Prosperity Life Insurance is the first black-owned life insurance company in South Africa. The company was established in 1951 by a group of Transkei business people who sought to provide affordable insurance solutions to black people and thus create capital for community upliftment and business development. Prosperity Life Insurance was acquired by Assupol Life Insurance in 2004 and has since then become a leading provider of funeral insurance products to the lower income market.
- The Excellence Family Funeral Plan provides cover for the entire family including your children, parents, spouse and any other extended family members who are dependant on you for financial support.
- The Funeral Benefit offers a cash payment in the event of death of the Main Life Assured.
- Members can include the Cash-Back Benefit as an additional option.
- The Excellence Family Funeral Plan includes Assupol On-Call benefits which include guaranteed hospital admission, financial and tutor advice lines and transport for the deceased.
- In the event of accidental death of the Main Life Assured or any of the additional lives assured, the Accidental Death Benefit pays out a lump sum benefit.
- Prosperity Life Insurance offers an optional Family Income Benefit in terms of which a monthly payment of up to 10% of the Main Life Assured’s Funeral Benefit is paid upon the death of the Main Life Assured for a maximum period of 6 months.
- In the event that the Main Life Assured dies, the Funeral Benefit and elected Accidental Death Benefit extends to cover the be made available for a maximum period of 5 years.
Prosperity Life Insurance offers a comprehensive range of life insurance solutions designed to offer protection against the financial implications of your critical illness, disability or death. The following options are available at Prosperity Life Insurance:
Progress Legacy Plan
- This type of cover provides a lump sum benefit upon the death of the Main Life Assured.
- The Progress Legacy Plan provides whole-life cover with no requirement for medical underwriting.
- Premiums remain fixed for a period of five years after policy inception and thereafter will be reviewed by not more than 15%.
- The Progress Legacy Plan is designed around your risk protection needs and the option exists for voluntary premium increases of up to 20% per annum in order to incorporate significant life events.
Progress Accident Plan
- In the event that the Main Life Assured suffers physical impairment or accidental death, the Prosperity Life Insurance Progress Accident Plan provides a cash benefit.
- The Physical Impairment Benefit and Accidental Death have varying payout percentages depending on the extent of the claim event.
- Premiums remain fixed for a period of five years from the date of policy inception after which premiums will be reviewed by not more than 15%.
Progress 4Sure Plan
- Prosperity Life Insurance provides dread disease, disability and life cover with minimal requirements for underwriting.
- Progress 4Sure Plans include a lump sum death benefit of between R50 000 up to R200 000 sum assured paid upon the death of the Main Life Assured.
- All Progress 4Sure Plans automatically include a Mail Life Funeral Benefit of up to 10% of the Main Life Assured sum capped at R10 000 payable upon death.
- All Progress 4Sure Plan include an optional Spouse Funeral Benefit of up to 10% of the Main Life Assured sum capped at R10 000 payable upon death.
- All Progress 4Sure Plan include a Funeral Benefit which is optional covering dependants of the Main Life Assured. This cover is capped at R10 000 or 10% of the Main Life Assured sum.
- A Terminal Illness Benefit of 95% of the Main Life Assured sum is paid to the Main Life Assured upon the diagnosis of a terminal illness.
- Physical Disability Benefit is paid in the event that the Main Life Assured loses the use of limbs or succumbs to any other physical impairment.
- Dread Disease Benefit is paid out to the Main Life Assured upon diagnosis of a dread disease such as cancer, stroke or heart disease.
Prosperity Life Insurance offers the Zimele product range designed to provide accessible products to low-income consumers.
Prosperity Life Contact Details:
Tel: (012) 366-3700
Tel: (012) 366-3700