Payflex Protect Lite offers you insurance cover for your outstanding Payflex account balance, in the event of your death, permanent disability or retrenchment. The premium is R99 per month.
Payflex Protect Plus offers the same cover as Payflex Protect Lite plus an additional lump sum cover of R5 000 payable on your death or permanent disability. The premium is R179 per month.
It is an insurance policy owned by Payflex and is administered by Zestlife and underwritten by Guardrisk Life Limited (“the Insurer”).
You are the life insured and the benefits will be paid to Payflex and if you take Payflex Protect Plus then the R5 000 lump sum benefit will be paid to you or your estate.
Payflex will pay the premium annually in advance in their capacity as the policyholder and will recover the premium amount from you as part of your Payflex account liability.
Below is a summary of the main policy terms and conditions. For the full terms and conditions please refer to the policy document.
Claims can be lodged with Zestlife not later than 6 months after the claim event. Claims reported outside this period will not be considered unless there are extenuating circumstances for the late submission supported by a valid motivation letter. The cost of obtaining all relevant information required by the Insurer in the event of a Claim is for Your account.
Permanent Disability means Your continuous, total and permanent inability due to injury, disease or illness, to perform the material and substantial duties of any occupation in the open labour market for which You are qualified or suited or could reasonably be expected to become qualified or suited taking into account the degree of disability and Your knowledge, training, education, ability, age and experience. You will however only be considered to be Permanently Disabled if Your Permanent Disability results in You experiencing a total loss of income and the Insurer is satisfied that the disability will remain total and permanent. Disability, Disablement and Permanently Disabled shall have a corresponding meaning.
Pre-existing Medical Condition shall mean any condition that You were aware of, or that You have consulted a Medical Practitioner for, or that You have received medical treatment for in the 12 (twelve) months preceding the Commencement Date that results in a Claim Event within the 12 (twelve) months, after the Commencement Date.
Retrenchment means Your Involuntary Retrenchment by Your employer leaving You without income from any source as a direct result of new technology being introduced by Your employer, reorganisation by Your employer or expectation of adverse conditions by Your employer resulting in staff reductions.
The Retrenchment Benefit will not be paid if You have been employed by Your employer for less than 12 months prior to Your retrenchment or if You are Retrenched within the first 3 (three) months from the commencement of the Policy.
You will not be entitled to a Retrenchment Benefit under certain specific circumstances such as being self-employed, being a sole director, or being employed in a business owned by a member of your family, if you resign of accept voluntary retrenchment, you retire, you are dismissed, the expiry of a non-renewable fixed term contract or a contract of temporary or casual nature, if you or your employer was aware that you were to be Retrenched prior to the date the Policy commenced, you lose your job due to fraud or dishonesty or any illegal conduct, if you lose your job directly or indirectly due to any sickness or a disease or an injury or medical condition, if you are on a temporary or casual or fixed term contract and it reaches its natural end.
The policy also contains general exclusions e.g. claims resulting from suicide, intentional self-inflicted injury
or participation in acts of war or crime will not qualify for the policy benefit. Please refer to the policy
wording for all the waiting periods and general exclusions that may apply. A copy of the policy wording is available on the Payflex website.
Guardrisk Life Limited (registration number 1999/013922/06 and FSP number 76), an authorised financial services provider and an insurer licensed to conduct life insurance business in terms of the Insurance Act 18 of 2017.