Beneficiary Plan
Underwritten by KGA Life Limited
The Beneficiary Plan is a funeral and assistance benefit designed to provide immediate financial support to your loved ones in the event of your death. This plan offers a simple, affordable solution that ensures your family has access to funds to manage funeral costs and essential arrangements during a difficult time. The benefit is paid directly to your nominated beneficiary, giving them dignity, certainty and peace of mind.
Beneficiary Plan Overview
A funeral assistance benefit that pays a fixed amount to your nominated beneficiary, helping your family manage essential costs with dignity.
- Eligibility:- Mali customers who opt for funeral assistance cover.
- Cover Type: Term funeral assistance policy.
- Benefit Amount:Up to R30,000 per policy(max of R60,000 per policyholder overall).
- Insurer: KGA Life Limited (FSP 15980).
- Cover Duration: Valid for the term outlined in the member schedule.
- Payout: Paid directly to your nominated beneficiary.
- Grace Period: 15 days in case of an unsuccessful premium collection.
Beneficiary Plan Requirements
To activate Credit Life cover, customers must have an active loan with Mali and provide the required personal and verification details.
- Valid South African ID.
- Active Mali credit agreement.
- Nomination of a beneficiary
- Completion of required insurer disclosures.
- Compliance with insurer eligibility criteria.
- Agreement to policy terms and conditions.
How It Works
When you opt into the Beneficiary Plan, you complete a simple application where you nominate the person who should receive the payout. Once your cover starts, the insurer provides protection for the duration of the policy term. In the event of your passing, your beneficiary submits the required claim documents to KGA Life Limited.
The insurer then pays the approved benefit amount directly to your beneficiary, allowing them to manage funeral expenses, transportation, burial arrangements and other immediate needs. This ensures financial relief and preserves dignity during a challenging time.
If a premium collection attempt fails, a grace period of 15 days is provided before cover lapses, giving customers time to correct the payment without losing their benefit.
FAQs
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Who pays the benefit when I pass away?
KGA Life Limited pays the benefit directly to your nominated beneficiary.
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How much will my beneficiary receive?
The benefit amount is up to R30,000 per policy, with an overall maximum of R60,000 per policyholder.
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Are there waiting periods?
Yes. Standard insurer waiting periods apply depending on the cause of death and will be outlined in your policy schedule.
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How does my beneficiary make a claim?
They must notify the insurer within 12 months of the death and submit all required documents within 24 months, in line with insurer rules.
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What happens if my premium does not go through?
A 15-day grace period applies. If payment is not made within that time, cover may lapse.
