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Group Buying Power

By considering Group Risk insurance offered through the FIA in conjunction with CITO Consult, individuals can benefit from comprehensive coverage, financial security, additional support services, and the convenience of streamlined administration. It provides peace of mind and ensures that individuals and their families are protected in the face of unexpected events or health-related challenges.

Let's explore each of these benefits in more detail:

Comprehensive Coverage

Group risk insurance combines multiple types of coverage into a single policy, offering comprehensive protection against various risks. Individuals can benefit from a range of coverages.

01

LIFE COVER

Group life cover is designed to provide financial protection to the employees’ families in the event of their death. The benefits include a lump sum payment or a regular income stream to the beneficiaries. With the group life cover offered by the FIA there is also an upfront immediate payment of R20 000 to help cover funeral costs.

Here are some key advantages:

Financial Security

Life cover ensures that the family members are financially supported in the absence of the insured person. It can help cover living expenses, outstanding debts, mortgages, education costs, and other financial obligations.

Peace of Mind

Knowing that their loved ones will be taken care of financially can provide employees with peace of mind, allowing them to focus on their work and personal life without worrying about the future.

Competitive Premiums

Group life cover is typically more cost-effective than individual policies, as the risk is spread across a larger pool of employees. This makes it an attractive employee benefit, enhancing the overall compensation package.

02

ACCIDENTAL DEATH COVER

Accidental death cover provides an additional layer of protection specifically for death resulting from accidental causes. It offers an extra payout on top of the standard life cover in the event of accidental death, helping to provide financial support to the insured person’s family during a difficult time.

03

TOTAL PERMANENT DISABILITY COVER

Total permanent disability cover offers financial protection if an individual becomes permanently disabled and unable to work. It provides a lump sum payment to help cover medical expenses, rehabilitation costs, and ongoing living expenses.

04

LONG-TERM INCOME DISABILITY COVER

Long-term income disability cover ensures that individuals receive a regular income replacement if they become unable to work due to a long-term disability or illness. This cover provides ongoing financial support to help maintain a decent standard of living and meet daily expenses.

05

CRITICAL ILLNESS COVER

Critical illness cover provides financial support in the event of a serious illness or medical condition. If the insured person is diagnosed with a specified critical illness, such as cancer, heart attack, or stroke, a lump sum payment is made to assist with medical
treatments, care, and other financial needs.

Convenient Enrolment and Administration

Group risk insurance typically involves streamlined enrolment and administration processes. CITO Consult can assist individuals with the enrolment process and handle the administrative tasks, making it convenient and hassle-free to obtain and manage insurance coverage.

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The FIA Group Risk Scheme is an offering for FIA members, issued by Guardrisk Life Limited. Cito Consult (Pty) Ltd are appointed to provide risk benefit advisory services to the FIA Group Risk Scheme and its members.

Subscriber Terms and Conditions

  1. APPLICATION OF TERMS
    • These terms and conditions (“Subscriber Terms”) apply to the subscription by any qualifying member of the South African Underwriting Managers Association NPC (“SAUMA”) to the services and benefits offered by FIA Services (Pty) Ltd (“FIA Services”) under the SAUMA affiliation arrangement (“Subscription”).

  2. NATURE OF SUBSCRIPTION
    • A Subscription under this arrangement:
      • does not constitute membership of FIA NPC;
      • does not confer any voting rights or governance participation in FIA NPC; and
      • is governed solely by the contractual relationship between the Subscriber and FIA Services.

  1. ELIGIBILITY
    • To qualify for the Subscription, the applicant must, at the time of application, be a current paid-up member of SAUMA.
    • FIA Services will verify the applicant’s SAUMA membership status with SAUMA prior to activation, and may re-verify such status periodically.
    • If a Subscriber ceases to be a paid-up member of SAUMA, the Subscription will correspondingly be terminated.
    • Applicants are required to authorise FIA Services to confirm their SAUMA membership status with SAUMA as part of the application process.

  1. SERVICES
    • The Subscription entitles the Subscriber to the following benefits:
      • Complimentary access to the FIA CPD Platform;
      • Complimentary access to the FIA Insight Magazine (digital edition);
      • Advertising opportunities on FIA platforms at a discounted rate of 15% (fifteen percent) off the prevailing published rates; and
      • Invitations to attend FIA Technical Webinars annually.
    • FIA Services reserves the right to update, vary or substitute the Services from time to time, provided that the overall value and nature of the benefits remain materially the same.

  1. FEES AND PAYMENT
    • The monthly subscription fee is R260.00 (two hundred and sixty rand) for up to seven registered individuals (Key Individuals and Representatives), and R36.00 (thirty-six rand) per additional registered individual thereafter, excluding VAT.
    • The Subscriber shall provide FIA Services with the required details of each individual to be registered under the Subscription for the purposes of activation and billing.
    • All fees are exclusive of VAT, which shall be charged at the prevailing statutory rate.
    • Subscription fees are reviewed annually in March and may be adjusted with effect from 1 April.
    • Any changes to the Subscription, including but not limited to the number of Representatives and Key Individuals registered under the Subscription, may only be effected once annually during the annual review period in March of each year, with such changes taking effect from 1 April.
    • Subscription fees shall be billed monthly in arrears, unless the Subscriber elects an annual billing cycle at the time of application.
    • The Subscriber shall ensure that all billing information (including contact details, authorised signatories and bank account details) is kept accurate and up to date.
    • Non-payment of subscription fees may result in suspension of access to the Services until such fees are brought up to date.
    • The Subscriber acknowledges and agrees that all subscription fees payable under these Subscriber Terms may be collected by way of debit order, which shall be processed by the holding company, FIA NPC (The Financial Intermediary Association of South Africa), on behalf of FIA Services. Payment to FIA NPC shall be deemed to constitute valid and sufficient discharge of the Subscriber’s payment obligations to FIA Services under these Subscriber Terms.

  1. ONBOARDING
    • Onboarding will be conducted as a Subscription with FIA Services under the SAUMA affiliation arrangement.
    • Onboarding will not confer FIA NPC membership status or any associated rights.
    • Onboarding is conditional on confirmation of the Subscriber’s current SAUMA membership at the time of application

  1. DATA PROTECTION
    • FIA Services will process all personal information in accordance with the Protection of Personal Information Act 4 of 2013 (POPIA) as set out in our POPIA policies.
    • By subscribing, the Subscriber authorises FIA Services to confirm their SAUMA membership status with SAUMA and to process personal information for the purposes of fulfilling the Subscription.

  1. TERMINATION
    • The Subscriber may terminate the Subscription by giving FIA Services one calendar month’s written notice.
    • FIA Services may terminate the Subscription on one calendar month’s written notice, or immediately if the Subscriber breaches these Subscriber Terms and fails to remedy such breach within 14 (fourteen) days of receiving written notice.
    • Termination of the SAUMA–FIA Services affiliation agreement shall not automatically terminate these Subscriber Terms.
    • Termination by the Subscriber shall not relieve the Subscriber of liability for any subscription fees accrued up to the effective date of termination.
    • FIA Services may suspend or terminate the Subscription with immediate effect in the event of non-payment of fees by the Subscriber.

  1. GENERAL
    • These Subscriber Terms are governed by the laws of the Republic of South Africa.
    • Any disputes arising under these Subscriber Terms shall be dealt with in accordance with the dispute resolution provisions contained in the FIA NPC membership terms and conditions, as modified to reflect that the contractual relationship is with FIA Services.
    • Any notices required under these Subscriber Terms may be validly delivered by email to the addresses provided in the Subscriber’s application form, and such notices shall be deemed received on the day of transmission if sent during business hours.
    • The Subscriber may not assign, cede or transfer any of its rights or obligations under these Subscriber Terms without the prior written consent of FIA Services.
    • No variation of these Subscriber Terms shall be of any force or effect unless reduced to writing and signed by both FIA Services and the Subscriber.