OVERVIEW

Triarc’s Group Life and Disability benefits allows an employer to offer employees benefits that will compensate them or their families in the event of death or disability.

The Benefit is paid as a lump sum to assist the surviving family after a member dies or it pays to a member who becomes permanently disabled. The employer simply selects the appropriate cover per category of employee, e.g. managers, staff, factory workers.

TAX OPTIONS

Premiums can be structured to be tax deductible in the hands of the employer in which case the member will be taxed on payment of the benefit, or the member can pay fringe benefit tax on the premium now in which case the benefit payout will be tax free.

Note: For existing pension or provident funds, Triarc Risk benefits can be structured as approved or unapproved in the fund. 

NO MEDICAL TESTS REQUIRED

For ALL members under the free cover limit.

CONVERSION OPTION

Triarc’s Group Risk Life and Disability offers a conversion option that provides a similar individual policy for the member directly with Triarc if the member leaves the service of the employer, the member has 30 days from the date of leaving the employer to take up the conversion option with Triarc.

EDUCATOR BENEFIT FOR CHILDREN OF THE MEMBER

On the death of the member, the benefit will be paid annually in advance to cover Pre-school (If initially intended), Primary school, Secondary school, Home schooling, Private School, University, Technicon and overseas Universities. Class fees, books, and tertiary residence fees are paid for children up to the age of 24.

FLEX BENEFIT

This benefit allows employees to voluntarily increase or decrease their benefit through flex benefits at life changing events, for example, marriage or divorce, birth of a child etc.

SPOUSES BENEFIT

A member’s spouse can get life cover at a multiple of the member’s salary at the same discounted rate as the members of the group.

FUNERAL ADVANCE

Triarc will advance a portion of the death benefit to cover the member’s funeral.

TAKE OVER OF EXISTING SCHEMES

To facilitate the smooth and seamless transition from an existing scheme to Triarc Employee Benefits, Triarc will consider existing underwriting agreements with the previous scheme and medical tests done if required.

OVERVIEW

The treatment for a Dread Disease will typically be covered by the employee’s Medical Aid, but the necessary adjustment of lifestyle during this period will be covered by the Triarc Dread Disease Benefit.

Triarc pays the Dread Disease benefit as a lump sum based on the type of the Dread Disease, and either as the full benefit amount, or as a percentage based on the severity of the disease.

The details for the method of payment of benefits are detailed in the Policy holder’s schedule.

NO MEDICAL TESTS REQUIRED

For ALL members under the free cover limit.

SUPPLEMENTARY BENEFIT

After a member claimed for a dread disease, the Dread Disease cover is re-instated at the full benefit amount for any other non-related dread diseases in the future.

OVERVIEW

This benefit pays the member a monthly income in the event that the member is either temporarily or permanently disabled and as a result unable to fulfil the duties of his or her job.

Different waiting periods can be selected before an Income Replacement claim can be submitted after the claim event. Options are 1, 3, 6 or 12 months. (Longer waiting periods equals lower premiums). Waiting periods can also be different for various Employee Categories in the company.

The employer can choose the Income Replacement benefit amount for employees as either a percentage of salary or according to a scale based on the salary.

MEDICAL AID CONTRIBUTION WAIVER

• The medical aid contribution waiver pays the Medical Aid premium for the member, member's spouse and children while in claim for 12- 24 months. (This amount is paid over and above the member claim amount)

RETIREMENT FUND CONTRIBUTION WAIVER

• The Retirement Waiver pays the member’s retirement fund contribution premium while in claim. (This amount is paid over and above the member claim amount)

WAITING PERIOD REFUND BENEFIT

Once a member has reached the required waiting period, example 3 months, before an Income Replacement claim is paid, the Income replacement benefit is refunded for the whole waiting period. (example: 3 x monthly benefit amount)

CONVERSION OPTION

Triarc offers a Conversion Option that provides a similar individual policy to the member directly with Triarc if the member leaves the service of the employer, the member has 30 days from the date of leaving the employer to take up the conversion option.

IN CLAIM ESCALATION

The employer can choose to have the member’s Income Replacement benefit increase annually whilst in claim to keep up with rising living costs. Options are 5%, 7.5%, CPI and 10%.

OVERVIEW

Lumpsum for burial costs of a member and/ or their immediate family as follows:

• Main member up to R50 000
• Spouse up to R50 000
• Children 14 + years up to R50 000
• Children 06-14 years up to R 35 000
• Children less than 6 years up to R 10 000
• Stillborn up to R 3 760

REPATRIATION BENEFIT

The deceased remains will be transported for free within the borders of South Africa.

A claim can be submitted up to 3 months after the death.

VALUE ADDED BENEFITS

Value add services are defined and quoted on as per the needs and requirements of the Employer or Group and offer support, security and convenience to members:

Typical benefits that often form part of the selection are:

• Trauma Assist, Free Wills, Vehicle hire, Legal Advice.
• Airtime benefit, Prepaid electricity, Groceries voucher, Burial Assist, Emergency Assist etc.