Life Cover Benefit

Instant Cash Benefit: Get Quick Access to Funds

Imagine this: You’ve just submitted a death claim, and you’re dealing with the emotional impact of losing a loved one. During this tough time, waiting for insurance payouts can add stress. But fear not! The “Instant Cash” benefit is here to help.

Here’s how it works:

1. What Is It?

• The Instant Cash benefit allows you to receive a portion of your life insurance benefit within just one working day after submitting a death claim.
• The actual amount depends on current practices (we’ll get to that).

2. How Much?

• Currently, we pay out 10% of the total benefit amount, capped at R50,000 per insured life (across all claims).
• Keep in mind that any outstanding debts will be deducted from this amount.

3. When Does It Apply?

• We’ll only activate this benefit if the insured person passes away more than two years after the death benefit’s start date.
• If we approve the claim, we’ll pay the remaining balance.

4. Important Note

• By giving you instant cash, we’re not admitting that the death claim is valid.
• If we later find that the claim isn’t valid, we won’t pay the remaining balance. Plus, you’ll need to repay the instant cash we provided.

Remember, this benefit varies among insurers, so always check your policy details. But rest assured, when you need it most, the Instant Cash benefit can ease your financial worries during a difficult time.

Family Funeral Benefit – Examples

Funeral Benefit: Who Gets What?

1. Life Insured

• The person covered by the policy (as defined in the policy schedule).
• Benefit: R40,000 (Forty Thousand Rand).

2. Spouse

• Defined as:
  • The legally married partner.
  • A partner recognized as married under customary or tribal law or Asiatic religion.
  • Someone in continuous cohabitation (heterosexual or homosexual) with the Life Insured for at least two years.

• Benefit: R20,000 (Twenty Thousand Rand).
• Coverage ceases on the spouse’s 65th birthday.

3. Child of the Life Insured

• Includes:
  • Biological children.
  • Legally adopted children.
  • Children through guardianship (civil law).
  • Stepchildren from the current marriage.
• Up to four children can be nominated.
• Coverage:
  • Ages one month to 22nd birthday.
  • Extended until the 25th birthday if the child is a full-time student or permanently and totally disabled.

Benefit: R10,000 (Ten Thousand Rand).

Other Important Details:

• Claim Assessment: Within 48 hours (excluding weekends and public holidays) after receiving all required claim documents.
• Payment: Goes to the Policy Owner or nominated beneficiaries (or the deceased Life Insured’s estate if no nominated beneficiary).
• Exclusions: No payment for certain circumstances (e.g., suicide within two years of policy start date).
• Termination: Ends upon death of the Life Insured, benefit cover term expiration, cancellation by the policy owner, or non-payment of premiums (with a 30-day grace period).

Remember, this benefit provides financial support during difficult times. If you have any questions, feel free to ask!