Product: Pays a percentage of a member’s salary on a monthly basis if they are unable to perform their occupation.

Particulars:

Additional options for this benefit include Disability Income Top-Up, Medical Aid Premium Waiver & Employer Reimbursement Cover – to be covered in next week’s issue.

Disability Income Benefit Maximums:

• Capital Alliance – R 175,000pm (Flat, Scale & Tax Modified Scale) or net of tax income (whichever is the lesser)
• Hollard – R 165,000pm (Flat & Tax Modified Scale) and R 60,000 pm (Scale), restricted to 100% of net salary
• Sanlam – R 190,000pm (Flat, Scale & Tax Modified Scales) or 100% of the member’s average net monthly income before disability (whichever is the lesser)
• Old Mutual – R 230,000pm (Flat, Scale & Tax Modified Scale) (inc. Employer Waiver) or Total post-tax cost to company (whichever is the lesser)

Employer Waiver Maximums

• Capital Alliance – R 50,000pm
• Hollard – R 30,000pm
• Sanlam – R 49,000pm
• Old Mutual – 20% of Monthly Salary (maximum rand amount is R230,000 for the sum of the PHI benefit plus Employer Waiver)

Thank you and regards,

The TSA Team

You’ll find all back issues of TSA Connect by visiting our blog.

All information provided is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.