A very important and valuable segment of the All in One is the group life product. This product has been designed in such a manner that it provides staff members with extremely good, no nonsense, inexpensive life cover. The policy is designed to provide risk cover only, and hence there is no investment mechanism within the product.
The sum assured for this product is determined by multiples of the staff members Annual Pensionable Salary (RFI amount). The table below reflects the maximum amount of cover a staff member may purchase, however if the sum assured is deemed to be too high for an individual’s needs, it can be reduced to any level the member requires. These multiples are used only to determine the maximum sum insured any one member may purchase.
This product is extremely inexpensively priced.
|Single, no children||1 x annual salary||Married, no children||3 x annual salary|
|Single, 1 child||1.5 x annual salary||Married, 1 child||3.5 x annual salary|
|Single, 2 children||2 x annual salary||Married, 2 children||4 x annual salary|
|Single, 3 + children||2.5 x annual salary||Married, 3 + children||4.5 x annual salary|
Minimum and maximum age limits at entry are:
|Life Insured||Minimum age next birthday at entry||Maximum age next birthday at exit||Term of cover|
||17||69||Up until the age of 70 or date of leaving the service of First Rand.|
||17||60||Up until the main member reaches the age of 70 or date of leaving the service of First Rand|
The group life policy can if necessary be extended to include the member’s spouse, however the maximum sum assured that may be purchased is restricted to 1 x the staff members annual pensionable salary. The premium does increase as you move into a separate age band.
This cover is extremely inexpensive and provides exceptional value.