uSecure

Funeral Plan

Description Of Product

No matter how uncomfortable funeral talks are, knowing that we made future plans for this difficult event gives us peace of mind today. A funeral plan from Ubank is geared to help you with the cost of a funeral when you or a member of your family passes away. It is simple. All you need is to pay monthly premiums for yourself and members of your family you wish to cover.

The Ubank funeral plan is underwritten by Hollard.

What Are The Features Of The Product?

The Ubank funeral plan allows you to cover yourself and members of your family. Once you have cover for yourself, you can also add cover your partner or spouse, children, parents, parents-in-law and other members of your extended family, under the same policy. You then only pay monthly premiums for yourself and the people you have chosen to be covered in your policy.

The following tables details the various plans and cover levels that are available for yourself and family:

Funeral plan type Funeral plan description Cover level
Minimum Maximum
Individual funeral benefit This plan covers yourself as the main insured person. R5000 R75 000
*Family funeral benefit This plan covers your partner and up to 5 children. R5000 R75 000
*Children funeral benefit This plan covers any additional children you may have. The maximum of 5 children must be covered under the Family Funeral Benefit before adding more children under this plan. R5000 R75 000
*Parents funeral benefit This plan covers your parents and your parents-in-law. Up to 4 parents or parents-in-law can be covered. R1000 R20 000
*Extended family funeral benefit This plan allows you to cover extended family members (e.g. sister, uncle, cousins). You can cover up to 6 members of your extended family. R1000 R20 000

 

* The plans can only be added if the individual funeral benefit is taken up

What Are The Benefits Of The Product?

You can select to add the following benefits once you have covered yourself and or family:

  • Premium Waiver. If you die before the age of 65, your partner and children will not have to pay the premiums for the policy until one month after what would have been your 65th birthday. A family member will need to pay the monthly premiums after this date to make sure your family continues to be covered. This option comes at an extra cost which will be added to your monthly premium.
  • Accident benefit. This means you or your partner are covered for death if you die from an accident from the day you sign up. There is no waiting period during which you will not be covered. This option comes at an extra cost which will be added to your monthly premium
  • Memorial Benefit. We will pay out an amount of money to help with the costs for unveiling the memorial, one year after your death or partner’s death. This option comes at an extra cost which will be added to your monthly premium.
  • Monthly Provider Benefit. The monthly provider benefit will also pay a fixed lump sum of money in monthly amounts for 12 months after your death or partner’s death. This option comes at an extra cost which will be added to your monthly premium.

ubank Funeral Plan – Benefits

How Does The Product Work?

The Ubank funeral plan can assist you when there is death in the family. If you as the main member or your family member passes away, Ubank will pay you a specified amount. You can use the amount paid out to pay for the funeral or for any related costs like catering, buses or flowers.

What do you need to apply for a funeral plan?

  • You must provide proof of identity; a green bar-coded South African ID book or smart card or South African passport
  • You need to be under 65 years of age
  • Proof of your physical address which is not older than 3 months

How To Claim For Benefits

Contact Hollard on 0860 448 222 if you want to make a claim or visit your nearest Ubank branch for assistance.

  • The customer must inform Hollard of the claim in writing within 180 days from the date of the insured event. Hollard will tell the customer about the evidence and other documents that are required to process the claim.
  • The customer must send the required evidence and other documents within the time specified by Hollard. All the information that the customer submits must be in the format prescribed by Hollard.
  • If the steps mentioned above are not followed, or Hollard does not receive the information requested within the agreed time, the claim will be unsuccessful.

Waiting Periods

The waiting period is the period during which claims will not be paid. This period begins from the benefit start date of each person covered. Different waiting periods apply for different reasons:

  • No waiting period applies to a new born child as long as the child was added to the policy within 90 days of the child’s birth
  • The accident benefit has no waiting period if death is caused by an unintentional or unexpected accident
  • Death by natural causes has a 6 months waiting period, meaning no claims will be paid if you or your family member die within 6 months of taking up cover
  • Death by suicide has a 12 month waiting period, meaning no claims will be paid if you or your family member die within 12 months of taking up cover

Exclusions Of The Product

General exclusions

A claim will not be paid if:

  • The insured event occurs because of criminal activities
  • The insured event is directly / indirectly caused by activities related to labour disputes, riots, strikes (other than a protected strike) or lock-outs
  • The insured person was not eligible or did not meet the definition of main insured person on the benefit start date
  • The insured event, or accident leading to the insured event, happened before the benefit start date

Pricing Structure

The fee structure is available in the pricing brochures at your nearest branch and on the Ubank website

To Find Out More Information About This Product

Visit your nearest branch with all the relevant documents to apply or contact the Call Centre on 086000 8322 for more information.

uBank Funeral Plans Leaflet

uBank Funeral Pricing Plan

ubank Funeral Plan – Policy terms and conditions

ubank Funeral Plan – Policy additional information

ubank Funeral Plan – List of defined terms

Credit Life Assurance

Description Of Product

To cover the outstanding loan balance on Ubank Personal Loans, it is essential to take Credit Life Assurance in order to cover for life’s unexpected eventualities. It is the perfect solution to honour your loan repayments should you die, become retrenched or disabled. It is available to all loan customers who wish to insure themselves against death, disability, retrenchment or loss of income. The Policy is underwritten by Hollard.

What Are The Features Of The Product?

Credit Life Assurance’s main objective is to help you repay your loan when you are unable to do so. Hollard will settle your outstanding loan balance (and pay Ubank), in the event that:

  • You die
  • You suffer from temporary or permanent occupational disability
  • You become retrenched or lose your income

What Are The Benefits Of Credit Life Assurance?

The outstanding balance on your loan will be settled in full should you die, suffer temporary / permanent occupational disability, become retrenched or suffer loss of income. This means that your family will not be burdened with your debt when you die and you will not have to worry about loan repayments if you are unable to work due to temporary / permanent disability or retrenchment.

ubank Credit Life – Benefits

When This Policy Ends

The policy ends when any of the following happens:

  • The balance on the loan is settled
  • The credit agreement is terminated for any reason
  • You do not pay the total premiums due under the policy
  • A benefit under the policy has been paid
  • Any conditions for eligibility are no longer met
  • The main insured person dies
  • The policyholder ends the policy
  • The notice period for cancelling the policy comes to an end

How Does The Product Work?

In the event of your death, temporary / permanent occupational disability, retrenchment or loss of income, Hollard will settle your outstanding loan balance, if the claim is received by Hollard within 180 days of the insured event and if all required evidence and documents are submitted to Hollard within the agreed time. If the claim is assessed as valid by Hollard, the benefit amount will be paid to Ubank to settle your outstanding loan balance.

How To Claim For Benefits

Contact Hollard on 0860 448 222 if you want to make a claim or visit your nearest Ubank branch for assistance.

  • The customer must inform Hollard of the claim in writing within 180 days from the date of the insured event. Hollard will tell the customer about the evidence and other documents that are required to process the claim.
  • The customer must send the required evidence and other documents within the time specified by Hollard. All the information that the customer submits must be in the format prescribed by Hollard.
  • If the steps mentioned above are not followed, or Hollard does not receive the information requested within the agreed time, the claim will be unsuccessful.

Waiting Periods

The waiting period is the period during which claims will not be paid. This period begins from the benefit start date or restart date.

  • The death benefit of the credit life assurance does not have a waiting period
  • The retrenchment / loss of income and temporal and permanent disability benefits of the credit life assurance, do not have a waiting period if the term of the loan covered is one month or less
  • The waiting period does not apply for the retrenchment, temporal and permanent occupational disability benefits, if the term of the loan covered is one month or less
  • The waiting period for the retrenchment benefit is 3 months in a row, if the term of the loan covered is more than 1 month
  • The waiting period for the disability benefit is 3 months in a row, if the term of the loan covered is more than 6 months

Exclusions Of The Product

General exclusions

A claim will not be paid if:

  • The insured event occurs because of criminal activities
  • The main insured person was not eligible on the benefit start date
  • The insured event or accident leading to the insured event, takes place before the benefit start date

Specific exclusions

  • The death / disability benefit will be payable during the 12 month period after the benefit start date where the main insured person suffered from any condition (i.e. any medical condition, physical defect, illness, bodily injury or disability) of which the main insured person was aware or ought reasonably to have been aware and for which the main insured person received treatment or consulted a physician in the 12 month period prior to the benefit start date where the claim event was caused directly or indirectly by the pre-existing condition
  • The death / disability benefit will not be payable if any claim arises directly or indirectly from or is traceable to self-inflicted injuries or illness, suicide or attempted suicide within 12 months of the commencement of insurance
  • The retrenchment / loss of income benefit will not be payable if the main insured person was aware of had reasonable grounds for believing that he/she would become unemployed, retrenched or redundant within 3 months prior to the benefit start date

Pricing Structure

The monthly premiums are charged per R1 000 of the loan amount (principal debt) and includes fees and commissions payable to Ubank.

To Find Out More Information About This Product

Visit your nearest branch with all the relevant documents to apply or contact the Call centre on 086000 8322 for more information.

ubank Credit Life – Policy terms and conditions

ubank Credit Life – Policy additional information

ubank Credit Life – List of defined terms