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Genlife Terms and Conditions – General Information

Author: alicia

Posted: 01 Jun 2020

  1. This document is furnished to you in compliance with section 48 of the Long-Term Insurance Act, 1998 and the General Code of Conduct in terms of the Financial Advisory and Intermediary Services Act, 2002. Liberty is the underwriter of the Participating Scheme and the benefits are provided to the members of the Group Scheme on a voluntary group scheme basis. Liberty is an authorised financial services provider with FSP number 2409. The Participating Scheme is an authorised Financial Services provider with FSP number 56789.

2. Genlife Financial Services (Pty) Ltd is a duly authorised Financial Services Provider and has been appointed by the Participating Scheme to act as Administrator on behalf of the Participating Scheme. The FSP number of Genlife is 43895.

3. Cover in terms of this group policy is available to main members between the age of 18 (eighteen) years and 90 (Ninety) years, in accordance with the age of the insured member and plan and cover selected.

4. Cover in terms of the Extended Family Funeral Plan is available to all additional assured lives stipulated in the application form, provided number of claims payable shall at all times be limited to the number of additional assured life (lives) covered in terms of the Group Policy, subject to a maximum of 2 (two) claims in respect of stillborn deaths.

5. Any advice or assistance required in respect of your policy must be obtained directly from Genlife Financial Services.

6. If this Group Policy replaces another policy, you must contact the Genlife Financial Services (Pty) to be advised of any negative consequences of replacement.

7. No medical examination is required for a person to become a member.

8. Administration fee included in the premium is 22.5% of the total premium (incl. VAT) and is payable to Genlife Financial Services.

9. The cover in respect of assured lives commences on the last date upon which Liberty approves the application by the member for the benefits; and receives the first premium payable in terms of this group policy.

10. A period of grace of 15 days is permitted for the payment of premiums. If the premium is not paid within this period, Liberty has the right to reject claims, subject to the provisions of the Long-Term Insurance Act, 1998.

11. Withdrawal of the premium authorisation will not be valid for the term of notice of cancellation.

12. No premiums will be refunded should the policy be cancelled. This policy does not have any surrender and or loan values and cannot be offered as security to a bank.

13. To ensure that the scheme remains actuarially sound Liberty shall be entitled to revise and amend or cancel the benefits in terms of the group scheme by means of a 30 (thirty) day written notice to the Administrator of this group scheme. Notice to the administrator shall constitute proper and sufficient notice to the members of the group.

14. The rules and conditions of this plan are consistent with the provisions of the Long-Term Insurance Act, 1998 and with the terms of the Genlife Voluntary Umbrella Group Policy.

15. All assured lives in terms of this Group Policy must be permanently resident in the Republic of South Africa.

16. All waiting periods and exclusions shall apply in respect of increased benefits with effect from the inception date of the increased benefits or the date the premium for the increased benefit has been received by Liberty (whichever is the latest).

17. No nominated member may not be added after the policy application is signed by the applicant. The Policy is closed after the application form has been signed.

18. In the event of the death of a nominated member such nominated member may not be replaced by adding another nominated member

19. Children of extended and nominated members are not covered.