Details

Old Vision

Re-launched Vision 2009

1. Higher Cover Levels – Increased cover levels offer our clients the benefit of extra cover when they need it most.

Life Cover

3 x annual salary or R150 000

4 x annual salary or R300 000

Dread Disease

2 x annual salary or R100 000

3 x annual salary or R200 000

Capital Disability

2 x annual salary or R100 000

3 x annual salary or R200 000

Temporary Income Protection (TIP)

75% of income or R10 000 pm

100% of income or R25000 pm

2. Increased Free Cover Limits - The free cover limits on each relevant benefit have increased substantially, which reduces the amount of underwriting required at application stage.

Life Cover

R100 000

R300 000

Dread Disease

R60 000

R120 000

Capital Disability

R60 000

R120 000

Temporary Income Protection (TIP)

R10 000

R15 000

3. Change of Definition of Occupation on Temporary Income Protection Benefit – Depending on client’s needs, this additional option gives your client’s added flexibility.

Own

Option of Own or Own/Similar.

4. Addition of another level within scheme – Two groups of employees can now be catered for, each with a different benefit structure to accommodate staff members with different financial requirements.

Only 1 level offered.

Two levels offered.

5. Option of compulsory or voluntary scheme – The availability of a compulsory option now means that cover is available to companies with as little as one employee.

Only voluntary structure with minimum of 10 members.

Available as voluntary or compulsory structure with a minimum of 1 employee for compulsory and 5 for voluntary groups.

Details 

BPE 2007

BPE 2009

1. Increased Maximum Cover Levels – BPE now offers the business owner increased cover at levels previously only offered to professionals.

Temporary Income Protection (TIP) -

R100 000 and 100% of income

Permanent Income Protection (PIP) –

R100 000 and 75% of income.

R120 000 and 100% of income for both TIP and PIP benefits.

2. Reduction in Special Limited Benefits – Certain limited benefits have been removed and are now considered as normal insurable events.

Certain illnesses unless you spend time in hospital

If you spend at least three nights in hospital for being unable to work because of influenza, bronchitis, sinusitis, tuberculosis, pneumonia or laryngitis we will pay you. Otherwise we will not pay you for these conditions.

Certain illnesses unless you spend time in hospital

If you spend at least one night in hospital for being unable to work because of influenza, bronchitis, sinusitis, tuberculosis, pneumonia or laryngitis we will pay you. Otherwise we will not pay you for these conditions.

Removal of the following special benefits:

• Conditions not detected by scanning and imaging

• Hysterectomies

• Psychological disorders.

3. Pregnancy and Childbirth benefit – This special benefit gives our female policyholders financial peace of mind when in need.

Special limited benefit - 1 month benefit term. Including complications, the maximum period paid under this benefit is 3 months.

We will pay you 1 month benefit after you have given birth to a child. Complications are treated as a normal claim. Subject to date of conception being after the date of commencement of the policy.

4. Addition of the Annual Review Benefit and Re-instatement Benefit – These two innovative benefits allow the policyholder to reduce or increase cover to a level that matches current salary or affordability on an annual basis.

Guaranteed Insurability Benefit (GIB)

– Policyholder can increase cover by up to 20% on every third policy anniversary.

Removal of GIB and inclusion of:

1. Annual Review Benefit:

On every policy anniversary the life insured can increase cover by up to 20% without medical underwriting, up to age 55. On every policy anniversary cover can be reduced by any amount.

2. Re-instatement benefit:

If cover is reduced on any policy

anniversary using the Annual Review Benefit, it can be reinstated back to the level it was immediately prior to the reduction on the next anniversary without medical underwriting.

5. Inclusion of Accident Only Cover – An innovative additional benefit for those under the age of 32.

Unavailable.

To individuals under 32 years, for the first 3 years of the policy, accident only cover is offered at halved premiums. On 3rd policy anniversary cover is converted to full cover and full premiums.