Life:
This benefit pays out a lump sum in the event of the life assured’s death. Only one life is covered under each policy. The life assured is the premium payer.
The policyholder can choose to add an injury benefit to the life product.
Injury:
This benefit can be added to the life product. It is important to note that the injury benefit is not a stand-alone product, but rather an accelerator that may be added to the life product. It is an optional add-on to the life product, for which an additional premium is paid.
The injury benefit pays out a lump sum in the event of the life assured suffering from an injury or trauma resulting in:
- Amputation,
- loss of use of limbs and fingers,
- burns,
- facial disfigurement,
- paralysis,
- a coma,
- visual loss,
- hearing loss, and
- loss of speech.
Upon the earlier of injury or death, a lump sum benefit will be paid. Where a covered injury event pays out less than 100% of the lump sum benefit, the remainder of the lump sum benefit is available for further benefit payouts, either on further injury or death, whichever occurs first. Once 100% of the lump sum benefit is paid out, the policy ceases (i.e. the lump sum benefit does not reinstate).
Note that the maximum cover for injury is R1 million rand. The maximum life cover is R1.5 million rand.
Accidental Death:
This benefit pays out a lump sum in the event of the life assured’s death due to unnatural causes.
