Frequently Asked
Questions

Have some questions? Have a look to see if we’ve answered them below.

All POPULAR SERENITY PROVIDE & PROTECT Siyakhula Invest

What benefits does the product offer?

  • Death Benefit
  • Physical Impairment
  • Core Dread Disease
  • Cashback – 20% of premiums due in each 5-year period, including the policy fee, in each 5-year period

What is the minimum and maximum cover amount I can get?

  • Death Benefit: R150 000 – R1 000 000
  • Physical Impairment: R50 000 – R1 000 000
  • Core Dread Disease: R50 000 – R1 000 000

When do the benefits cease as per the policyholder’s age?

  • Death Benefit – Cover is provided for whole of life
  • Physical Impairment – Cover is provided up to age 65, or earlier death
  • Core Dread Disease – Cover is provided for whole of life
  • Cashback – Will continue to be paid if the policy is in force

What are the entry ages?

  • Death Benefit – 18 to 65
  • Physical Impairment – 18 to 59
  • Core Dread Disease – 18 to 65

What are the fees charged on a monthly premium?

  • Administration fee – R20 per month

How much premium can I pay?

  • The minimum premium is R80 (excluding policy fee)

What questions are asked for underwriting purposes?

  • Only 7 health questions
  • No medical tests

What happens when principal life assured dies?

  • The beneficiaries of the PLA will be eligible for the pay-out.

Does my premium increase on a yearly basis?

  • There are no premium increases on a yearly basis. The plan charge will remain unchanged for the Level payment pattern.

Can a cover level be increased or decreased?

  • The cover level may be increased or decreased at any time.

What are the exclusions?

  • Death Benefit – If death is caused by suicide committed within 24 months from the cover start date
  • Physical Impairment – Rules apply
  • Core Dread Disease – Rules apply

When does cover start?

  • Death Benefit
    • Accidental death – Day after acceptance day
    • Non-accidental death – The date that we collect the first premium
  • Physical Impairment – The date that we collect the first premium
  • Core Dread Disease – The date that we collect the first premium

Changing beneficiaries?

  • The beneficiaries can be changed by the policyholder by request at any time

What benefits do the plans offer?

Serenity Funeral Serenity Funeral Premium
Funeral Cover Funeral Cover
Premium Paid-up Premium Paid-up
Burial Repatriation Benefit Burial Repatriation Benefit
Unemployment and Pregnancy Payment Holiday Unemployment and Pregnancy Payment Holiday
Escalations Escalations
Temporary Premium Support Benefit – Death No More Premiums Benefit – Death
  No More Premiums Benefit – Defined Physical Impairment
  Double Accident Benefit
  No More Premiums Benefit – Retrenchment
  Memorial Benefit
  Grocery Benefit
  Cash Back Benefit

How much premium can I pay?

  • The minimum premium is R80

What lives can be covered and the maximum number of lives that can be covered?

Life Assured Categories Maximum lives allowed
Principal Life Assured 1
Spouse 1 claim over the life of the policy
Child 8 at any one time
Parent 4 at any one time
Wider Family 8 at any one time

What are the exclusions on the product?

  • African Rainbow Life will not pay a benefit if it is as a direct or indirect result of active participation in war, invasion, acts of foreign enemies, hostilities, illegal strikes, warlike operations (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion assuming the proportions of or amounting to an uprising or riot, military or usurped power.

The escalation rates available?

  • A rate of 5% or 10% per annum.
  • You allowed to cancel, increase or decrease the escalation percentage.
  • The escalation can be started again after it has been stopped.

Changing beneficiaries?

  • The beneficiaries can be changed by the policyholder by request at any time.

What are the maximum funeral cover levels?

  • Principal life assured and spouse: R100,000
  • Child 14 years and over: R30,000
  • Child under 14 years: R10,000
  • Parent: R40,000
  • Wider family: R30,000

Age Entries?

Life Types Minimum Maximum
Principal life assured 18 64
Principal life assured 18 74 (Core Funeral Plan only)
Spouse 18 65
Child 0 25
Parent 26 85
Wider Family Member 0 85

The cooling off period?

  • The Policyholder has the right to cancel the policy and receive all premiums back within 60 days from the date of signature of the policy.

What do I receive at maturity?

  • The benefit at maturity is equal to the greater of:
    • the fund value and
    • the guaranteed minimum maturity value (GMV)

What are the fees charged on a monthly premium?

  • A policy fee of R7.50 per month plus escalations
  • A non-allocation premium charge of 2.8% - charged on the premium

Minimum/Maximum monthly contributions?

  • A minimum of R300 and maximum of R2000

What are the entry ages?

  • The entry ages are from 18 to 69

What are the policy terms that I can choose from?

  • Can only be 10 to 15 years

During the term of the policy, when can I make lump sum contributions?

  • Lump sum payments are allowed only at the start of the policy.

Can I terminate the policy before maturity date?

  • Yes, however there is a termination fee of R50.

Are premium alterations allowed?

  • Increases and decreases in premiums are allowed.

Does premium escalation apply to this product?

  • Yes, you can choose between 5% or 10%
  • The policyholder may request for no escalation for that year

Do I have the right to cancel the policy?

  • The policyholder has the right to cancel the policy within 60 days from the signature date of the policy and receive back all premiums paid.