Group Funeral Insurance for Pensioners
If you’re 64 and older you can join the Group Funeral Insurance Scheme for Pensioners.
Insured Amount and Premiums
- The insured amount is R8 000 if a monthly premium of R150 is paid.
- The insured amount is R10 000 if a single once-off premium of R10 000 is paid.
You can add two additional funeral benefits. Each benefit has a value of R2 000 that will cost you only R30 per benefit per month or a single once-off premium of R2 000 each.
What’s more is that you as the policyholder qualify for the following FREE funeral benefits* which are over and above the value of the policy:
- FREE funeral arrangement services
- A coffin and hearse valued at R13 000
- R2 500 cash upfront
- FREE transport of the deceased anywhere in South Africa
*Terms and Conditions apply.
Entry Age
- The minimum entry age is 64 years.
- There is no maximum age, although persons older than 84 years can only get the cover by paying the single once-off premium.
Waiting Period
If you pay the single once-off premium, there is no waiting period and you will have the full cover from the day the policy starts.
If you pay your premium monthly, there is a waiting period of 6 months from the start date of the policy. If you die from natural causes like a heart attack during those 6 months, you will not be covered.
If you die because of unnatural causes like a car accident, there no waiting period if you have paid the first premium and the policy has started.
If you choose to take the extra cover at a later date (after the policy has started) and you pay your premium monthly, there is a waiting period of 6 months for this extra cover if you die from natural causes. If you pay the single once-off premium, there is no waiting period.
If you pay your premium monthly, there is a waiting period of 6 months from the start date of the policy. If you die from natural causes like a heart attack during those 6 months, you will not be covered.
If you die because of unnatural causes like a car accident, there no waiting period if you have paid the first premium and the policy has started.
If you choose to take the extra cover at a later date (after the policy has started) and you pay your premium monthly, there is a waiting period of 6 months for this extra cover if you die from natural causes. If you pay the single once-off premium, there is no waiting period.
Non-guaranteed Special Bonus and Premium Holiday
From 1 July 2016 a non-guaranteed special bonus, consisting of a 15% increase in the insured amount, is added to policies older than 2 years. In the unfortunate event of the forced retrenchment of the premium payer, this 15% special bonus can be converted into a premium holiday* that will take care of your premium for 6 months, provided that the premium is payable monthly. If the policyholder claimed the Premium Holiday* then the 15% increase in the insured amount will not be applicable at death.