| Real Benefits |
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What is this additional financial benefit? |
Unique to the InsurancePlus product is the direct, quantifiable financial benefit to the policyholder. The financial benefits for the various InsurancePlus products are as follows:
Online calculator indicating the financial benefit for Category "A" & Category "A Plus policy holders "
The online calculator is based on the performance of the fund (claims vs. premium income) and determines the financial benefit to the policyholder. These payments will be made at the end of every 12-month insurance period. The common renewal date is the 1st of March each year.
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Is this guaranteed? |
Absolutely,
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A-Policyholders will have a guaranteed minimum of 5% of their premiums paid back at the end of every year, irrespective of the amount of their claims.
A-Plus Policyholders will have a guaranteed minimum of 10% of their premiums paid back at the end of every year, irrespective of the amount of their claims.
Provided that the group total claims (A-Policy Holders and A-Plus Policy Holders) not exceeding 60% of the total InsurancePlus fund income.
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Can the benefit percentage be higher than 5%? |
| Yes, the benefit percentage can be as high as 25% for category A-Policy holders and 30% for A-Plus policy holders, depending on the claims performance of the InsurancePlus fund. The lower the total claims made by InsurancePlus policyholders, the more funds remain available to the benefit of the policyholder. |
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How frequently will these payments be made? |
| Payments are made at the end of every 12-month insurance period. - the common renewal date is the 1st of March each year. |
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Will I forfeit my financial benefit in the event of a claim? |
| No, your claims at any time will not disqualify you in terms of the benefit. The percentage of the benefit paid to all policyholders at any given year is determined by the claims ratio of the InsurancePlus fund in that year, regardless of your own claims. The insured's minimum of 5% for A-Policy Holders is guaranteed but can increase to as much as 25% and for A-Plus policy holders 30%, if the claims ratio is 40% and lower. At a claims ratio of 61% and higher the benefit falls away for A-Policy Holders and at 66% and higher for A-Plus Policy Holders. |
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How good is claims settlement procedure? |
| Excellent. In order for us to live up to your professional standard we have developed a claims settlement procedure according to your expectations. |
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How is it possible to give this benefit to the professional / graduate person and related business? |
It has been statistically proven that professional people have a lower risk profile and tend to be less claims intensive. The integrity and responsible behaviour of professionals and graduates in the handling of their own short-term insurance affairs make it possible to turn the policyholder into the biggest single financial beneficiary of the short-term premium payments.
The disadvantage of the normal broad-spectrum approach to short-term insurance is that policyholders with low claims end up carrying those with high claims. With a niche product such as InsurancePlus, policyholders with low claims are grouped together. |
Fraudulant claims will be easier detected due to the close monitoring of claims. Policyholders submitting fraudulant claims will be PERMANENTLY BANNED from the InsurancePlus program.
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Will I know how my premium is being utilised? |
| In line with our commitment to full transparency in the management of your portfolio, every policyholder will receive regular communications (via the internet) on the performance of the financial benefits associated with their policies and general information of interest to them. |
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What are the options I have with my financial benefit? |
| Within 3 months after the renewal date, the benefit accrues to the policyholder with options as follows: |
(a) Withdrawal of the applicable financial benefit at the end of the insurance year or
(b) To have it re-invested into an interest bearing account. Funds from this interest bearing account can be used for financing excess obligations under the policy or
(c) To adjust excesses to higher amounts in order to lower policy premiums
(d) Once the abroad option is made available, currency fluctuations can be utilized in favor of the insured. (Under Research)
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