Group Life Insurance
Samba offers you as main member a coverage, by means of African Unity Life, 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.
| 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 |