Ongeza Life (Pty) Limited is an authorized Financial Services Provider (FSP No. 50004), operating a life insurance cell captive underwritten by Guardrisk Life Limited (FSP No. 76).
The company is domiciled in Johannesburg, South Africa, but it has a national footprint through the digital platform as well as through the broker network.
Driven by an entrepreneurial spirit, the company developed a unique and innovative life insurance product that is the first of its kind internationally. The product is named Ongeza Life Plan (OLP). The name “Ongeza” means adding or accumulating in many African languages, resonating well with the product that is premised along the lines of accumulating life cover bought on a pay-as-you-go basis.
Ongeza Life is supported by reputable brands including Guardrisk (the Underwriter) and Munich Re (the Reinsurer), providing a great sense of confidence and security as we roll-out the Ongeza Life Plan in South Africa, with an aim of extending the roll-out to the rest of the continent in the near future.
Ongeza Life Plan
- Apply for your Ongeza Life Plan with any amount of once-off premium from R500.
- Pay once and you are covered for a defined sum insured for life.
- You can top up your cover whenever you are able to. No debit orders!
- Every top up adds to your previous cover amount.
- The amount of cover cumulatively bought remains yours for life. No lapses!
- You can cumulatively buy cover until you reach your desired amount subject to a maximum of R1m.
- You can run your own quote on our website by inserting the amount of once-off premium or inserting the amount of cover required. You can also get a quote from any one of the brokers on our panel.
- No medical tests. Six months waiting period for death due to natural causes.
- No waiting period for accidental death.
How Does It work
It is likely that you know somebody who experienced the ordeal of losing their life cover after his/her policy lapsed due to failed debit orders. Upon the policy lapsing, one loses all the premiums they may have paid over the years. We are pleased to advise that, going forward, this problem will be a thing of the past!
Pay a once-off premium and this buys you cover for life. You will never lose your cover.
You can top-up your cover whenever you are able to. Whenever you make a payment, this buys you additional cover for life, and it adds to the previously bought cover.
In the event of a claim, once all the documents have been received and verified, Ongeza Life will endeavor to settle the claim within 2 working days.
Six individuals with different profiles bought the policy on 1 December 2019. They then bought top-up covers after the first and also the second year.
Their cover would grow as illustrated below:
|Age next birthday||Gender||Average monthly income||Once-off premium||Cover for Life|
|25||Female||R35 000||R1 000||R7 980|
|28||Male||R23 000||R1 000||R4 982|
|40||Female||R15 000||R1 000||R3 485|
|40||Male||R100 000||R1 000||R3 796|
|32||Female||R65 000||R1 000||R6 784|
|52||Male||R28 000||R1 000||R2 271|
Top-Up 1 year later
|Age next birthday||Once-off premium||Cover for Life||New accumulated Cover for Life|
|26||R2 000||R17 576||R25 556|
|29||R500||R2 309||R7 291|
|41||R700||R2 418||R5 903|
|41||R5 000||R21 572||R25 368|
|33||R4 500||R34 626||R41 410|
|53||R3 500||R8 969||R11 240|
Top-up 2 years later
|Age next birthday||Once-off premium||Cover for life||New accumulated Cover for Life|
|27||R3 000||R25 880||R51 436|
|30||R750||R3 631||R10 922|
|42||R800||R2 717||R8 620|
|42||R7 000||R29 288||R54 656|
|34||R5 000||R37 179||R78 589|
|54||R3 500||R8 667||R19 907|
Top-ups can continue in future until the life assured/policyholder reaches his/her desired amount of cover, subject to a maximum of R1m or until s/he attaints age 66.
Most Suitable For
When a member of a retirement fund leaves the fund, either through resignation, retrenchment or retirement, the said member loses the life cover which he/she enjoyed during his/her active membership of the fund.
Retirement funds which may have accumulated surpluses could allocate a portion of these surpluses to buy the Ongeza Life Plan for their members on a group basis so that when a member leaves, he/she goes with the accumulated cover and he/she can also top-up individually.
The leaving member could also use a portion of the lump sum benefit paid under the fund to buy or top-up his/her cover under Ongeza Life Plan, thereby ensuring that s/he continues to remain covered for life without any obligation for further premium payments.
The trustees of a retirement fund will derive joy from the fact that they do not send their former members home without some life cover, which will have been facilitated by the fund during the active participation of the member in the fund.
Membership to an employer’s employee benefits scheme enables an employee to enjoy life cover of a multiple of annual salary.
When an employee leaves the employer, either through resignation, retrenchment or retirement, the life cover falls away.
We encourage employees to buy Ongeza Life Plan during their employment, and tag along the group life cover offered by their employers.
The employee can top-up their Ongeza Life Plan any time they receive a bonus from the employer.
On leaving employment through resignation, retrenchment or retirement, the individual will still remain covered for the accumulated cover under OLP until s/he dies.
No need to worry about life cover as the individual will have paid up for their accumulated cover during their active employment. No further premiums required unless the individual wishes to top-up his/her cover.
Similar to the retirement fund industry, the officials of a Burial or Friendly Society can arrange to buy Ongeza Life Plan for all their members.
The advantages to the Burial/Friendly Society include the following:
Are you a member of a Stokvel? If so, this product suits you perfectly.
Stokvels normally have a rotational schedule where one or more of the members receives a lump sum pay-out per month.
When it is your turn to receive the pay-out, we encourage you to allocate a portion of this lump sum to buy Ongeza Life Plan.
The Stokvel can arrange regular payments for all its members and thereby ensure that they remain covered for life. No need to do fund-raising when one of the members passes on as Ongeza Life will pay the accumulated benefit at the time of death.
You as an employer can buy some amount of cover on a once-off basis for your employee as a long-term service award.
You could also buy the product for your domestic worker and/or gardener – e.g. rather than giving a big monetary Christmas bonus, you could allocate a portion of this to buy your worker life cover that will never lapse.
The seasonal income earners category includes farmers, who normally earn their income seasonally, e.g. harvest time.
This product suits this category as the farmer can always allocate a portion of the income to buy life cover and skip the months when there is no income without having to lose the cover already accumulated.
Small and Medium-size businesses tend to have no group life cover arrangements for both the principal member and the employees.
The principal member is encouraged to open Ongeza Life Plan accounts for self and also for all the employees, whereby top-ups can be made by the employees voluntarily.
Same as SMMEs above, self-employed people tend to overlook the need for life cover.
Mostly self-employed people have irregular income, making the Ongeza Life Plan the way to go.
Estate Agents tend to have irregular income, as the sales of properties are irregular. When a sale is made, a lump sum commission is usually payable to the Agent. The Agent could use a portion of this pay-out to buy Ongeza Life Plan, which will not require regular premiums when there are no property sales.
Other commission earners, including insurance agents, also tend to have irregular payments, high in some months and low in other months. Rather than committing to a debit order for a traditional life policy, Ongeza Life Plan is more suitable.
Any member of the general public can open an Ongeza Life Plan account for themselves or their relatives.
Parents can buy a lump sum cover for their teenage sons/daughters as a starter-pack for their 18th or 21st birthday! The teenagers can then make top-ups for themselves in future.
No obligations with debit orders! Pay whenever you are able to, and your cover will grow over time.
Most members of the diaspora residing in SA ultimately desire that their mortal remains should be repatriated to their mother country for burial if death occurred in SA.
Repatriation costs can be quite high, not to mention any other financial obligations that would require to be settled before the repatriation.
OLP is an ideal platform for the member of the diaspora to start building a fund progressively over the years until a desired amount is reached.
Note that this is an insured product, strictly regulated. In the event of death, the policy will certainly pay much more than the premiums paid.
One of our brokers, Maksure Risk Solutions, has a panel of efficient and professional undertakers who do cross-border repatriations.
Frequently asked Questions
Yes, Ongeza Life is an authorized Financial Services Provider, FSP No. 50004. The company is licensed and regulated by the Financial Sector Conduct Authority, FSCA.
Yes, the product is underwritten by Guardrisk Life, FSP No. 76. Guardrisk is a member of Momentum Metropolitan Holdings
Please also note that the product does not require medical underwriting, i.e. Ongeza Life will not require you to submit medicals to buy the policy.
Ongeza Life is strictly regulated by the FSCA. Furthermore, your policy is underwritten by Guardrisk Life (a member of the Momentum Metropolitan Holdings) and reinsured by Munich Re, an international and reputable reinsurance company. These are international brands who have been in the market for decades and have therefore been proven to be secure over the years.
As a preference share subscriber in Guardrisk Life, Ongeza Life deposited sufficient amount of capital at Guardrisk as per the regulatory capital requirements.
With the above structure in place, you can rest assured that your claim will be honoured even if this comes tens of years down the line.
Once the claims documents listed in the policy document (as well as on our website) are received, Ongeza Life will settle the claim within 48 hours.
Firstly, you can buy any amount of cover, subject to a maximum of R150 000 over every rolling 12 months. You choose the amount of cover for life you wish to buy and we calculate the applicable once-off premium for you. Alternatively, you choose the amount of premium you can afford to pay at any time, and we calculate the amount of cover for life that premium can buy you.
You can top-up your cover at any time provided you have not reached the R150 000 cover over the preceeding 12 months.
Ongeza Life Plan is the only insurance product in the market which allows you to choose how much cover you wish to buy whenever you wish to do so, without requiring you to enter into contractual obligations. It gives you entire flexibility and freedom.
You are eligible to buy the policy if you will be aged between 18 and 66 years at your next birthday and residing in South Africa. Both SA citizens and foreign nationals with a valid passport are eligible..
Yes, all valid claims will be paid subject to the 6 months waiting period for deaths due to natural causes, including Covid-19 or any other pandemic. There is no waiting period for accidental deaths.
If your gross monthly income is less than or equal to R5 000, you will not be required to provide proof of income. If your gross monthly income is more than R5 000, you will be required to send us proof of income at firstname.lastname@example.org. For those employed, a salary slip will suffice. For those who are self-employed, 3 months bank statements not older than 12 months will suffice. Alternatively, you can send us a copy of your latest SARS return/assessment.
Yes, at the time of doing a top-up, your new income will be used.
Our pricing is based on 3 factors:
1. Gender: females experience lower mortality than males, so a female rate is more favourable than a male rate of the same age
2. Age: mortality increases with age, so a younger person will get a more favourable rate than an older person earning the same income
3. Gross monthly income: this factor is used as a proxy for lifestyle since lifestyle is not measurable. It has historically been proven that mortality rate reduces as the person’s income increases, which could be explained by change in lifestyle, access to good healthcare facilities and other factors. A good proof to this is the higher life expectancy experienced in developed countries relative to under-developed countries.
Yes, you can buy the policy for anybody else. The insured person is however the owner of the policy and he or she will be the one whose profile we will use to price. Furthermore, the insured person is the one who would nominate the beneficiaries who would be paid the benefit in the event of his or her death.