Old Mutual Disability Income Insurance

Definition
Disability Income Insurance provides a monthly income to a member upon disability, until the member recovers, dies or reaches normal retirement age.

This will apply should a member be continuously and totally prevented from following their regular occupation in the first 24 months of disablement, including the waiting period and, thereafter, any occupation.

The maximum cover age is the earlier of the normal retirement age or the age of 65.

Waiting period
3 or 6 months and 3 months backdated 2 months. For this option the waiting period is 3 months but if the claim is admitted, Old Mutual will make a two months back payment to the employer.

Benefits
75% based on either a sliding scale or as a flat benefit.

Maximum Benefit
R150 000 per month; maximum employer waiver benefit of R30 000 per month
Sliding scale-
75% of the first R33 000
60% of the next R44 000
50% of the balance.

Pre-Existing Conditions
For schemes with less than 20 members: A claim arising from disablement will be declined if such disablement is directly or indirectly attributable to any injury that occurred, illness or condition that existed or surgical operation undergone during 24 months immediately before the date on which the Insured Person first became an Insured Person, if he is disabled within 24 months immediately following such date.
For schemes with at least 20 members: A claim arising from disablement will be declined if such disablement is directly or indirectly attributable to any injury that occurred, illness or condition that existed or surgical operation undergone during 6 months immediately before the date on which the Insured Person first became an Insured Person, if he is disabled within 12 months immediately following such date.

Thank you and regards,
The TSA Team

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