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Security Fund Activities:

Security Fund Activities ensure protection from uncertain risks. It also encourages people to remain active in financial activities. The poor and destitute people are deprived of insurance services although a number of government and private insurance companies have been providing their services. In order to reduce death related credit risk for the debtors, SSS has included security fund activities to the credit program for group members since 1993. All the members organized under credit program of SSS, except those of Housing Scheme, automatically become beneficiaries of security fund activities.

 

For an individual borrower there is a provision of two nominees under security fund activities, the debtor her or himself and the spouse or a selected person of his or her choice.  If any one of these two dies, the outstanding amount of the current loan is exempted.

 

Simultaneously the borrower also gets healthcare support of Tk. 4000 for different types of diseases like caesarean delivery, operation on gallbladder stone, hysterectomy and appendicitis. Apart from that, the borrower gets financial support of maximum Tk. 20000 on single facilitation for other expenses like expensive medical services, education of children, wedding, house amendment, sudden death of family member etc.

 

In 2015-2016, Tk. 10.07 crore was paid off as claims to 9,744 borrowers. Among them, Tk. 3.39 crore for 3,020 borrowers on the loan exemption, Tk. 20.14 lac for 488 members on funeral rites and Tk. 2.06 crore for 4,399 members on treatment.

 

Remittance Transfer Program:

On 16 July 2011 SSS started Remittance Transfer Program in order to deliver the foreign money to the people easily. The activities are expanded over the entire working area of SSS. Beneficiaries of the organization and other people in the remote area are being benefitted as a result of getting this kind of services near them. SSS has been implementing the program in association with remittance transfer companies named Western Union, Express Money and RIA.

 

During 2015-2016, a total of 1,384 people have got opportunity to transfer Tk. 3.91 crore. Remittance has been received from USA, UK, Malaysia, Austria, Singapore, KSA, UAE, Kuwait, Oman, Lebanon, Yemen, Syria, Doha and so on.