Businesses
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.
Group
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:
- Retention of members
- Attraction of new members
- Sense of belonging for the members
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.
Individuals
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.
