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ARTICLE IV
MEMBER’S WELFARE AND BENEFITS
All
qualified members are entitled to the following benefits:
Section
1.
Calamity Assistance
1.1
For
damage due to dwelling due to fire, flood, lahar, earthquake or
typhoon, the member shall receive the amount as stated below.
CONDITION
ASSISTANCE
1.1.1
Total loss or extreme damage
P11,000.00 – P25,000.00
(more
than 50% damage)
1.1.2 Partial Damage(50% or less)
P5,000.00 - P10,000.00
1.2 Dwelling refers to residence
address reflected in the MCI Registry
1.3
The
claimant member shall be required to present the following:
a.
Written request
b.
Pictures of damage property (front, rear & side views)
Section 2
Memorial Plan
2.1 Allotment
Every qualified member is entitled to three (3)
memorial plans broken down as follows:
One (1) – for member (allotment is
non-transferable)
Two (2)- for spouse, children and parents and/or
declared dependents.
2.2 Service Coverage
The service coverage on said
memorial plan is as follows:
a.
Casket- Metal, double hinged, high tempered steel and full glass viewing.
b.
Memorial Chapel- use of chapel for a maximum of five (5) days
c.
Embalming and cosmetics
d.
Shuttle for the casket and bereaved family.
2.3
Cash
Equivalent
The cash equivalent
of each memorial plan should the bereaved family opt for it is equal to
the purchase cost.
2.4
Plan
Purchase Upon Benefits
A member may pot to purchase one (1) plan equal to
the acquisition cost of memorial plan.
Section
3
Separation benefits
These benefits shall be granted to a member of good
standing at the time of his/her retirement, resignation or termination from
service. The benefit (N) shall be computed as follows:
N = Years of Club’s Membership x Monthly Due x 4
(Multiplier Factor)
NOTICE:
The Multiplier
Factor was
determined by considering the portion of Monthly Due that is allotted for
Separation Benefit and the interest that will earn over a period of time.
Section
4
Group Life Insurance
In
case of member’s death due to illness/accident his /her beneficiary shall
receive the amount of P500, 000.00.
Section 5
Group Accident Insurance
In
case of member’s death or loss of parts of the body due to accident, his/ her
beneficiary shall receive a maximum amount of P500, 000.00 (for death) and
proportionate amount as per Schedule A (Exhibit) for loss of parts of the body.
Section 6
Hospital Income
6.1
To augment the income of a qualified member while hospitalized due to
illness/ accident, he/she is entitled to the following allowances:
PERIOD
ALLOWANCE
a.
1 –15 days
P 500.00 /day
b.
16 – 180 days
P 1,000.00 /day
6.2
The requirements to avail the Hospital Income benefit which can be taken
either in lump sum after hospitalization or in installment while still in the
hospital are as follows:
a.
Written Request by the member or parent/ spouse /children.
b.
Certification of Confinement from PLDT Medical Director.
Section 7.
Improvements and Adjustment of Benefits.
7.1
Improvement of Benefits
The
Board of Directors may make improvements in the foregoing benefits when
circumstances so require depending upon the availability of the Club’s fund.
7.2
Adjustment of Benefits
Under
no circumstances shall the Board decide to limit or reduce the number of
benefits without prior consultation and approval of the majority of the members.
Section 8.
Proceeds from investment from investment/sale of assets:
8.1
A regular member who resigns or is separated from the Company shall
entitled or reimbursement of the proportionate share of his investment arising
from a special assessment of the life for the purpose.
8.2
If, upon the expiration of the life of the Club, the general membership
decides to dissolve the Club, all net equity excluding individual recorded
investment shall be proportionately apportioned to the surviving members of the
Club, while share of the individual recorded investment shall be refunded to the
members concerned of to their heirs or assigns.
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