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News & Press: Financial

Enhancement of Risk Benefits at NO ADDITIONAL COST TO THE MEMBER !! ​

04 August 2017   (0 Comments)
Posted by: Ernest Roper
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The Risk Benefits offered by the funds administered by the KZN MBA has been enhanced at no additional cost to the member. The Trustees have decided to utilise reserves and create a Contribution Stabilisation reserve account to fund this. The new enhanced Risk benefits, effective 1 July 2017, are as follows:

Death Benefit: 5 x Annual Pensionable Salary

Disability Benefit: 75% of Monthly Pensionable salary payable for 21 months after a 3 month waiting period.

Thereafter the member will be re-assessed and if still deemed to be disabled, he/she will receive 2.5 x Annual Pensionable salary as a lump sum benefit and their membership to the Fund will cease.

Funeral Benefit:

The following benefits are payable – note that a child’s benefit depends on the child’s age at date of death:

 Main Member, spouse, or children aged 14 to 21 years     R20, 000
 Children aged 6 to 13 years  R15, 000
 Children aged 1 to 5 years       R10, 000
 Children aged 0 to 11 months  R  7, 500
 Children if stillborn  R 5,000

To find out more about how we could tailor a solution for you to provide benefits to staff, contact:

Vishane Pramrajh | Employee Benefits Manager


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