Conditions of Group Life Insurance:
The premium for the number of units requested are quarterly debited to your Samba account.
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.
PREMIUM | COVERAGE | |||||
---|---|---|---|---|---|---|
Unit | Per Quarter | Under 30 Years | 30 – 39 Years | 40 – 49 Years | 50 -59 Years | 60 Years & Above |
2 | 10.40 | 10 400 | 7 800 | 4 800 | 2 900 | 1 500 |
3 | 15.60 | 15 600 | 11 700 | 7 200 | 4 350 | 2 250 |
4 | 20.80 | 20 800 | 15 600 | 9 600 | 5 800 | 3 000 |
5 | 26.00 | 26 000 | 19 500 | 12 000 | 7 250 | 3 750 |
6 | 31.20 | 31 200 | 23 400 | 14 400 | 8 700 | 4 500 |
7 | 36.40 | 36 400 | 27 300 | 16 800 | 10 150 | 5 250 |
8 | 41.60 | 41 600 | 31 200 | 19 200 | 11 600 | 6 000 |
9 | 46.80 | 46 800 | 35 100 | 21 600 | 13 050 | 6 750 |
10 | 52.00 | 52 000 | 39 000 | 24 000 | 14 500 | 7 500 |
11 | 57.20 | 57 200 | 42 900 | 26 400 | 15 950 | 8 250 |