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Road Accident Benefit Scheme

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Pinnacle Income Protection Plans

PROFFESSIONAL/COMPREHENSIVE

Protecting the revenue stream of your client may be the most important cover available. If a client is unable to work, due to an illness or injury, who will meet the:

1.  Mortgage (House) payments

2.  Car (hire purchase) payments

3.  Living expenses

4.  Medical Cover

5.  Insurance premiums

Most clients are employed on a “cost to company” basis and less and less corporate employees are including PHI cover (loss of earnings cover) in the Pension Fund Insurance cover. This leaves your clients exposed in the event they cannot work for periods exceeding 30 days (or maximum “sick leave” available to them)

Product Specification

This product is designed for the working individual, with the need to secure an income and cover overhead expenses should they become temporarily or totally disabled due to an accident or illness. The product is a short term product underwritten by Compass Insurance Co. Ltd. and includes 20% commission.

Premiums

Based solely on age, occupation, waiting period and benefit paying period.

Waiting Period Options

• 7-day Franchise for both illness/injury for Professionals
• 7-day Franchise for accident and 14-day Franchise for illness for non-Professionals
• 31-day excess period
• 91-day excess period

Cover Restrictions

• Professionals – R100 000 p.m. (plus overhead cover = R50 000)
• Non-Professional – R70 000 p.m. (plus overhead cover = R50 000)
• Benefits are payable for 6, 12 or 24 months.

Compulsory Cover Benefits

• Accidental Permanent Total Disability :R100 000
• Accidental Death :R10 000
• Accidental Mobility :R15 000
• Drivers extension benefit :R250 p.d.

Additional Benefits

In addition to the core benefit, we offer the following benefits:

a) Premium Waiver

In the event the Insured is injured and unable to work, underwriters shall continue to pay the Insured’s premium for the period of incapacity - for a period not exceeding 3 months.

b) Body Repatriation

In the event the Insured dies as a result of a Motor Vehicle accident away from their normal place of residence, underwriters shall pay for the normal costs of transporting the Insured’s body to such a location. This benefit is restricted to an amount of R20 000.

c) Hijack Benefit

In the event the Insured is involved in a hijack (or attempted hijack) underwriters shall pay a fixed benefit R5 000 to the Insured.

Advantages

Premiums are tax deductible (benefits payable shall attract tax).

Cover is affordable.

Cover available from day 1 (subject to the 7 day franchise period).

Additional benefits fully payable regardless of any RAF or Workman Compensation payout.

ACCIDENT ONLY

This Plan has been introduced as a result of the high incidence of motor vehicle accidents being experienced in South Africa. In addition, the consumer has had benefits severely restricted by the Road Accident Fund. These factors have resulted in H&A being able to offer affordable appropriate cover for members who may suffer an injury which may result in the member being unable to perform their work duties for an extended period.

South Africa has an extremely high frequency of related road accidents. These accidents are a result of speeding, disregard for road conditions, poor road and signage visibility, poor road conditions, unroadworthy vehicles and drunk drivers. Although one may be a careful driver, one is always exposed to potential irresponsible drivers as well as poor road conditions.

Cover Available

Cover is available in the event an Insured is involved in an Accident/Injury and as a result is unable perform their work duties. The cover offered is not restricted to Motor Vehicle accidents but extends to injuries sustained while playing sport, leisure activities, as well as domestic activities.

Cover is available from R10 000 p.m. up to a maximum of R70 000 p.m.

Additional Benefits

In addition to the core benefit, we offer the following benefits:

a) Premium Waiver

In the event the Insured is injured and unable to work, underwriters shall continue to pay the Insured’s premium for the period of incapacity - for a period not exceeding 3 months.

b) Body Repatriation

In the event the Insured dies as a result of a Motor Vehicle accident away from their normal place of residence, underwriters shall pay for the normal costs of transporting the Insured’s body to such a location. This benefit is restricted to an amount of R20 000.

c) Hijack Benefit

In the event the Insured is involved in a hijack (or attempted hijack) underwriters shall pay a fixed benefit of R5 000 to the Insured.

d) Accidental Hospital Cash Plan

In the event the Insured is hospitalised as a result of an Accident /Injury for a period up to a maximum of 7 days, underwriters shall pay a daily benefit of R500.

e) Drivers Extension Benefit

Underwriters shall pay up to R250 p.d. for a driver, if the Insured is unable to drive themself, due to an Accident/Injury. This benefit may not be claimed in conjunction with the Income Protection benefit.

Premiums

Premiums are based on Occupation, Benefit Limit, Period of Cover and Waiting Periods

Advantages

1.  Premiums are tax deductible (benefits payable shall attract tax)

2.  Cover is affordable

3.  Cover available from day 1 (subject to the 7 day franchise period)

4.  Additional benefits fully payable regardless of any RAF or Workman Compensation payout

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