PurpleLife Employee Risk Benefits
For many, group insurance benefits form the backbone of their financial plan and it is through Hollard’s Employee Risk benefits, specifically PurpleLife, that your employees and their families will receive financial protection. It is a low-cost insurance solution that guarantees the insured the high value of a sum insured, 24 hours a day, in or outside of their professional activities.
Hollard provides quality risk and administration products, complimented by actuarial and risk management services. We are taking a significant role in extending the frontiers of group products, which have the flexibility and adaptability to meet today’s Employee Benefit needs.
We insure groups of people who are employed and are linked to an employer or a legally constituted association, such as companies, industrial bodies, state bodies, professional associations and sports associations.
Our products include the full range of risk products for groups of employees which include Group Life, Capital Disability, Accidental Death and Disability, Spouses Benefits, Dread Disease and Funeral Cover.
Summary of the key benefits
In the unfortunate event of your employee’s death, their dependants or designated beneficiaries will be eligible to receive a PurpleLife death benefit.
The PurpleLife disability benefit pays out a once-off amount when your employee is no longer able to work due to health reasons. We will pay a lump sum benefit if the employee is unable to perform the material and substantial duties of their occupation, or any other occupation for which they could be educated, trained and have had experience in, for any available employer.
Critical illness benefit
If your employee suffers any of the defined medically diagnosed illnesses, we will pay a once-off living benefit to help them deal with the associ- ated medical and living costs. Heart attack, coronary artery bypass graft, stroke, cancer, kidney failure, major organ transplant, loss of limbs, major burns, total blindness, coma and multiple sclerosis are the defined illnesses.
In the unfortunate event of your employee or their loved one’s death, a single once-off payment is paid to assist with the costs of the funeral and other associated expenses. You have the choice to determine an appropriate scale of benefits appropriate to employee needs.
Insurable groups or affiliations
Any affiliation or company may insure all its members or employees.
Choosing the correct coverage
You have the choice to determine your employee risk benefits, payable either as a multiple of their annual salary (one to five times), or simply as a predetermined flat benefit for all staff.
Minimum membership requirements?The member or employee must be affiliated to the group or employed by the company. A minimum group of five people is required. Maximum sum insured
Your members may be insured using a flat sum assured or based on a multiple of their annual income as at the commencement date or subsequently on their annual renewal date. The sum insured is restricted to a maximum of USD 1-million for life or USD 500 000 for disability. However, Hollard will consider higher maximums should the underwriter deem this appropriate to your employee’s needs.
Term of insurance contract
The contract is guaranteed for a period of one year but may be extended on request for a period of two years. Since the contracted period is one year, renewable each subsequent year, you may adjust the terms and conditions of the contract at the renewal date. This allows you to keep up with changes in your business or affiliation group.
Payment of premiums
Premiums may be apportioned monthly or annually.
Advantages for your employees
The death and disability benefit allows your employees peace of mind that, in the unfortunate event of their death or disability, they will not leave their families destitute.
Advantages for your company
You will be able to use the group life assurance policies to attract new and retain existing staff.
Advantages for associations
The contracting of insurance, by?professional associations or affinity groups ensures the lives of your members and affiliates remain protected.
In this way the strength of your organisation is secure, increasing your prestige and credibility. In the case of affinity groups, your employees may also be included in the group insurance scheme, not only your associates.
Tax deductibility of premiums?The employee may record the insurance premiums paid by you as tax deductibles, which reduces their overall tax burden.
The insured sum, paid by Hollard to the beneficiary on the deceased’s death, is not considered taxable income. When your company is the beneficiary and receives the sum insured in full or partially, paying the balance to the family of the deceased or a third-party by way of compensation, attracts a tax liability.
Generali and Hollard Group Risk International Partnership
Generali Employee Benefits and Hollard have entered into a partnership agreement where Hollard is the sole distributor of the Generali Employee Benefit offering on the African continent. This partnership ensures that your company has direct access to the worldwide network established by Generali Employee Benefits.