On submission of the required claim form, documentation and on qualification, an accidental death benefit of R120 000 will be payable.
The death benefit by the Fund is to ensure that in the event of the member dying, their dependents will not be left destitute. The benefit payable is currently 39 months of equal fund salary.
The funeral benefit is to help pay the funeral costs when a member dies. The funeral benefit is also payable for the death of a spouse, life partner or eligible child of a member.
A member will be classified as totally and permanently disabled in terms of the rules of the Fund.
On retirement, members receive accumulated credit e.g. the member’s full contribution and the employer’s contribution towards retirement and the full fund interest.
When a member is retrenched, dismissed or resigns, a Member Benefit Claim form should be completed by the employer and submitted to SALT Employee Benefits.