Group Life Insurance

Samba offers you as main member a coverage, by means of Momentum, that provide valuable assistance to your family when you pass away.

Conditions of Group Life Insurance:

  • The applicant should be a member and account holder of Samba.
  • The applicant must not yet have reached the maximum age of 45 years;
  • The applicant has only 30 days after acceptance of Samba membership to join the group life insurance.
  • The main member agrees at acceptance of the group life insurance to 3 units, unless he/she requests otherwise in writing. A maximum of 11 units may be requested.

How do the premiums work?

The premium for the number of units requested are quarterly debited to your Samba account.

What happens when the main member passes away?

At death of the main member, Samba will use the cover amount in terms of the policy to pay any outstanding amounts on the member’s account and all surpluses will be paid to the surviving spouse or the executor of the estate.

The rand value of the life insurance decreases in a 10 year cycle as set out in the table below.

PREMIUMCOVERAGE
UnitPer QuarterUnder 30 Years30 – 39 Years40 – 49 Years50 -59 Years60 Years & Above
210.4010 4007 8004 8002 9001 500
315.6015 60011 7007 2004 3502 250
420.8020 80015 6009 6005 8003 000
526.0026 00019 50012 0007 2503 750
631.2031 20023 40014 4008 7004 500
736.4036 40027 30016 80010 1505 250
841.6041 60031 20019 20011 6006 000
946.8046 80035 10021 60013 0506 750
1052.0052 00039 00024 00014 5007 500
1157.2057 20042 90026 40015 9508 250