Riskfin Funeral Administrators
Principal Member Plus Nine Nominated Members Scheme
Under 70 Years
Specification of the funeral scheme:
- The scheme provides cover for a principal member plus nine nominated members under the age of 70 years.
- The principal member including the 9(nine) nominated members will have cover to the value of R3000, R5000, R7500 or R 10 000 each.
- Repatriation Benefits are included for the principal member, as well as the 9(nine) nominated members on the scheme.
- Repatriation of mortal remains benefit is included for principal member as well as 9(nine) nominated members under the scheme within South Africa, Namibia, Lesotho, Swaziland, Botswana, Mozambique and Zimbabwe.
- When a member’s death occurs more than 100km from their normal place of residence/place of burial, the deceased will be transported to the place of burial irrespective of where the death occurred, or where the burial will take place, provided that the repatriation is within the defined territory.
- The benefit includes assistance services.
- The benefit includes 24 hour client and claim assistance services.
General Terms and Conditions:
- Minimum number of principal member must be 10 at inception of the scheme.
- All principal members including the 9(nine) nominated members must be under the age of 70 yearsMaximum entry age for spouses is 69 years.
- Cessation age of the scheme is 99 yearsPrincipal member must complete an application form for cover.
- Rates are guaranteed for 12 month at a time.
- “No premium= no cover” and should premiums not be paid in terms of the policy, cover ceases and should the member wish to rejoin, they will be treated as a new entrant and waiting periods will apply.
- Premiums must be paid by the 17th of the month.
- Membership schedules must be submitted in excel format. (Only principal member details)
- The following information must be submitted on excel format:
- Principal member surname, initials, ID number, sum assured/benefit amount and premium paid to the underwriter for the month the payment is made.
- 12 month premium payment history must be submitted with the membership data on a monthly basis.
- Active participation in war, riot and civil commotion or terrorism.
- All claims related to atomic, biological and chemical warfare or terrorism.
- Suicide will be excluded for the first 24 months.
- A 6(six) month waiting period will apply to all new entrants. (A member is considered a new entrant when they have contributed less that 11 months in the latest 12 months)
- The 6 months waiting period will be applicable from the date the first premium is received
- Accidental death claims will have immediate cover.
- When taking up a higher benefit, a 6 months waiting period will apply to the increased amount of cover taken.
- Should payments be missed and resumed, the waiting period will again apply from the date of premiums received and resumed.
- Existing schemes will require proof of previous membership and underwriting before the waiting periods will be waived.
- Failure to provide the necessary proof will result in the 6 months waiting period to be applied to the scheme.
The scheme can enjoy a premium holiday of one month, provided 11 premiums have been received by the scheme per member, subject to the following scale:
|Claims Ratio Per Scheme
||Premium Payback Per Scheme
|60% of premiums received vs claims paid
||80% of premiums paid
|70% of premiums received vs claims paid
||70% of premiums paid
|80% of premiums received vs claims paid
||60% of premiums paid
Rates will be provided based on a quote request.