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This is a booklet-based scheme designed for churches. The scheme seeks to provide immediate funds for members to provide a decent and dignified burial for family members. It is not a savings scheme.
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FEATURES |
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There are two types of cover namely: the individual cover and family cover. |
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The individual cover includes the member and a maximum of six children |
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The family cover extends to the spouse and maximum of six children below the age of 21 years. |
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The maximum age of entry is 70 years |
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There is a waiting period of six months within which only accidental death is covered. |
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The scheme is handled by Scheme Administrators who are nominated by the church. Their job is to sell the product to church members on the church premises on Sundays and other meeting days, bank the proceeds and forward the documentation to ELAC. |
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Other documentations are forwarded to Castellum in South Africa on a monthly basis. |
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LEVELS OF COVER
There are different levels of cover with each having a corresponding premium payable. The cover ranges from ¢1.0 million to a maximum of ¢10 million and the premium ranges from ¢10,500 to ¢25,500 a month.
| Cover Levels |
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LEVEL I
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LEVEL II
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LEVEL III
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| Life Assured |
Member
|
Family
|
Member
|
Family
|
Member
|
Family
|
| Member |
2,000,000
|
2,000,000
|
3,000,000
|
3,000,000
|
4,000,000
|
4,000,000
|
| Spouse |
0
|
2,000,000
|
0
|
3,000,000
|
0
|
4,000,000
|
| Child 16-21 |
1,000,000
|
1,000,000
|
1,500,000
|
1,500,000
|
2,000,000
|
2,000,000
|
| Child 11-15 |
1,000,000
|
1,000,000
|
1,500,000
|
1,500,000
|
2,000,000
|
2,000,000
|
| Child 8-10 |
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
| Child 5-7 |
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
| PREMIUM |
10,500
|
11,500
|
11,500
|
13,250
|
12,750
|
15,250
|
|
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LEVEL IV
|
LEVEL V
|
LEVEL VI
|
| Life Assured |
Member
|
Family
|
Member
|
Family
|
Member
|
Family
|
| Member |
5,000,000
|
5,000,000
|
6,000,000
|
6,000,000
|
7,000,000
|
7,000,000
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| Spouse |
0
|
5,000,000
|
0
|
6,000,000
|
|
7,000,000
|
| Child 16-21 |
2,500,000
|
2,500,000
|
3,000,000
|
3,000,000
|
3,500,000
|
3,500,000
|
| Child 11-15 |
2,500,000
|
2,500,000
|
3,000,000
|
3,000,000
|
3,500,000
|
3,500,000
|
| Child 8-10 |
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
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| Child 5-7 |
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
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| PREMIUM |
14,000
|
16,750
|
15,000
|
18,500
|
16,250
|
20,250
|
|
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LEVEL VII
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LEVEL VIII
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LEVEL IX
|
| Life Assured |
Member
|
Family
|
Member
|
Family
|
Member
|
Family
|
| Member |
8,000,000
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8,000,000
|
9,000,000
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9,000,000
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10,000,000
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10,000,000
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| Spouse |
|
8,000,000
|
|
9,000,000
|
|
10,000,000
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| Child 16-21 |
4,000,000
|
4,000,000
|
4,500,000
|
4,500,000
|
5,000,000
|
5,000,000
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| Child 11-15 |
4,000,000
|
4,000,000
|
4,500,000
|
4,500,000
|
5,000,000
|
5,000,000
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| Child 8-10 |
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
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| Child 5-7 |
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
|
1,000,000
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| PREMIUM |
17,500
|
22,000
|
18,500
|
24,000
|
19,750
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25,500
|
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MEDICAL UNDERWRITING
No medical examination is required.
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