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MyCover Funeral – family

Terms and conditions

 

The purpose of this benefit 

This benefit is available to you only if Nedbank is your main bank.

This benefit pays out a cash lump sum to help cover funeral costs when you (the insured person) and your immediate family, as listed in the policy schedule, pass away. We will pay out the amount shown in your policy schedule for this benefit to the nominated beneficiary within 24 hours after we have received your accurately and fully completed documents and if you are up to date with your premiums.

 

How the benefit works

  • The policyholder and their immediate family (a spouse and up to 5 minor children) as listed in the policy schedule are the only people covered for this benefit.
  • You must be at least 18 years and not older than 55 years on the date this benefit starts.
  • If you do not have more than 5 minor children listed in your policy schedule, you may add newly born children.
  • When a child reaches the age of 21, they can no longer be covered for this benefit. We will tell you at least 60 days before this date and you will have the option at that time to add them as adult child dependants.
  • If a child insured under this benefit dies, regardless of whether we pay out a claim or not, another child cannot take that place.
  •  Your cover starts when we receive the first premium for this benefit for:
    • death due to an accident from the date that we received the first premium (an accident is an unforeseeable event that happens after the cover has started and, which in a violent, external, and visible manner, independently of any other cause, directly causes an injury resulting in a covered life’s death within 90 days); and       
    • death due to natural causes within 6 months if we have received premiums for at least 6 months.
  • You contribute monthly for this benefit until your death.
  • You may not take out a loan against the cover or take any part of the cover in cash.
  • If we don’t have beneficiary details when you claim, we will pay the proceeds of the policy into your Nedbank transactional (savings or current) bank account, and it will be the duty of your estate to pay the money out.   

 

Cover amount and premium

  • Your cover amount and premium details for this benefit are shown in the policy schedule.
  • The premium for this benefit is a single amount for the package and is not determined at an individual level. The premium shown in your policy schedule remains the same regardless of how many lives you insure under this benefit.
  • If we change the cover amount or the benefit no longer meets your needs and you no longer want it, you may take out an equivalent or less cover, as a main member cover on the MyCover Funeral plan, at the premium rates applicable at that time.
  • You must pay the premium for this benefit in advance, and we will combine it with the premiums for other benefits you have chosen in your MyCover Funeral plan and collect them as a single amount. If, for any reason, you cannot pay the full premium for a particular month, you may pay a lower premium. We will then adjust your cover amount accordingly if you have a valid claim. If you always pay the full benefit premium in advance, you will enjoy the full cover shown in the policy schedule.
  • Scheduled cover increases do not apply to this benefit. If you want this option, you may take out the equivalent cover in the standard plan.

 

General

  • This benefit starts only after you have paid the first premium while you are still alive.
  • If Nedbank is no longer your main bank, you cannot keep this benefit. When this happens, we will tell you, and you will get the standard benefit offering in the MyCover Funeral plan and we will tell you what the new premium will be. There will be no new waiting period for this benefit, and we will assume that your new benefit started when this benefit first started.
  • You may not give up or change any provisions or conditions of this benefit, except if an authorised Nedgroup Life official has signed such a change or endorsement.
  • You must let us know in writing within 180 days of any event resulting in a claim or we will not be liable for paying a claim.
  • We will tell you about any changes to these benefit terms and conditions by SMS. Where a change results in a change to the policy schedule, we will send you a new schedule at your address that we have on record.