Kredit Protector (artikel 3)

Credit Protector Insurance

http://online.nashuamobile.com/credit-protector.aspx

Overview

Credit Protector Insurance is an insurance policy that ensures customers are covered against paying any Contract Expenses in the event of death, retrenchment, permanent & temporary disability. In the unfortunate event of the above occurrences, Credit Protector Insurance will cover the Contract Expenses such as subscription fees and value added services.

Who is covered?

It is available to Nashua Mobile Customers that meet the following conditions at the time of application:

• must have a cellphone contract with Nashua Mobile
• must be individuals at least 18 and not older than 63 years of age
• must agree to the terms and conditions of the policy

What is covered?

Nashua Mobile will pay the benefits listed if the Insured

• Sustains bodily injury during the period of Insurance;
• Contracts an illness or sickness during the period of insurance which results in the death, Permanent disability or temporary disability of the Insured during the period of insurance.
• Is retrenched

Benefits

The insurers will pay the following benefits to the Provider on behalf of the Insured or in the event of his death on behalf of his estate.

• Death Benefit
  – the balance of the indebtedness.
  
• Permanent Disability Benefit
  – the balance of the indebtedness.
  
• Temporary Disability Benefit
  – the instalments in terms of the agreement (not being instalments in arrears) due and payable during the calendar months in which such temporary disability occurs.  Where any portion of the temporary disability does not cover a completed calendar month, the Company shall pay a pro rata portion of the instalment for that month to the Financier on behalf of the Insured. You may not receive compensation for both Permanent Disability and Temporary Disability. If we compensate you for temporarily disability and you then claim for permanent disability, we will deduct the amount we paid out for temporary disability from the lump sum payment for permanent disability. Payments for temporary disability cease immediately when there is a valid claim for Permanent Disability.
  
• Retrenchment
  - The instalments (payments) that are due for a maximum of 6 months but excluding arrear payments

Pricing

Premiums are based on the individual's subscription fee and will be included on the cellphone account.

Maximum limit of indemnity	Premium
R0 - R150	R5.50
R151 - R350	R8.50
R351 - R700	R17.00
R701 - R1500	R34.00
R1501 - R3000	R60.00

 

  

  

  

  

  

  

  

Business Rules:

1. It is independent (separate) from the device/laptop insurance that Nashua Mobile offers
2. Credit Protector Insurance has a waiting period of 90 days before it can apply.
3. It covers the subscription of the customers, excluding airtime usage in the event of Death, Disability and Retrenchment.
4. Death benefit and Permanent Disability will pay the balance of indebtedness but excluding arrears.
5. Temporary disability and Retrenchment benefit will pay the instalments in terms of the agreement/cellphone contract but excluding arrears.
6. Claims must be sent to Nashua Mobile Insurance Department in writing as soon as possible and no later than 90 days after the insured event in respect of death and disability and immediately in respect of Retrenchment.
7. There is no excess payable in the event of a claim

What is not covered?

In no case will the benefits under this insurance be applicable in respect of death or disablement, arising directly or indirectly from:

• The Insured being affected (temporarily or otherwise) by alcohol, drugs or insanity
• The insured committing any breach of the law, or committing or attempting to commit suicide or wilful self-injury, or;
• Any bodily injury or sickness which has its origin prior to the coming into effect of this insurance;
• Arising from the insured travelling in any aircraft other than as a fare paying passenger.

The copy is for promotional purposes only; full terms & conditions, exclusions of cover are contained in the policy wording. Nashua Mobile is a licensed financial services provider (FSP Licence Number: 13671) Underwritten by Mutual & Federal Risk Financing Limited (FSP # 12)