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Genlife Terms and Conditions

Author: alicia

Posted: 01 Jun 2020

  1. The premium, conditions and benefits shall from time to time be revised and adjusted by Liberty Group limited in order to ensure that the Scheme remains actuarially sound. In addition, Liberty may amend benefits and premiums at all times by means of 30 (thirty) day written notice to the Administrator. Notice to the Administrator shall constitute proper and sufficient notice to the members Group.
  2. Premiums shall be calculated with reference to an Assured Life’s current age at the inception date of the policy or cover and shall not increase incrementally with each birthday of an assured subject  at all times to Liberty Group Limited’s right to increase  the premiums  payable  as provided  for in terms  of the Group Policy. In the case of a family plan premiums shall be calculated of the Principle member or spouse.
  3. In the event of the death of an additional Assured Life, the total premium payable in respect of the Extended Family Funeral Plan will be reduced by the component of the premium payable in deceased additional Assured Life. This is however not applicable on the Traditional Plan.
  4. Extended / nominated members on any of the 1 + 5, 1 + 9 or 1 + 13 plans may not be replaced by another extended / nominated member in case of the death / cancellation of such member5. If, upon request of the member, the benefits are amended by Liberty Group limited at any stage, the new premium shall be calculated with reference to the assured life’s current age at the inception the amended benefits.
  5. Cover ceases when the Group Policy is cancelled, has been terminated by the Insurer or has lapsed, if the member terminates his/her membership to the Group Scheme, the member terminates in terms of the main benefit plan, upon the death of the Principle member unless the spouse select in writing to continue  with the policy as the Principle member,  if the premium is not validly Liberty Group limited within the period of grace, or when the dependent child (other than a  mentally or physically disabled child), reaches  the age of 21 years, and in the event of a child who is unmarried and a full time student at any registered University, Technicon or Tertiary education institution, reaches  the age of 26 (twenty six) years.
  6. The cover granted is whole life and shall remain in force until the death of the Assured Life, as long as premiums are paid. Membership is voluntary for Members joining this Group Scheme.
  7. Liberty Group limited shall be entitled to apply set-off or deduct any unpaid premiums against the benefits payable in terms of the Group policy.
  8. The member is responsible to ensure that the monthly premium is paid. The principle of “No Premium – No Cover” will apply.
  9. The Group Policy does not accumulate cash or a surrender value and may not be converted into a paid-up policy. No loans will be allowed in terms of this Policy.
  10. Remuneration: For the administration of this scheme Genlife Financial Services (Pty) Ltd is receiving a 2% binder fee, 10.5% administration fee & a 10% commission from Liberty Group limited.