263 Global Mutual Society
6 months
The immediate family only i.e Husband, wife and 6 children up to 21years old. And we have come up with the Extended Family plan.
Yes you may join your mother or anyone in your family, please note they will not fall in the society plan.
Your society benefit group is in the community you live in and is comprised of a maximum of 263-members who contribute to each other in the unfortunate event of death of a member. The society benefit group will have its own working committee and overseen by an appointed 263 Global Society Manager. Support must be equally be given to each member in the society.
Membership & Compassionate Fees
How long must I pay my policy?
- Well, you first pay for 12 months which is your life membership fee paid monthly or upfront. Thereafter you pay your compassionate contribution fees/CHEMA or NYEMBEZI fees this is a unique African traditional way of supporting your neighbor in times of bereavement. There are paid when there is death in your benefit society group.
- Compassionate contribution fees must be collected from each member’s advance savings or reserve funds which would have been paid for 12/24/36 months after the first year. Because death is an unexpected and unplanned event of life, we collect in advance so that we can pay-out the affected member immediately without any delays upon confirmation of death. These fees are on-going contributions as long as there is death in your community group.
- So you can opt to pay your 12 months membership fees together with your 12 advance compassionate fees OR after your first 12 months you can continue another 12 months paying compassionate fees monthly.
- Compassionate fees are treated as savings and they earn you interest of between 5-10% pa. These advance compassionate fees which can earn interest must be at a minimum balance of R1000 and above at any given time.
FREQUENTLY ASKED QUESTIONS
There is a waiting period of 6months . In this time you are being allocated into your benefit society group which is supported through our whatsapp platforms. Waiting period is based on age groups.
When the policy activation fee and the 1st instalment has been paid and the policy membership form signed.
Yes – You can add your family and relatives up to 12 people, this may include your spouse, children, uncles, parents, parents-in- laws, aunts and many others.
Yes- you are able to pay upfront.
Yes – Interest is earned annually when compassionate contribution fees exceed R1000 in your savings.
We use communication channels like whatsapp and sms to let you know however we are working on an app that will keep all your account
records, fees that have been deducted and interest earned. You will then be informed of the happenings in your community through the app.
Yes – because all active members in the society have paid in advance, this is to manage risk and ensure that funds are quickly paid to the deceased family on
time. You have nothing to worry about 263 Global Mutual Society manages and allocates funds on behalf of their members.