In the Private Pension System (SPP), together with the contribution made by the members of the AFPs each month to save for their retirement, they make the payment of disability insurance, survival and burial expenses, money that goes directly to an insurer. You know how it works?
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According to the data provided by the AFP Association, up to November 2021, 13,734 disability pensioners and 66,155 survival pensioners are registered, who have insurance coverage.
What happens if I am not up to date with my contributions? The AFP Association reported that it is important to be consistent with the contributions, because in this way the insurance is kept active and it is guaranteed to have the necessary funds to cover the disability and survival pensions to which the affiliates are entitled or their beneficiaries, as well as for burial expenses. Here’s how you can access these coverages.
HOW CAN I ACCESS THE DISABILITY INSURANCE?
To access the disability pension you must take into account:
- The affiliate must have at least four months of contributions to the AFP, within the last 8 months prior to the accident that caused the disability situation.
- If the person does not yet have 8 months of affiliation, they will have automatic coverage if the event occurs until the month of their second contribution and as long as they are up to date with their contributions.
- If the insurance coverage was not active when the event occurred, the member does not lose the possibility of accessing a disability pension. The amount of the pension is calculated on the total of your accumulated fund.
How much does disability insurance cover for AFP members?
The amount of the disability pension can be up to 70% of the member’s monthly remuneration, if they have insurance coverage. If the insurance coverage was not active when the event occurred, the member does not lose the possibility of accessing a disability pension. The amount of the pension is calculated on the total of your accumulated fund.
How many members of the AFPs have disability insurance?
As of November 2021, a total of 15,173 disability pensioners are registered. 91% of them have insurance coverage, that is, 13,734 people.
HOW CAN YOU ACCESS THE SURVIVAL INSURANCE?
In order for the beneficiaries to be entitled to coverage or survival pension, the member must have met the following requirements:
- Have been under 65 years of age at the time of death.
- Not have been retired at the time of death.
- Not having accepted the withdrawal of 95.5% of the fund.
- Have made at least 4 monthly contributions in the 8 months prior to the occurrence of death; if he was an independent worker, he should have contributed in a timely manner.
- That the cause of death has not occurred due to any of the exclusions established in the regulations that govern the SPP.
NOTE: For newly affiliated workers, insurance coverage is automatic from the time they join the SPP until the end of the second month counted from the month of expiration of the payment of their first contribution.
How many beneficiaries are there for the survival insurance?
According to the data provided by the AFP Association, as of November 2021, 78,704 survivor pensioners are registered, whose relatives died while being active members (they were contributing to their pension fund). 84% of them have insurance coverage, that is, 66,155 people.
HOW MUCH IS A SURVIVAL PENSION ON AVERAGE?
According to the information provided by the AFP Association, as of November 2021, the average amount of the survival pension amounts to S/799.88. And the average pension for those who have insurance coverage is S/869.66.
HOW CAN I ACCESS THE COVERAGE OF FUNERAL EXPENSES?
The amount that covers the reimbursement for burial expenses is established by the Superintendency of Banking, Insurance and AFPs (SBS). It has a cap and is updated every six months, according to the Consumer Price Index (CPI). As of January 2022 it is S/4,777.32.
What documents must be submitted?
According to the AFP integra page, the following documentation must be submitted:
- Death certificate issued by RENIEC – RENIEC Platform with QR code.
- Simple copy of the original medical death certificate.
- Police Report: In the event of death by accident, multiple injuries, suffocation due to submersion, concussion, severe TBI or projectile from a weapon.
- Clinical History: In case of death due to liver cirrhosis.
- Documents that support the expense (Tickets, electronic or physical invoices and receipts).
- Documents of the person who made the expense.
