The Viva Life Income Protection plan is a simple and effective way to ensure that you maintain your lifestyle and meet your financial commitments in the event that you are no longer able to work. In the event that you become permanently disabled, due to bodily illness or injury, this product will provide a regular monthly benefit.
In the event of your death, your beneficiary will need to contact us by emailing email@example.com or calling 086 100 VIVA(8482). We will request the relevant documents, to ensure the claim is assessed efficiently.
We require notification of death within 90 (ninety) days of it happening. If we are not informed within that time, the claim could be repudiated.
Premiums are payable in advance on the selected debit order date. Your premiums are subject to change, depending on the claims, expense and investment experience of Viva Life Insurance Limited. Premiums will increase annually by 6% on the anniversary of the policy.
We will communicate any changes in premiums to you with a 31-day notice.
We appreciate you as a client, so if at any point you are unhappy with our service or product, please contact us using the following:
Give us a chance to resolve the matter. To ensure our focused attention, please contact us using the following details:
Postnet Suite 33,
Private Bag X75
If complaints about our products don't get resolved, we are also accountable to the Long-Term Insurance Ombud. Their contact details are:
Private Bag X45
If you become permanently disabled, Viva Life will pay the selected lump sum in line with the benefit limitations. The cover will cease:
Income Protection Cover is ideal for a long-term solution when it comes to protecting yourself against financial pressure in the event of disability. We tend not to confront the reality of disability and the dramatic effect it could have on ourselves and families. The best thing about using an independent provider as opposed to company perks is that your cover is not tied up with your current job, meaning you're cover is managed by you, not your employer.
Cover begins once your application has been assessed and approved by Viva Life and your first due premium has been paid.
Should you miss a payment for any reason, we will collect a double debit order the following month for up to a maximum of 3 months. If your policy lapses and you would like to reinstate and resume payments, waiting periods would reapply.
The proceeds from an insurance policy are not taxable because of their nature. The proceeds are of a capital nature and are therefore not taxable as income. All proceeds that are of a capital nature are subject to Capital Gains Tax. However, the proceeds from insurance are exempt from Capital Gains Tax.
There is a 6 month waiting period (from Commencement Date) where claims cannot be made for payment. We will also only pay 50% of your claim amount if you are disabled after month 6 and before month 18. We will however honour your claim in the first 6 months if your disability was the result of an accident.
Disability cover is there so that you can make changes to your lifestyle and home while Income Protection is there to replace your income should you become disabled. Disability cover provides a once off lump sum payment, while Income Protection is a monthly payment in to your bank account.
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