Retrenchment Premium Waiver

Retrenchment refers to the termination of my position by my employer based on unfavourable business conditions (including liquidation of the employer), or any other business decisions of my employer that result in staff reduction; as well as due to the introduction of new technology or reorganisation of my employer’s business.

Policy Benefits

In the event of my Retrenchment, iWYZE will pay the monthly premiums for my total iWYZE policy portfolio for six consecutive months, after which I will once again be responsible for my premiums. The premiums paid will be for the benefits that were in place under my iWYZE policy portfolio at the time of my Retrenchment.

If I am self-employed and I become unemployed as a result of my business being placed under final liquidation in terms of the Companies Act of 1973 as amended, then iWYZE will pay the monthly premiums for my total iWYZE policy portfolio for six consecutive months, after which I will once again be responsible for my premiums. The premiums paid will be for the same iWYZE benefits that are in existence at the time of my Retrenchment.

General Information

This Retrenchment Premium Waiver policy is automatically included as a standard benefit in all iWYZE policy portfolios.

Exclusions

• Age Limit - Retrenchment that happens after I have turned 66 years of age.
• Minimum Policy Duration - If I am retrenched and I am notified within three months of the start of this policy.
• Minimum Duration of Employment - In the case where I have not been in active, full-time employment for at least 12 consecutive months before being retrenched.
• In Case of Previous Claims - In the case where I have claimed before under this policy and I have not subsequently been re-employed in active, full-time employment for 12 consecutive months.
• Voluntary Retrenchment - In the case where my Retrenchment was of a voluntary nature.
• Retirement/Resignation - If my unemployment is due to retirement or resignation.
• Pregnancy/Childbirth - If my unemployment is due to pregnancy or childbirth.
• Contract Work - If my work was seasonal in nature or I came to the end of a fixed-term contract, or I have completed the job that I was specifically employed to do.
• Misconduct - If I lose my job because I am found guilty of fraud, dishonesty or any misconduct on my part.
• Illegal Strikes - If I lose my job because of any illegal strike I took part in; or any lockout by my employer.
• If I Abscond - If I have absconded from my job.
• Informal Sector - If I was working in the informal sector.

Please note: This product summary is not intended to be a legal contract. It does not replace or in any way alter the content of the actual policy documents that are issued to clients of iWYZE.

iWYZE is underwritten by Mutual & Federal Insurance Company Limited, a member of the Old Mutual Group. Mutual & Federal and Old Mutual are Licensed Financial Services Providers.