Typically, the amount of life cover provided is related to a number of years’ salary (i.e. 2, 3, 4, or 5 years’ salaries) and is payable on the death of an employee. This forms the pre-determined sum to be assured and provides cover for the insured employee for death due to any cause, including illness and accident.
Group Life Assurance policies are only offered on a compulsory basis, which makes the administration cheaper – leading to lower costs for the employer. These policies include:
The policy guarantees to pay a lump sum usually calculated as a multiple of the salary of an employee. The salaries are declared on commencement date and thereafter on each renewal date.
The premium is payable annually in advance.
For convenience and ease of administration of the scheme, we try to minimise the number of documents and forms to be completed and submitted by the client. The documents required are as follows:
Upon receipt of the group proposal form, the member's schedule and the premium, the policy document will be issued.
Medical evidence of insurability is required for all the sums assured which are above the free cover limit. A medical examination is usually carried out by any of the medical examination service providers in our panel.
If an accident occurs that causes reason for a claim, the client should report such an incident to the insurers within 48 hours. The following documentation will be required to substantiate the claim:
The policy does not have an AIDS Exclusion clause.
Sanlam Life Insurance will settle claims within 48 hours of final submission of the requisite claim documents. Taking into account documentation submission, queries, weekends/public holidays and other contingencies claim settlements should be expected within 14 days (two weeks) to give reasonable allowance.