Group life assurance

Pays out a lump sum to the fund or employer in the event of death of the member, before retirement

Group Funeral Scheme

The purpose of this benefit is to provide cover to assist with the funeral costs. The Group Funeral Benefit pays out a lump sum in the event of the death of the Principal Member, Spouse, and Children. However, members of the group may have the need to include additional members, such as, Parents / Parents-in-law and Extended Family Members; this is communicated at inception of the scheme. There is an additional premium for the additional members.

The Principal Member may nominate any member of his/her Immediate Family or Extended Family for cover by notifying the Proposer/Group Administrator of nomination or amendment. 

Maximum number of members allowed to be selected, in addition to the Principal Member, is:

  • 2 Spouse,
  • Up to 4 Children,
  • 4 Parents / Parents-in-law,
  • 4 Other relatives that are financially dependent on the Principal Member.

Maximum age at Entry

  • Principal Member 64 years
  • Spouse 64 years
  • Children: 21 years
  • Extended Family Members 74 years

Funeral Plan benefits will be paid within 48 hours provided that all the required claims documentation has been received and the claim has been approved.

Group Life Assurance

The benefit pays out a lump sum to the Fund/Employer in the event of death of the member, before retirement. This benefit is usually a multiple of the employees’ annual salary with a maximum benefit of 15 x Annual Salary.
 

Membership is compulsory for all eligible employees. The maximum entry age is the earlier of 65 or the retirement age, selected at scheme level. Cover may be extended after retirement age to a maximum of 70.

Income Replacement Benefit

he Income Replacement Benefit pays a monthly benefit until the Member recovers, dies or up to Normal Retirement Age to an Employee who becomes totally disabled, regardless of whether the condition is temporary or permanent. This is a freestanding benefit and does not have to be taken in conjunction with other benefits. All benefits are paid to the employer unless policy conditions allow the claimant to receive the benefit directly. 

Benefits are received in monthly instalments although arrangements can be made to commute the monthly Benefit for a cash lump sum.

Benefit payments cease upon one or more of the following:

  • The Member is no longer considered disabled.
  • The Member returns to being Actively at Work
  • The Member resides outside of territories covered.
  • The Member reaches Retirement Age.
  • The Member dies.
  • The Member does not submit the requested medical evidence.
  • The Member earns an income during any period of Disablement which has not been declared to the insurer.

Membership is compulsory for all eligible employees. The maximum entry age is 64.The purpose of the escalator benefit is to ensure that the benefit remains abreast of inflation. When an escalator is selected, the monthly benefit payment can increase at a specific rate after every year of payment. The escalation rates offered range from 3% to 10%. The option is selected at a scheme level.

Group Credit Life

The Credit Life Benefit pays out a lump sum or a monthly benefit to the creditor in the event of insured event taking place. The benefit is usually the balance of the indebtedness, a level lump sum amount, an agreed lump sum amount, outstanding premiums or the monthly instalment depending on the benefit selected.
 

  • Death Benefit: The Death Benefit can take the form of settling the balance of indebtedness or paying outstanding premiums or finance payments for a pre-defined period of time. All benefits are paid to the creditor. Eligibility conditions are as follows:

    Maximum Entry age: 64

    Maximum Cover age: 70
     

  •  Disability Benefit: If the Life Assured is considered temporarily or permanently disabled in terms of the policy then benefits can be claimed. Waiting Periods will apply, there are three options selected at Scheme level, these are 6 months (standard option), 12 months and 24 months. Eligibility conditions are as follows:

    Maximum Entry age: 64

    Maximum Cover age: 65

Payment of Benefits can take the form of settling the balance of indebtedness or paying contractual premiums or finance payments for a pre-defined period of time. All benefits are paid to the creditor.


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