Siboyle Gumbo

IMB Funeral Cover Summary of General Terms and Conditions

1. The IMB Funeral Product range is a Combination Product: IMB Africa Plus Account + IMB MasterCard + Selected Funeral Product.

2. Once off registration fee may apply.

3. Monthly premium is based on selected cover amount.

4. Maximum entry age: 74 years

5. Funeral product is operated on a pay-as-you-go basis. Instalments are paid in advance for insured to be covered for the next month.

6. If policy holder did not pay premium, policy is not in effect and no claims will be paid out.

7. Funeral benefit: cash amount payable to the ensured person’s nominated beneficiary in the event of the insured person’s death. Amount payable is based on cover option selected.

8. Accidental Death benefit: Additional cash amount payable on the death of the main member and spouse.

9. Amount payable to children is a percentage of the cover amount:

Child Age Cover
14 to 20 50% of cover
6 to 13 25% of cover
0 to 5 12.5 % of cover
Stillborn 12.5 % of cover

10. Child benefit limited to R15,000.

11. No benefit will be paid if the insured person’s death is caused by any condition that pre-existed during the 12 months prior to the commencement of the policy.

12. Waiting period: 2 months.

13. All policy holders must be IMB account holders.

14. All policy pay-outs will be done onto an IMB Card. Beneficiary is required to open an IMB Account in order to receive pay-out.

15. The policy holder as well as dependents must be permanent residents of South Africa.

16. Cover for policy holder or dependants will cease on non-payment of premiums.

17. All payments shall be made in South African Rand.

18. The insurer reserves the right to withhold payment of any claim until all its requirements have been met as per the prescribed claims process.

19. The insurer will not be liable in the event of death from suicide within 2 (two) years of the inception of the policy.

20. Funeral Benefit: Cash amount payable to the insured person’s nominated beneficiary in the event of the insured person’s death. Amount payable is based on cover option selected.

21. Accidental Death Benefit: Additional cash amount payable on the death due to accident of the main member and spouse on a Family Cover Policy. (R10,000)

22. Family Care benefit: Additional cash amount (R10,000) payable only on death of main member. Payable over a 3month period: R4,000, R3,000 and R3,000 respectively.

23. Main Member / Policy Holder: The principal member who accepts the conditions of the policy, the premiums payable and who is fully described in the schedule of a specific policy.

24. Beneficiary: Any person nominated by the main member to receive benefits payable under the policy in respect of a claim. The beneficiary must be of a legal age.

25. Spouse: A person married to the main member by law or tribal custom and shall include a Common Law spouse. Only one spouse covered per policy.

26. Child: An unmarried child of the main member, including a step child, child of any common law spouse of the main member, illegitimate or legally adopted child. A child scholar is covered to below the age of 21 years and to below 25 years if a registered, full-time student at a recognised educational institution.

27. Dependant: Any family member who is dependent on the main member to assist in the cost of his funeral, provided that full details of such a family member are provided in writing to the insurer.

28. Extended Dependant: A person the main member has financial responsibility towards in the event of his death and shall include: parents, parents-in-law, grandparents, uncle, aunts, brothers, sisters etc. Maximum entry age for extended member: 75 yrs. Limit of 4 extended members per policy.

29. Accident: a sudden, unforeseen and unexpected event which is unintended, arising from a source external to the insured, is independent of illness, disease or other bodily malfunction and is the direct cause of death.

30. Claims: all death claims must be submitted to IMB FS within 60 days of the insured person’s death in the required format and with the necessary support documents, or else no benefit will be payable.

IMB Funeral Products are underwritten by Lion of Africa Life Assurance (Pty) Ltd (FSP No: 15283)

To sign up for this product and select your level of cover contact us. At IMB, we know that you may need financial support and your money matters.