Government grant
Our Cornerstone Pensioner Plan
Assupol’s Cornerstone Pensioner Plan is a competitive solution for government grant recipients who need funeral cover. It provides a choice of affordable premiums, and sufficient cash benefits to pay for a dignified funeral. Unlike similar policies from burial societies, the Cornerstone Pensioner plan has no age limit, and no medical examination is required. Members may cancel their participation in the plan any time, without notice or penalty.
Premiums are collected by convenient direct deductions from state grants.
Appropriate underwriting management ensures that the scheme is kept actuarially sound. This is important, particularly as most persons join at a relatively advanced age (over 60) and there is little likelihood of them being subsidised by younger participants with a lower insurance risk.
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This benefit provides cover for a spouse as well as children and grandchildren under 21 in the care of pensioners. Our members may add a spouse and up to eight children at a small extra contribution. Cover is for the whole of life of the spouse, child or grandchild.
This affordable addition to our Pensioner Plan provides a monthly income to the families of our Pensioner Plan members on their death. It recognises the fact that pensioners in rural families in many cases are the principal breadwinners.
This benefit provides funds for a tombstone for loved ones. The funds can be paid together with the benefits of our Pensioner Plan – or six or twelve months after the death of a member. An additional contribution must be paid for this benefit.
In addition to the direct benefits specified above, our members also gain other significant advantages:
- No joining fee;
- No medical examinations, although a waiting period applies;
- Low premiums, but excellent cover;
- Immediate cover for unnatural death;
- Convenient deduction of premiums directly from state grants;
- If a policy lapses, it may be reinstated by the member within six months by paying the arrear premiums;
- A countrywide network of offices providing convenience and excellent service;
- Valid claims are paid in cash within 24 hours after receipt of the required claim documents;
- The cash benefit is paid directly to the beneficiary.
| Cornerstone Pensioner Plan | |
|---|---|
| Minimum premium (monthly) | R70 |
| Lives covered | The policyholder is the main life insured. Spouse and children may also be covered at an additional premium |
| Waiting period for natural death | Yes – six months from the policy’s start date |
| Waiting period for accidental death | None - immediate cover for accidental death |
| Family Care benefit Income for the family for three to five months after the death of the main life insured | Additional premium |
| Tombstone benefit This additional benefit is paid after the death of the main life insured | Additional premium |
| Dependent benefit This benefit provides cover for children and grandchildren under age 21 who are in the care of pensioners. With this benefit our members have the option to add up to eight children. Cover is for the whole life of the child or grandchild. | Additional premium |
