Vital Risk Cover
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What is Vital Risk Cover ?
VITAL RISK COVER is designed to provide Individuals with a meaningful level of Life, disability, and critical Illness cover with reasonable underwriting requirements.
In addition to the life cover, there are two rider benefits available: Total Permanent Disability (TPD) cover and Critical Illness cover (Cl). The TPD and Cl covers are not available as stand-alone benefits and must be purchased as riders to the main death cover. The PTD and Cl cover must be equal to the main policy life cover.
A. Death Cover.
This benefit pays out the full sum assured in the event of death of the policyholder.
B. Total and Permanent Disability Cover.
This benefit pays out the full sum assured in the event that the policyholder becomes totally and permanently disabled.
C. Critical Illness Cl Cover.
This benefit pays out the full sum assured in the event that the policyholder is diagnosed with a critical illness. The critical illnesses that are covered are;
- Heart attack
- Blindness
- Paraplegia
- Coronary artery surgery
- Stroke
- Cancer
- Renal/Kidney Failure
- Major organ transplant (Undergoing as a recipient-transplant of the heart, Kidney, Liver, Lung, pancreas or bone marrow)
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Key Product Features
The policy has been designed to provide a reasonable level of cover with blood test-only underwriting. Should higher levels (greater than 1.2 million) of cover be required then more comprehensive underwriting will be required. The full underwriting requirement is available from your intermediary or Salam Life.
Cover will commence once the underwriting process is complete.
Premiums are payable monthly for the duration of the policy and vary by age, sum assured, and term. Premium quotations are available from your Intermediary or Sanlam Life.
Premium can be paid in either TZS or IJSD directly to Sanlam Life Bank Account and alternative methods of payment are available from your Intermediary or Sanlam Life.
A Policy holder has an option of choosing to have a premium cash-back benefit payable under this policy. If the option is chosen, then the policy will pay a premium cash-back benefit of 10% of the gross premium paid (including premiums for PTD and CI, if applicable), at the end of every 5-year period, provided that the policy was in force and all premiums were paid by the policy holder during that 5-year period
In order for the policy benefits to keep up with the rising costs of living expenses, this policy allows for an optional Inflation Protector Benet. A 5%, 10% or 15% Inflation Protector Benet can be selected. Premiums shall automatically be increased by the selected % of the previous year’s premium on each anniversary of the commencement date. Insured benefits will increase at 75% of the rate of increase of the premiums, without any evidence of health. The increase in cover will be applied to the previous year’s sum assured on each anniversary of the commencement date. Increases in benefits shall cease if the increased premium is not paid. The policy holder may change or stop Inflation Protector by informing the Insurer at any time
Vital Risk Cover can be used by Companies/ Partnerships to protect against financial loss due to the loss of an Individual who is key to its success, where such loss occurs due to death or Incapacity.
Specific requirements and guidelines are available from your Intermediary or Sanlam Life.
Vital Risk Life cover may be used as Surety for loans or similar forms of financial instruments.
The life assured does not necessarily need to be the owner of the policy. This means that Individuals are able to provide cover for their loved ones. All that is required is that Sanlam Life Underwriters are satisfied that the applicant and life assured to meet the insurable interest requirements.
