ACCOUNT BALANCE PROTECTION INSURANCE (ABP-C)
Identity Account Balance Protection Insurance (ABP-C)
Providing you with Death, Disability, Retrenchment and Loss of Income benefits Underwritten by
HOLLARD LIFE ASSURANCE COMPANY LIMITED
(Reg. No. 1993/001405/06) (Hollard Life)
an authorised Financial Services Provider


Specially arranged for
Identity Retailing (Pty) Limited
(Reg. No. 1965/001234/07)
(“Identity”)
Acting as agent for
Truworths Ltd
(Reg. No. 1940/013923/06)
National Credit Provider Number: NCRCP45
 

This insurance product is underwritten by Hollard Life an authorized Financial Services Provider. Identity is an agent for a Truworths Ltd, which is a retailer of fashion apparel, an authorised Credit Provider and a juristic representative of Hollard Life.
Identity, together with Hollard Life, has designed comprehensive Identity account insurance cover with four options to suit your circumstances and provide you with personal peace of mind.
Hollard Life agrees to accept any eligible person, who has an existing account with or who successfully opens an account with Identity, for the cover provided in terms of the insurance policy subject to the terms, conditions and exceptions of the policy.
Hollard Life undertakes, in the event of a valid claim, to pay the benefit as defined to Identity to settle the balance on your Identity account, subject to the terms and conditions of the policy.

Identity Account Balance Protection Insurance (ABP-C) gives you financial security when you need it most.

COVER OPTIONS

Identity, together with Hollard Life, has designed comprehensive Identity account insurance cover with four options to suit your circumstances and provide you with personal peace of mind. Each product option covers a selection of insurable events that are relevant to your status of employment at inception of the policy.
Premiums are calculated on the average monthly outstanding balance on your Identity account. This insurance covers your outstanding balance at the date of the claim event.

• Premiums for your insurance products are collected via payment on your Identity account.
• For continued insurance cover, please ensure that your Identity account is kept up to date by paying the required monthly instalments.
• It is a requirement to have a credit life insurance policy in order to operate an Identity account.
• There is a 31-day cooling-off period, which means you may cancel this policy (and substitute it with an equivalent policy to the satisfaction of Identity ) within 31 days from the Commencement Date, in which case we will refund all premiums that were collected within this period.

WAITING PERIODS

• No waiting period applies for the death benefit.
• A three-month waiting period applies for the loss of income or retrenchment benefits.

Note: Capitalised terms in this brochure are defined terms that have the meanings given to them in the policy wording document, which is available on request.

BENEFITS SUMMARY

Death benefit

The Death benefit provides a payment equal to the outstanding balance on the Identity account on the date of death in the event of an Insured Person covered by this benefit passing away during the Period of Insurance.
Total temporary and permanent occupational disability benefit
The Total Temporary and Permanent Occupational Disability benefit provides a lump sum payment equal to the outstanding balance on the Identity account in the event of an Insured Person covered by this benefit suffering Total Occupational Disability during the Period of Insurance. The outstanding balance on the Identity account is determined on the date of the incident which resulted in the total occupational disability.
Total temporary and permanent functional disability benefit
The Total Temporary and Permanent Functional Disability benefit provides a lump sum payment equal to the outstanding balance on the Identity account in the event of an Insured Person covered by this benefit suffering Total Functional Disability during the Period of Insurance. The outstanding balance on the Identity account is determined on the date of the incident which resulted in the total functional disability.

Retrenchment benefit

The Retrenchment benefit provides a lump sum payment equal to the outstanding balance on the Identity account in the event of an Insured Person covered by this benefit becoming retrenched during the Period of Insurance. The outstanding balance on the Identity account is determined on the date on which the Insured Person is notified by her/his employer of the retrenchment. After a subsequent claim-free period of 6 (six) consecutive months of permanent employment has been achieved after a claim payment, the benefit will be reinstated for new Retrenchment benefit claims.

Loss of income benefit

The Loss of Income benefit provides a lump sum payment equal to the outstanding balance on the Identity account in the event of an Insured Person covered by this benefit suffering a total loss of income during the Period of Insurance. The outstanding balance on the Identity account is determined on the date on which the Insured Person ceases to earn an income. After a subsequent claim-free period of 6 (six) consecutive months of permanent self-employment has been achieved after a claim payment, the benefit will be reinstated for new Loss of Income benefit claims.

EXCLUSIONS AND LIMITATIONS OF COVER

The policy does not provide cover or benefits in the following circumstances:

Death, disability:

• Any claim during the first 12 months after the Commencement Date if the claim was caused by a condition that existed within the 12 month period before the policy started.
• The abuse of alcohol, drugs or narcotics.
• Willful self-inflicted injury or suicide.
• Participation in criminal activities.

Retrenchment:

In addition to the Waiting Periods and Exclusions and Limitations above, Hollard will not be liable to pay a Retrenchment benefit if any of the following applies:

• The Insured Person resigned, retired or accepted voluntary retrenchment or redundancy;
• The Insured Person was aware at the Commencement Date or had reasonable grounds for believing that he/she would become Unemployed during the Period of Insurance;
• The Insured Person lost his/her employment due to theft, fraud, dishonesty or any misconduct on his/her part, or received in the 6 (six) months prior to the Commencement Date one or more verbal or written reprimands pursuant to his/her employer’s disciplinary procedures;
• The Insured Person’s unemployment was:
  • caused by an unlawful strike, labour dispute or industrial action whether the Insured Person was participating or not; or
  • due to the expiry of the fixed term of a renewable contract of employment

Loss of Income

In addition to the Waiting Periods and Exclusions and Limitations above, Hollard will not be liable to pay a Loss of Income benefit if any of the following applies:

• The Insured Person was aware at the Commencement Date or had reasonable grounds for believing that he/she would suffer a loss of income during the Period of Insurance;
• The Insured Person suffered a loss of income due to theft, fraud, dishonesty or any misconduct on his/her part.
• The Insured Person suffered loss of income for any reason other than:
  • due to the involuntary liquidation or sequestration of a partnership, close corporation, company, trust or family business or 
  • the involuntary administration or sequestration of such person operating as a sole trader, provided that such liquidation or sequestration is the result of extra-ordinary factors beyond the control of the Insured Person;
• The Insured Person’s loss of income was caused by an unlawful strike, labour dispute or industrial action whether the Insured Person was participating or not.

IMPORTANT INFORMATION:

Please read carefully

This brochure is only a summary of the policy, highlighting benefits and some of the policy conditions and exclusions. Full details of the terms and conditions and exclusions, as applicable to your policy, are contained in your policy wording document, which will be sent to you within thirty one (31) days through your selected communication channel.

COMMUNICATION INFORMATION

If you have any queries or any complaints regarding the insurance policy, or about the service you have received, kindly contact:

The Administrator - Claims Queries

Finrite (Pty) Ltd.
Block 3, Constantia View Office Park
2 Hogsback Avenue, Quellerina
PO Box 22524, Helderkruin, 1733
Tel No: 0861 375 225
Fax No: 0865 060 002
Email: Identity@finrite.co.za
Hollard Life has authorised Finrite to settle claims on its behalf and pays Finrite a fee of 6% of the premium for these functions.

Your Credit Provider - Premium Queries

Identity Retailing (Pty) Ltd
(Reg. No. 1965/001234/07)

acting as agent for
Truworths Ltd.
Reg. No. 1940/013923/06
No. 1 Mostert Street, Cape Town, 8001
PO Box 4775, Cape Town, 8000

Customer Services

Tel No: (021) 460 2400 or 0861 878 967
Email: services@Identity .co.za
Identity is the agent of Truworths Ltd, which is a juristic representative of Hollard Life. Both Identity and Truworths receive 0% of the premium as commission for collecting premium through Identity’s retail business. Identity is not permitted to provide insurance advice to you in respect of the policy.

The Insurer – Hollard Life

The policy is underwritten by Hollard Life, a licensed Financial Services Provider and a registered insurance company.

The Hollard Life Insurance Company Limited

Reg. No. 1993/001405/06
Retail Division –
22 Oxford Rd, Parktown, Johannesburg, 2193
PO Box 87419, Houghton, 2041
Tel No: (011) 351 4150
Fax No: (011) 351 3012
Web: www.hollard.co.za
Complaints: hpscomplaints@hollard.co.za

Ombudsman for Long Term Insurance

Private Bag X45, Claremont, Cape Town, 7735
Tel No: (021) 657 5000
Fax No: (021) 674 0951