What is a Survivorship Benefit?
Survivorship Protection Fund
1/7 of your SCP savings will be put aside into the Survivorship Protection Fund in which the benefit covers for the loss of support suffered by the widow and/or child as a result of the death of the breadwinner.
There are two types of benefits that a deferred Member's next-of-kin will receive when a Member has passed away before able to withdraw TAP 55 withdrawal :
The balance of the TAP and SCP Account will be received by the beneficiaries according to the Syariah Law or the will.
The Derivative Benefit from the SPK Retirement Account will be received by the dependants of the Member.
In the event of a Member's Death before TAP 55 Years Old Withdrawal...
Member’s dependants will be protected under the Survivorship Protection Fund Benefit.
Survivorship Benefit provides benefit for the Member's eligible dependants in hope that it will ease the dependants' matters due to sudden loss of support in the event of member's passing.
If there are no eligible dependants, the balance of the Survivorship Benefit will be given in lump sum to the next of kin.
Eligible Dependants
Wife who has not remarried
Children below 21 years old and not married
Parents of members who are not married
Understanding the Derivative Benefits Timeline
If a Member passed away before withdrawing TAP 55 years old Withdrawal...
Period receiving Survivorship Benefit: 15 years.
Amount: $400 per month to be received and shared among dependants.
Dependant Eligibility: Benefit amount of $400 for the dependants if the deceased Member have contributed in the past 3 months before death.
Deceased Age
55
years old
15 years to receive the benefit
Example of dependant scenarios:
When a deceased Member leave a widow and a child below 21 years old, the $400 will be divided equally, 1/2 to the widowed wife and the remaining 1/2 to the child.
When a deceased Member leave a widow and more than 1 child who are below 21 years old, the $400 will be divided equally, 1/2 to the widowed wife and the remaining 1/2 will be divided among the children - if there is or are children that is above 21 years old or married, the portion will be given to the other children who are still eligible.
When a deceased Member leave a widow and the widow is remarried and there is/are children who are below 21 years old, the $400 will be divided equally among the children only.
FAQ
Frequently Asked Questions
What happens to the Survivorship Benefit fund when there are no longer eligible dependant able to receive the benefit before 15 years?
When there are no dependants eligible to receive the benefit amount any longer before reaching 15 years of receiving, the remaining balance will be given to the next-of-kin in lump sum according to the probate office.
Is the child of the deceased Member eligible to receive the benefit if he/she is below 21 years old but already married?
No, the eligibility for the child of the deceased Member to recevive the benefit has to be below 21 years old and not married yet.