MoreCover Endowment Plan

The MoreCover Endowment Plan is a combination of life assurance and savings that provides for the payment of a lump sum of money at maturity or on death before the maturity date. The lump sum on death is payable to your estate, nominated beneficiary or cessionary.

Major Benefits

  • Replaces lost income for the family when the breadwinner or insured dies.
  • Pays the life assured's final expenses such as outstanding debts and loans.
  • Provides savings for future use, such as paying education fees for your children or starting an income-generating project.
  • Creates an inheritance for heirs or dependents.
  • Protects accumulated wealth through the payment of estate duty obligations.
  • Can provide security for a bank or mortgage loan if the lender finds it acceptable.

Terms and Conditions

  • One can choose a policy term of between 10 and 20 years that best suits one’s protection and savings objectives.
  • The Policy has a waiting period of six (6) months which is not applicable on accidental death.
  • During the first two years from the commencement date, the Policy will lapse if a premium is not paid within the grace period of one calendar month. However, the Policy can be reinstated within six months from the date of lapse, subject to terms and conditions.
  • The Policy can be converted to a paid-up option after two years of premium payments.
  • The Policy can also be surrendered after two years of premium payments.
  • After a period of five (5) years, the Policy allows for partial cash withdrawals to meet unexpected living expenses.
  • Optional benefits such as Accident Cover and Waiver of Premiums on Disability can be added to enhance the basic cover.
Prime Plan

Prime Plan is a savings policy which allows members to save an amount each month initially in a unit-linked managed fund. The fund aims to provide long-term real returns by investing in a wide range of assets including quoted and unquoted stocks and shares, government bonds, properties and debentures.

Major Benefits

  • Creates savings for future use such as starting up a business or project, paying education fees, funding a holiday trip, paying dowry/lobola or funding a wedding event.

Terms and Conditions

  • One can choose a fixed period of savings from a minimum of 10 years to a maximum of 25 years. However, the term can be extended to suit the policyholder’s needs.
  • Lump sum payments are permitted in order to boost the accumulated investment.
  • If premiums remain unpaid after the expiry of the grace period, the Policy becomes automatically paid-up. The paid-up Policy may be reinstated within six months from the date it became paid-up.
  • The Policy may be surrendered in whole after two years for an amount equal to its cash value.
  • In the event of an urgent need for funds, one may make partial withdrawals from the Policy provided it has been in force for at least four (4) years.
  • In the event of death, the cash value of units allocated at the time of death will be paid.