Product Offering
Our products
Group Life
Provide your valued employees with an opportunity to leave a legacy for their loved ones by providing them with Life Cover.
Our Group Life product provides a death benefit that is payable either as a multiple of the employee’s annual salary or a flat rand amount. There is no maximum rand value to the cover. Employers can elect to cover the employees for up to 10x the employee’s salary. This benefit can be paid to either the retirement fund or direct to the employee’s beneficiaries.
Spouse’s death benefit
- On the death of a member’s spouse, a lump sum is paid to the member. No underwriting is required for this benefit.
Flexible risk benefit
In addition to the core benefit, members can choose a level of death benefit cover that fits their individual life needs.
The level of cover is selected at inception, thereafter upon the occurrence of life changing events (defined as marriage, birth or adoption of a child, being widowed or divorced) and/or at the scheme’s annual renewal date.
Cover may be decreased at any time, subject to the minimum core benefit being maintained. The maximum multiple for the death benefit plus the flexible risk benefit cannot exceed 10X annual salary. Medicals may be required for this benefit.
Cover during disablement
This benefit ensures that a member’s death benefit cover will continue if the member becomes a claimant of an Income Replacement Benefit, and is in receipt of a monthly benefit, or in the selected waiting period.
Reinstatement option
The reinstatement option is available for schemes that have both the Death Benefit and the Critical Condition Benefit (Dread Disease). The reinstatement option caters for reinstatement of the Death Benefit in cases where a critical condition claim is paid.
Value added features
- Optional Educator benefit can be selected
- 6 month accidental cover is provided during medical evidence period
Unique Protection
for Life’s Unexpected
Challenges
Are you looking for practical, real-world assistance for you and your loved ones? We offer financial support when it matters most—covering rent or bond payments, crime-related incidents, road accidents, food security, and even airtime needs.
Discover how Lifestyle Benefit supports you.
Critical Illness Benefit
Standard
Option
Overview
The Critical Condition Benefit is an advance lump sum payment of all or part of the Death Benefit and provides financial protection in the event of certain critical illnesses (dread disease). 16 Diseases are covered on the standard option. This benefit can be selected as an acceleration of the life cover benefit or as a stand-alone benefit.
Reinstatement options
Reinstatement options available for schemes with the Death Benefit and the Critical Condition Benefit:
This benefit allows the Life Cover benefit and the Critical Illness benefit to be reinstated after 31 days, should the member survive a critical illness event.
If the reinstatement option is selected and the member meets the reinstatement option requirements, the Death and Critical Condition Benefit will be reinstated. The Critical Condition Benefit claimed for any associated incident, which is predefined in the policy are not reinstated, but all other conditions are.
Accelerated/Stand
alone option
Either option may be selected.
ASISA Critical
Illness disclosure
Our dread disease benefits are aligned with the critical illness definitions recommended by the Association for Savings and Investment South Africa (ASISA). This ensures that the products are objective and consistent with the minimum industry standards.
Reinstatement options
Reinstatement options available for schemes with the Death Benefit and the Critical Condition Benefit are:
No reinstatement option
Allowing reinstatement when a member survives 31 days after a critical condition incident
If the reinstatement option is selected and the member meets the reinstatement option requirements, the Death and Critical Condition Benefit will be reinstated. The Critical Condition Benefit claimed for any associated incident, which is predefined in the policy are not reinstated, but all other conditions are.
Comprehensive
Option
Overview
The Critical Condition Benefit is a lump sum paid in full or in part to a member who has a stated critical condition event.
An additional 27 Diseases are covered under the Comprehensive option. Payouts are dependent on the severity level of the disease, 100% being the worst severity and 25% being the least severe. This benefit can be selected as an acceleration of the life cover benefit or as a stand-alone benefit.
Reinstatement
options
The Critical Condition Benefit is an advance lump sum payment of all or part of the Death Benefit and provides financial protection in the event of certain critical illnesses (dread disease). 16 Diseases are covered on the standard option. This benefit can be selected as an acceleration of the life cover benefit or as a stand-alone benefit
Either option may be selected.
Benefits
- *Stroke
- Multiple sclerosis
- Motor neuron disease
- Coma
- Blindness
- Heart attack
- Coronary artery disease requiring surgery
- Heart valve surgery
- Cancer
- Diplegia
- Paraplegia/paralysis
- Quadriplegia
- Major burns
- Kidney failure
- Major organ/bone marrow transplant
- Alzheimer’s disease
- Parkinson’s disease
- Progressive Dementia
- Intracranial aneurysm
- Arterio-venous malfunction
- Renal failure
- Respiratory failure
- Chronic liver failure
- Aplastic Anaemia
- Pericardial disease
- Arrhythmias
- Peripheral Vascular disease
- Aortic Aneurysm
- Inflammatory Bowel disease
- Chronic Pancreatitis
- Muscular Dystrophy paralysis
- Rheumatoid Arthritis
- Leukaemia
- Loss of hearing
- Loss of sight
- Traumatic Brain Injury
- Loss of and loss of use of limbs
- HIV due to:
- Occupational needle stick injury (medical or dental)
- Practitioner or registered nurse
- Rape or indecent assault
- Organ transplant
- Blood transfusion
Critical Condition Severity Levels
% OF SUM ASSURED PAYABLE
| A - Most Severe | B - Moderate Impairment | C- Mild Impairment | D - Almost Full recovery | |
|---|---|---|---|---|
| Heart attack | 100% | 100% | 100% | 100% |
| Coronary Artery By-pass Graft (ABG/CABG) | 100% | 100% | 100% | 100% |
| Stroke | 100% | 100% | 100% | 0% |
| Cancer | 100% | 100% | 100% | 100% |
Income Disability Benefit
The income Disability Benefit pays a monthly income to an employee who is disabled, regardless of whether the condition is temporary or permanent. This benefit continues until the member recovers, dies or reaches normal retirement age. The Income Replacement Benefit is offered as a freestanding benefit and as such can be taken on its own.
Income Disability Definition.
Initial Period
24 months (including the waiting period) as a standard, but we also offer 12 months when requested.
Select waiting period options
1 3 6 12 24
Value Added Features
- Payback to employer of 100% of the remuneration paid during the waiting period
- Retirement Fund waiver is based on the pre-disability salary/income
- Assess claims on actual work duties
- 6 month accidental cover is provided during medical evidence period
Premium Waiver
The purpose of the employer waiver benefit is to assist the employer with retirement and death benefit provision for a member who is disabled. The employer pays a small cost towards this benefit during the member’s active employment, and if the member becomes disabled we will waive any contributions which the employer might be expected to pay towards the member’s retirement benefit. The member will still be expected to contribute towards retirement benefits in the normal manner.
Health Premium Waiver
Medical aid contributions are covered ensuring that the member’s medical aid cover is maintained during a member’s initial recovery time of disability. This benefit is paid for up to a period of 24 months.
Capital Disability Benefit
Definition: The member must be permanently disabled
The Permanent Disability Benefit is an advance lumpsum payment of all or part of the Death Benefit. Payment is made to members who are totally and permanently disabled.
The Educator benefit can be added when Capital Disability is taken along with the Group Life Benefit. This benefit caters for:
Private
Schooling
Pre-school
starting at
Grade R
Primary &
Secondary
School
Special
needs
schooling
Local and
international
universities
Value Added Features
Optional Educator benefit can be selected
6 month accidental cover is provided during medical evidence period
Optional Roof,Crime,Road, Food & Phone Benefit
Comprehensive Cover for Life’s Uncertainties
Our unique Lifestyle Benefit provides support in the event of death or disability for essential needs. From housing costs to food and even airtime, we ensure you and your family are taken care of when life takes an unexpected turn.
Learn more about how Lifestyle Benefit can protect you.
Reduction in Benefit.
Three options are available prior to normal retirement age:
• No reduction
• 5 years at 20% per annum reduction
• 10 years at 10% per annum reduction
Waiting Period
The standard waiting period is 6 months.
We also offer:
- 12 month waiting period
- 24 month waiting period
Education Benefit
Keyrisk is proud to introduce our Educator benefit offering. This benefit offers flexibility and boasts greater cost-effectiveness. Our Educator Benefit is designed to cover the cost of education for a member’s children in the event of the member’s death or permanent disability. We offer a niche product in combining the Group Life and Capital Disability products by offering the Educator Benefit on both.
We offer two Educator Benefit Options, The Foundation Educator Benefit which covers schooling and the Progressive Educator Benefit that covers schooling and Tertiary Education.
Private
Schooling
Pre-school
starting at
Grade R
Primary &
Secondary
School
Special
needs
schooling
NQF recognised
institutions
Supplementary allowances
These allowances are intended to assist in covering the additional expenses associated with schooling such as textbooks, stationery, uniforms and after-school care. In the case of tertiary education, it will also cover any associated residency fees.
Special needs
We recognise that there are extra costs associated with educating children who have special needs. This product will boost the maximum tuition benefit paid if a child attends a school catering for special learning, behavioural or physical needs.
Achievement allowance
This allowance is paid to children who excel in a sporting or cultural activity and are selected to represent their Province or South Africa. The allowance may be used to pay for the additional costs usually associated with performing at these levels, including travel and accommodation. Payment is made directly to the child in the year of achievement.
The following benefits are offered on the Progressive Educator Benefit
| Education Level | Progessive Educator | Foundation Educator Benefit |
|---|---|---|
| Pre-primary (Grade R) | 1 Year | |
| Primary School | 7 Years | |
| High School | 5 Years | |
| Tertiary Institution: Degree or Diploma | 3 Years | |
| Tertiary Institution: BDS (Dental) | 5 Years | |
| Tertiary Institution: MBSc (Medical) | 6 Years |
Flexibility
This benefit can be selected for a category of staff only within the same employer group
Funeral Benefit
The Funeral Benefit pays out when the member’s loved ones need it most. In a time of great sadness the family can take comfort in the fact that this benefit will be paid to assist with the funeral costs. The benefit is paid as a lumpsum in the event of the death of the member, spouse, children or extended family member, whilst the member is employed.
Body Repatriation Benefit
Lesotho
Swaziland
Botswana
Namibia
Zimbabwe and
Mozambique
The family can phone our call centre
If the beneficiary is calling
From within South Africa:
0861 02 04 07
From outside South Africa:
+27 11 267 3933
Claims Forms
Make sure that the beneficiary/claimant completes and submits the correct claim forms as follows to prevent any delays in the payment of the benefit:
- Completed, signed and stamped Funeral claim form
- Copy of the deceased’s identity document
- Copy of the computerised death certificate
- Proof of the beneficiaries’ banking details
Lifestyle Benefit
At Keyrisk we understand the unique challenges of living in our beautiful country and we have designed bespoke products that provide peace of mind and allows you and your family to follow an active outdoor lifestyle.
Roof Cover
This benefit covers the cost of an employee’s bond or rental obligations in the event of the employee’s death or disability for a period of 6 months.
The amount payable is subject to a maximum of 33.3% of the employee’s salary or maximum of R15 000 pm
Crime Benefit
This cover provides a 6 times monthly salary benefit upon death or disability of the main member occurring as a direct result of bodily injury caused by violent means linked to crime.
Maximum of R10 000 per month
Road Benefit
This cover provides a 6 times monthly salary benefit upon death or disability of the main member occurring as a direct result of bodily injury caused by accident.
Maximum of R10 000 per month
Food Cover
If your claim is successful, a monthly food voucher to the value of R1 000 is paid to you if you become disabled or to your dependents in the event of your death. This benefit is payable for a 6-month period.
Phone Benefit
If your claim is successful, a monthly airtime/data voucher to the value of R500 is paid to you if you become disabled or to your dependents in the event of your death. This benefit is payable for a 6-month period.
Value Added Services
The following Value-Added Services are available in South Africa only:
- 24-Hour Health Information Helpline
- Emergency Ambulance Service
- R5 000 Hospital Admission Guarantee
- Legal Assist Helpline
To access the service, members are to contact the 24-Hour Contact Centre on 0861 462 247