Electronic Insurance Industry (EII)

 

 

Prosperity Credit Life

 

If you wish to obtain this service provider's services you may obtain these integrated services on your SmartFin package absolutely free of charge by obtaining an activation code from PS&S so that the PROSPERITY option can be enabled on your system.

 

All Credit Life insurance premiums will be recovered by PS&S directly from the financier via our existing TOPUP procedure. Recovery of premiums from the financier will be done at the time the insurance is issued to a client. It will be PS&S’s responsibility to transfer recovered insurance premiums directly to the underwriter.

• If this policy is chosen then this policy will be a compulsory policy. (i.e.) All loans must be covered under this policy.

• The credit life policy provided by PROSPERITY MANAGEMENT SERVICES is a policy protecting the financier against DEATH, TOTAL PERMANENT DISABILITY, TEMPORARY GENERAL DISABILITY, DREADED DISEASES, RETRENCHMENT and ABSCONDING of a client.

• The financier has a choice with this policy to cover only the capital (loan) amount or the total contract amount.

• The financier has a choice with this policy to cover only the capital (loan) amount or the total contract amount (i.e.) Interest Included.

• The premium of cover WITH ABSCONDMENT will be calculated: R 3.30 per month per R500.00 covers or portion thereof.

• The premium of cover WITHOUT ABSCONDMENT will be calculated: R 2.00 per month per R500.00 covers or portion thereof.

• The maximum amount of cover covered by this policy is R 25 000.00 and the maximum instalment terms for this policy is 36 months.

• The maximum amount of cover for persons Under Administration is R 50 000.00.

 

Prosperity Multifuneral

 

THE POLICY BENEFITS ARE AS FOLLOWS:

NOTE: TYPE (D) policy is applicable to persons aged 66 to 74 years old.

 

	TYPE
	A	B	C	D
Member & Spouse	R 15 000	R 10 000	R 5 000	R 5 000
Children: 14 - 26 years	R 10 000	R 10 000	R 5 000	R 5 000
Children: 6 - 13 years	R 5 000	R 5 000	R 2 500	R 2 500
Children: 1 - 5 years	R 2 500	R 2 500	R 1 000	R 1 000
Stillborn - 11mnths	R 1 000	R 1 000	R 500	R 500
Gross Member & Spouse monthly	R 36.66	R 32.85	R 16.15	R 43.23
Gross Single Member monthly	R 15.12	R 11.46	R 7.84	N/A

 

Premium for Extended family members is R 12.00 per R 3 000.00 cover.

An emergency rescue evacuation service can also be included for a premium of R 10.50 covering the whole family plus 4 parents.