Accidental Death Benefit
Making the lives of employees a little easier
Benefit structure
For many, group insurance benefits form the backbone of their financial planning, and it is through these benefit plans that your employees and/or members (insureds) and their families will receive financial protection.
In addition to the basic death cover available for insureds, cover can also be extended to include other family members for selected benefits.
The basic benefit
The basic benefit is offered as either a multiple of salary, multiple of salary less share of fund or as a flat benefit amount.
The basic benefit will be the same for all insureds in a category. If a policyholder offers different benefits to different categories of insureds, then the basic benefit will be the same for all insureds of a particular category.
Where to find us
Call Hollard Group Risk on
011 351 5000 or email
hgradmin@hollard.co.za
Alternatively, visit us at:
Address:
34 Melrose Boulevard, Melrose Arch, Gauteng, South Africa
Visit Hollard Group Risk to talk to someone or for more information.
Ancillary benefits
In addition to the benefit already explained above, the policyholder may choose to provide additional cover by including the following ancillary benefits:
Tax replacement benefit
The first R500,000.00 of an approved benefit is not taxed. Thereafter tax is payable on the remaining benefit payable. The tax replacement benefit pays an additional amount, equal to the tax amount payable, to reduce the tax burden on the beneficiaries.
Accidental death benefit
The accidental death benefit is available as a standalone accident policy, or can be included as a top-up benefit, over and above the basic benefit, for insureds who pass away from accidental causes.
Flexible death benefit
Allows the insureds to take extra cover, according to their own unique needs, by offering various benefit levels.
Continuing cover if disabled benefit
If you offer disability income benefits as part of your employee benefit program, this benefit allows disability claimants to remain covered for death benefits. In addition, we will allow a disability income claimant’s salary, in respect of the death benefit, to increase yearly subject to the maximum of the Consumer Price Index.
Educator Benefit
The educator benefit provides insureds who are parents, with additional peace of mind, by covering a child’s tuition fees and various other allowances relating to the child’s education. Please refer to the Educator Benefit fact sheet for more information.
Converting to an individual policy benefit
This benefit allows an insured who leaves the employer’s employ or fund membership to convert the basic benefit and the flexible death benefit to an individual policy. We will also continue to cover an insured for 31 days after he leaves the employer’s employ and allow the insured 60 days to exercise the conversion option.
Funeral benefit
This benefit pays a pre-determined amount on the death of the insured. Cover can be extended to include the insured’s spouse, children and parents. Please refer to the Funeral Benefit fact sheet for more information.
Policy terms and conditions
Eligibility
- Minimum entry age is 18.
- Maximum entry age is 69.
- Maximum cover age is 70.
An insured must:
- be an employee of the employer and be a member of the fund, if the policyholder is a retirement fund.
- live in the Southern African region and must either be a citizen of the Republic of South Africa or have been given the necessary permission from the South African authorities to live and work in the Republic of South Africa.
Proof of good health
A free cover limit is determined for each policy. The free cover limit is the level below which we give cover without the need for medical underwriting.
If you select the tax replacement benefit or flexible death benefit, the benefits will be added to the basic benefit to determine whether an insured’s cover is above the free cover limit.
Exclusions
Warlike activities
- Nuclear, biological and chemical warfare or sabotage.
- The insured actively taking part in any war, invasion, rebellion, revolution, uprising, riot, civil commotion, strike, labour disturbance, and the seizing of power overthrowing or influencing any government by force or terrorism.
How to claim
The claim must be notified, and all claim documentation must be submitted to us within 12 months of the date of death.
We typically need the documents listed below. If we need any additional evidence or documents, we will tell you what we need:
- An original signed claim form.
- An original certified copy of the insured’s death certificate.
- An original certified copy of the insured’s identity document.
- A copy of the insured’s last payslip.
- Proof of banking details.
- If applicable, a copy of the relevant Police Report from the South African Police Service.
Download the Hollard Group Risk claims form.
When cover for an insured will end
- The insured’s employment with the employer ends.
- If the policyholder is a fund, when the insured’s membership of the fund ends.
- Any conditions for eligibility are no longer met.
- Premiums are not paid.
- The policy ends.
- The insured reaches the maximum cover age.
- The insured is temporarily absent from work for more than six months (or any extended period agreed to by us writing).
- The insured remains outside the Southern African region for more than twelve months (or any extended period agreed to by us writing).
Completed Nomination of Beneficiary form completed and signed by the member.