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.
Most life policies cancel your cover if you stop paying monthly premiums.
With Ongeza Life Plan:
- Your policy never lapses
- You don’t have to pay every month
- One payment gives you lifetime cover
- You can add more cover whenever you want
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.
You can top up your cover at any time, provided you have not exceeded R150,000 in cover over the preceding 12 months. Whether you have a once-off plan or are on the instalment plan, top-ups are always welcome.
You choose the amount of cover you wish to buy and we calculate the applicable premium — or you choose the premium you can afford and we calculate the cover it buys. Ongeza Life Plan is the only product in the market that gives you this level of flexibility without any contractual premium obligations.
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. Once you have completed your initial 6-month commitment period, you are free to make additional payments in any amount and at any frequency — including larger once-off top-ups. Your cover accumulates regardless of how you pay.
- Up to R150,000 in any rolling 12 months
- Up to R1,000,000 lifetime cover
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.
Ongeza Life Plan is a life insurance policy that pays a cash lump sum to your beneficiaries when you pass away. Once you buy cover, it is yours for life.
No. Monthly payments are optional.
You can:
- Pay once and stop
- Pay only when you have money
- Choose monthly payments only if it suits you
Nothing happens to your existing cover.
Your policy stays active for the rest of your life with the cover you have already bought.
The beneficiaries you nominate will receive the cash payout.
Yes. All policies are underwritten by Guardrisk Life Ltd, a licensed and regulated life insurer in South Africa.
The earlier you start, the more affordable your cover is and the more time you have to grow it without pressure.
