally incapacitated) -- Parents of MAS member who is still single aging not to exceed 60 years old III. OBLIGATIONS OF A MEMBER -- To deposit P500.00 as Members Savings Deposit -- To replenish within one (1) month everytime a member or a qualified dependent of a member died -- P8.00 if a member dies -- P4.00 if a spouse of a member dies -- P2.00 if a qualified dependent other than spouse dies. IV. CLAIMABLE AMOUNT -- P120,000.00 - if a member dies -- An additional of P5,000.00 per year for members in good standing starting from January 1, 2004 -- P40,000.00 - if a spouse of a member dies -- Spouse of old members (December 31, 2006) having an age of above 60 years old are entitled to P20,000.00 only -- P20,000.00 - if a qualified dependent of a member other than spouse dies. For new members starting October 1, 2009
V. PENALTIES -- Failure to replenish within one (1) month, the member is penalized in their claim when death happened with MAS fund not in full amount -- If at the time of death, the Savings Deposit is below P500.00 but not lower than P300.00 -- If at the time of death, the Savings deposit is below P300.00 but not lower than P100.00
--If at the time of death, the savings Deposit is below P100.00, nothing to claimed VI. DEATH CLAIM REQUIREMENTS -- Death Certificate for members -- Death and Marriage Certificates for spouses -- Death and Birth Certificates for other qualified dependents VII. COVERAGE EFFECTIVITY -- Thirty (30) days after the approval of the membership from as reflected in the transmittal VIII. TERMINATION/REACTIVATION OF MEMBERSHIP -- Withdrawal of Membership -- Members with Savings Deposit for 6 consecutive months, membership is terminated -- Members for reactivation follows the same procedure as new members IX. OTHER PROVISIONS -- Multiple claims is allowed -- The amount to be claimed is subject to change depending on the number of the MAS members and the coops policy and to be announced during Ownership Meetings -- Applicants to accomplish the MAS membership form with the management and attach a photocopy of his/her Birth Certificate/or any valid I.D. |
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