Terms and Conditions
Standard Bank Funeral Plan - PayPulse Exclusive
- Plan Description
This Plan provides a lump sum benefit on death of the Insured Person to aid in covering funeral related expenses to registered Standard Bank PayPulse accountholders. The Benefit is taken on a voluntary basis and covers the Policyholder only. - Insurer
The Insurer is Liberty Life Namibia Limited, a registered Financial Services Provider that underwrites the Funeral Benefit. - Standard Bank Namibia
Standard Bank Namibia Limited (the “Bank”), a limited liability company incorporated in the Republic of Namibia. - Insured Person / Policyholder
The Insured Person shall be the PayPulse accountholder who is the Policyholder eligible for cover under the Funeral Plan. This is also the person in whose name the Policy is issued and who:- is at least eighteen (18) years of age and
- no more than sixty-five (65) years of age at the Commencement Date and
- the person responsible for paying the Premium.
The Insured Person will be allocated a mobile number to a specified Pay Pulse Account. In the event that this mobile number changes, a new PayPulse account needs to be set up with this new mobile number. The cover will start afresh upon a new Pulse account being established. All the terms and conditions hereto, will apply to the new account, including but not limited to the applicable waiting periods.
- Policy
The Application form, the Terms and Conditions and any annexures or amendments will constitute the Policy. - Maximum Cover for Insured Person
One Policy per PayPulse accountholder will be allowed. - Cover
The Cover is the Insured Person’s entitlement to a Benefit on the happening of the Insured Event.Cover will be provided on death of the Insured Person according to the benefit amount indicated on the Schedule. - Cover Commencement Date
Cover under the Funeral Plan will commence on the date in which the premium is received by the Bank via PayPulse, and on receipt of the completed Application forms and any other substantiating documentation.Cover for the Accidental Death Benefit will commence on receipt, by the Bank, from the Insured Person of a fully completed Application form and supporting documents. - Maximum Entry Age
A Maximum Entry Age for the Insured Person shall be sixty-five (65) years at the Commencement Date of the Policy. - Schedule
Shall mean the Schedule detailing the Policy specific details which forms part of this Plan. - Waiting Period
This is the period between the Cover Commencement Date and the first date on which a Claim may be honoured by the Insurer.
No Benefit will be paid should the death occur within six (6) months of the Cover Commencement Date. No Waiting Period is applicable for death due to accidental causes.Where death is as a result of an accident then the Benefit will be paid from the Commencement Date and the Premium will be recovered from the Benefit if the first Premium has not been paid. All other Death Benefit Claims (except suicide within the first twentyfour (24) months from the Commencement Date) will be paid subject to a six (6) month Waiting Period and provided at least six (6) months of Premiums have been paid over a six (6) month period.
A 6-month waiting period will also apply should more than three (3) premiums be missed, and the policy is then re-instated.
- Continuation of Cover
In the event of the Insured Person changing to a different PayPulse wallet, cover will continue and no waiting periods will apply, subject to the necessary risk assessments being conducted in respect to the change, including fraud risk. - Beneficiary
In the event of the Insured Person’s death, the Benefit will be paid to:- Only to the Beneficiary as nominated/selected on the Application or Amendment form.
- If no Beneficiary is nominated, the Spouse will be paid the Funeral Benefit.
- If there is no Spouse on record, the Benefit will be paid to an Insured Person who qualifies as the closest relative on the Funeral Plan.
- If claimed by another person, to such a person, subject to satisfactory proof of relationship with the deceased Insured Person.
- Benefit
The Benefit is the lump sum amount that will be paid on the happening of the Insured Event being the death of the Insured Person only.The Benefit is payable only when:- the claim is valid;
- the exclusions in clause 26 are not applicable;
- the premium is paid; • there is no fraud or misrepresentation;
- the waiting periods have been observed; and • the requirements of the Policy are met insofar as the payment of the Benefit is concerned.
The Benefit shall be payable to the nominated Beneficiary.
- Insured Event
The Insured Event is the death or Accidental Death of the Insured Person. - Accidental Death
Accidental Death is death from an accident that caused injury from a sudden and unexpected event taking place without foresight, expectation and not according to the usual course of events. (an example would be death as a result of motor vehicle accident) - Natural Death
Natural Death is death from a natural cause according to the usual course of events rather than from an accident (an example would be death as a result of an age or illness). - Premiums
Premiums are payable monthly before the end of the month. The Bank will pay Premium directly from the Insured Person’s Pay Pulse account based on the standing order instruction, on the date selected on the Application form. - Outstanding Premiums
If there are Outstanding Premiums when a Benefit is due, Liberty will deduct the arrears from the Benefit payable. - Grace Periods
In the event that two (2) consecutive months of Premiums not being paid on its due date, Liberty will without charge maintain the Policy in force for the full value of the benefits for a period of 30 days from the due date of the unpaid premiums (grace period).Should the premium not be paid within the grace period, Liberty will notify the Policyholder in writing that the premium is overdue and that the policy is due to lapse upon the expiry of such period.Where the Plan has been reinstated and all arrear premiums have been paid within the grace period, Cover will continue without any additional Waiting Periods being imposed.
- Premium Rate Review
Premium rates are guaranteed for a period of twelve (12) months and thereafter will be renewed annually.The Insured Person will be notified in accordance with the amendment clause 34 below.The Policyholder will receive an advance 30-day notification of any changes to the premium with the option to cancel this Policy in terms of clause 28, should the premium review not meet the needs of the Policyholder.
- Sum Assured
The Sum Assured will be in accordance with the Plan and Benefits opted for on the Application form. - Benefits Non-Assignable
The Benefits under this Agreement cannot be ceded, pledged or assigned in any way. - Evidence of Health
No medical evidence is required to be eligible for the Funeral Plan. - Claims
Claims shall mean an entitlement by the nominated Beneficiary to receive the Benefit due to the happening of an Insured Event.Valid Claims will be paid within forty-eight (48) hours of receipt and verification of all the necessary supporting documentation.Please ensure that the following documentation is presented at the time of Claim in order to speed up the Claims process:
- Fully completed and signed Claim form;
- Certified copy of the death certificate;
- Certified copy of the burial order or medical certificate for cause of death;
- Certified copy of the identity of the Claimant.
- In the event of Accidental Death, a police report.
The Insurer reserves the right to call for any additional information reasonably necessary in order to assess and verify the Claim. All reasonable costs associated with the obtaining and submission of the supporting documents as listed in Clause 23 above, will be borne by the Beneficiary. The onus of proving any Claim rests on the Beneficiary.
- Notification Period
A Claim must be submitted within six (6) months of the date of death of the Insured Person or any other Insured Person. The Insurer reserves the right to reject a Claim that is not submitted within the Notification Period. - Document Submission Period
Following notification of the claim, all relevant documentation pertaining to a Claim must be submitted within twelve (12) months from the date of the Liberty is notified of the death of the Insured Person. The Insurer reserves the right to reject a Claim whereby the relevant documentation is not submitted within twelve (12) months. - Upgrade and Downgrade of Benefit
No upgrades or downgrades will be allowed on this Plan. This means that the selected benefit cannot be changed to a larger amount for example a higher funeral cover or a lower amount. The benefit amount remains fixed as indicated in the Schedule. - Exclusions
The Insurer will not be liable for any Claim arising whether directly or indirectly as a result of:- Invasion, act of foreign enemy within the territory of Namibia, or war;
- Hostilities (whether war is declared of not);
- Involvement in criminal activity;
- Suicide within the first twenty-four (24) months following the Commencement Date;
- The effects of radioactivity or nuclear explosion;
- Accidental Death as a result of riot, private flying, hazardous sports or any illegal acts where the deceased was directly involved.
- Non-compliance to medical treatment.
- Termination of Cover
No Benefits will be paid from Claims occurring after the grace periods have been served and the Plan has lapsed in terms of clause 17 above. The Insurer may terminate an Insured Person’s Cover without notice if the Insured Person does not comply with the Terms and Conditions of the Funeral Plan.An Insured Person may, at any time, terminate the Cover of any of the other Insured Persons included in the Funeral Plan.An Insured Person’s Funeral Cover will end on the earliest of:
- the end of the grace period, which will be 30 days from the due date of the unpaid premium, or
- the last day of the month in which the Insured Person elects to terminate the Policy; or
- on death of the Insured Person.
- Cancellation
The Insurer may in circumstances of misconduct on the part of the policyholder which may be categorised as fraudulent, misrepresentative or unlawful, cancel this Policy at any time by giving one (1) calendar months’ notice in writing to the last known contact details. No new Insured Person may be added after the notice of cancellation has been delivered. No refund of Premiums whether pro-rata or otherwise will be given on cancellation of this Policy. The Insured Person may cancel the Policy at any time by giving one (1) calendar months’ notice to the Insurer The laws of Namibia whose courts shall have jurisdiction in any dispute arising hereunder, will govern this Policy. The Benefits payable and the Premium rates under this Policy may be changed if any legislation is changed. If these changes are made, the Insured Person will be notified in writing. - Territorial Limits
The Insured Person will be covered while domiciled in the country where the Policy was issued. The Insured will also be covered outside the domicile country for a maximum period of twelve (12) months, provided Premiums are continued to be paid.Should the Insured be outside the domicile country for longer than twelve (12) months, the Policy will lapse. Written permission may be sent to the Insurer to request an extension of stay outside the domicile country. Should the Insured return to the domicile country and subsequently leave before thirty (30) days have expired then this will not constitute a return to the domicile country. - Surrender values
No surrender values are payable under this Policy. - Fraud
All Benefits under this Policy will be forfeited if a Claim is fraudulent in any respect or intentionally exaggerated. Liberty reserves the right to cancel this Policy with immediate effect and all Premiums paid hereunder will be forfeited. - Anti-Money Laundering and Combatting the Financing of Terrorism Regulations
All source of funds and KYC requirements shall be captured and checked (with proof) in terms of the Namibia Anti-Money Laundering and Combatting the Financing of Terrorism Legislation. - Foreign Account Tax Compliance Act (FATCA)
In terms of FACTA, the Insurer reserves the right to confirm and collect the Life Assured(s)’s personal information and report these on to the relevant authorities.The Life Assured consents to the information being shared for this purpose. - Amendment
The Insured Person may, at any time, by form of written notification to the Insurer amend the Insured Persons subject to eligibility. - Currency
Premiums and Benefits are expressed and payable in the legal monetary tender of Namibia. - Agreement
The Application form, the Terms and Conditions and any amendments thereto constitute the sole Agreement between the parties. No contrary representation or agreement shall be of any force unless reduced to writing and signed by both parties. - Claims, Queries / Complaints Claims:
To Claim a Benefit on your Policy, please contact Liberty Life Namibia.
Queries / Complaints: Discuss the issue with Liberty Life Namibia ~ on 061-2942343 or email Complaints@liberty.com.na. If the matter is not handled to your satisfaction or for an unresolved problem, contact the Managing Director who will take the matter up with the Principal Officer or alternatively contact NAMFISA’s Complaints Division on 061-2905188 or complaintsdept@namfisa.com.na or go to https://www.namfisa.com.na/educates/namfisa-complaints-department/
