HOLLARD LIFE ASSURANCE COMPANY LIMITED

Terms and Conditions

A summary of the terms & conditions is provided below:

The Ackermans Funeral policy.

Funeral Policy Benefits (refer to the option you have chosen)

Single Parent Funeral

This benefit pays a lump sum on the death of the main insured person and/or children. Your funeral benefit will automatically increase every year by 7% on your policy anniversary, and the premium will increase by 7%. The automatic increase will stop when you turn 65. We will pay the benefit as a lump sum. The benefit paid for the main insured depends on the product chosen by the main member.

Family Funeral

This benefit pays a lump sum on the death of the main insured person and/or the main insured person’s partner and/or children. Your funeral benefit will increase automatically every year by 7% on your policy anniversary, and the premium will increase by 7%. The automatic increase will stop when you or your partner turn 65. We will pay the benefit as a lump sum. The benefit paid for the main insured depends on the product chosen by the main member.

Policy Conditions

1. You are responsible to pay the policy premium every month via store account. There is a one-month grace period for you to pay your missed premium, and if you fail to pay your premium during this period, the policy will stop, and you will not get the policy benefits.
2. The cover will start on the benefit start date as noted on the policy schedule, if you pay the total premium that is due and depending on the outcome of FICA results.
3. In accordance with applicable anti-money laundering laws in South Africa, we are required to obtain specific information and evidence to verify your identity and source of funds (and in many cases the identities of related persons, such as directors, beneficial owners and persons instructing us on your behalf (where applicable)) when applying for cover and on an on-going basis.
4. If we ask you for information or documents (including originals or certified copies) you must provide them to us as soon as possible.
5. If we do not receive adequate information and evidence within a reasonable time from our request, we may be unable to provide you with cover or may cancel the policy in accordance with applicable law. There is a one-month grace period for you to pay your missed premium, except in the first month, where we must receive your premium to start your policy. If you fail to pay your premium during the grace period, the policy will stop, and you will not get the policy benefits.
6. The schedule of expected premium and benefit increases has been explained above and will also be detailed in the policy schedule that you will receive together with your policy document when this is sent to you.
7. There is a 6-month waiting period for death due to natural causes and a 12-month waiting period for suicide for all insured people. You will be able to receive the full benefits of the products after these waiting periods have passed on the happening of an insured event and upon receipt of a valid claim. There is no waiting period for death due to accidental causes.
8. You have a cooling off period of 31 days within which you can cancel this insurance policy and any premiums paid will be refunded to you in full. This period starts when you receive your policy documents. You may not exercise this cooling off option if you have already claimed under the policy or if the event for which the insured event has already happened. If you want to exercise this right, please contact us on 0861 375 878.
9. You are responsible for the completion of all information required for taking out this insurance policy. Incorrect information supplied by you may affect your claim.
10. It is your responsibility to provide accurate information. Misrepresentation, incorrect information, or non-disclosure by you of any material facts or circumstances may impact negatively on any claims arising from your insurance contract.
11. Upon your request we will issue you with the appropriate insurance documents within a reasonable time
12. Please note that if you currently have a similar policy in place and would like to replace the existing policy, we are unable to offer you advice about the replacement and advise that you contact your financial advisor.
13. Your policy benefit will be paid out within 48 hours after death, as long as the claim is valid, and that Hollard receives all the claims documentation requested.
14. A full list of policy conditions and exclusions is contained in your policy wording document.
15. Hollard Life will also not pay if the claim is a result of:
    • Any criminal acts committed by you, an insured person or the person claiming,
    • The insured person not being eligible for cover,
    • Labour disturbances, riot, strike (other than a protected strike) or lock-out.
    • The insured event or accident is before the benefit start date.

Waiting Periods

*Suicide means suicide, attempted suicide or self-inflicted injury.

**A child is regarded as an unmarried, financially dependent child of the main insured person or partner, who has not yet reached the age of 21, and will include:

• a biological child (including a stillborn child)
• a child born after the death of the father.
• a grandchild
• a stepchild
• a legally fostered child
• an adopted child.

Protection of Personal Information

We care about the privacy, security and online safety of your personal information and we take responsibility to protect this information. We must collect and process some of your personal information to provide you with our products and services as required by insurance, tax and other legislation. We will share your personal information with other insurers, industry bodies, credit agencies and service providers. This includes information about your insurance, claims and premium payments. We do this to assess claims, prevent fraud and to conduct surveys. We may also share your personal information to trace you or your beneficiaries for any unclaimed benefits. You can check if unclaimed benefits are due to you by searching the central database on the Financial Sector Conduct Authority’s website – www.fsca.co.za.

Product Supplier Information

The product is underwritten by Hollard Life Assurance Company Limited (Reg No. 1993/001405/06), a Licensed Life Insurer and an authorised Financial Services Provider. Hollard is authorised to sell long-term insurance products. Physical address: 22 Oxford Road, Parktown, Johannesburg.

Postal address: PO Box 87419, Houghton, 2041

Tel: 0860 666 675

You can reach Hollard’s Compliance Department on 0860 666 675.

About Ackermans

Ackermans, a division of Pepkor Trading (Pty) Ltd, an Authorised Financial Services Provider.

About the Administrator (IUA Business Solutions Pty Ltd) (‘IUA’)

IUA performs the policy and claims administration for your policy. IUA earn a binder fee of 6,25% for performing these functions. In the event that you have a claims query, please contact the claims department on 0861 375 878 as detailed in your policy document. Please have your policy number available when you contact IUA.

Hollard Complaints

Hollard’s Complaints Department can be contacted on:

Tel: 011 351 4150

Email: mycomplaint@hollard.co.za

Hollard Internal Adjudicator

If you are still unhappy after the response received from the Complaints Department; or administrator, you may email Hollard’s Office of the Internal Adjudicator. The Internal Adjudicator will investigate your complaint objectively and independently. Tel: 011 351 5652

Fax: 011 351 0801

Email: Lifeoia@hollard.co.za

Detail of the FAIS Ombud

Physical address: Kasteel Park Office Park, Orange Building, Second Floor, 546 Jochemus Street, Erasmus Kloof, Pretoria, 0048

Postal address: PO Box 74571, Lynnwood Ridge, 0040

Tel: 012 762 5000

Fax: 012 348 3447

Email address: info@faisombud.co.za

Long-Term Insurance Ombudsman

Physical address: Third Floor, Sunclare Building, 21 Dreyer Street, Claremont, Cape Town, 7700

Postal address: Private Bag X45, Claremont, Cape Town, 7735

Tel: 0860 103 236

Fax: 021 674 0951

Email: info@ombud.co.za

Customer Declaration

1. I am aware that I have purchased this product on a non-advice basis. I understand that this means that I was not given advice as defined in the FAIS Act to take up this policy.
2. I can confirm that I have read and understood the information contained in this document. I am aware of all the information contained therein.
3. I agree to pay my monthly premiums via my Ackermans store account. This means that monthly premium payments will be made instore.