CBZ LIFE-NETONE INDIVIDUAL FUNERAL CASH PLAN TERMS AND CONDITIONS
The policy ONLY commences on the first day of the month following the first payment.
There is a three (3) calendar month waiting period from commencement date.
The maximum age at joining is 75 years age next birthday for Principal Member and Spouse whilst for biological children is 21 years age next birthday.
NON – PAYMENT OF PREMIUMS
The policy is monthly renewable which means if premiums are not paid for one calendar month there is no cover. In this case no claims are honoured.
A lapsed policy can be revived through payment of one month’s premium. However a waiting period of three (3) calendar months shall apply for a reinstated policy.
Premiums which have been paid up to the cancellation date are not refundable. The policy does not provide any benefit on cancellation.
DUTY OF PREMIUM PAYMENT
It is the duty of the Policyholder to pay premiums and/or to ensure/check that premiums are paid even if there are automatic premium deduction facilities.
The benefits under this Contract shall be payable in the lawful currency of Zimbabwe.
This policy shall not be ceded or transferred under any circumstances whatsoever.
WAIVER OF CONDITIONS
No waiver of any of the terms, conditions and endorsements of this policy shall be valid unless made in writing under the signature of a duly authorized officer of CBZ Life. In addition, no act or omission to act by CBZ Life or any officer or employee of CBZ Life shall be or be deemed to be a representation on behalf of CBZ Life upon which the Principal Member’s heirs, executors or assignees are entitled to act. This will remain in force in terms of the original terms and conditions set in the policy.
In the event of death of any of the persons covered under this policy, CBZ Life must be notified within 3 months and the following documents must be submitted together with the claim
- Completed Claim form
- Death certificate (if deceased has been buried)
- Burial order together with
- Police report (if not hospitalized)
- Death Notice from hospital BD11 (if hospitalized)
- BD12 Medical certificate of cause of death (if hospitalized)
- Copy ID for the deceased / copy of birth certificate if it is a child
- Proof of identity for the claimant
The claim amount will be paid only to the stated beneficiary. If no beneficiary has been nominated or the nominated beneficiary is not available/contactable, CBZ Life, in consultation with family members will decide on the settlement of the claim.
* In some cases, it may be necessary for CBZ Life to ask for additional information*
CBZ Life retains the right to adjust the premium rates payable on giving 1 calendar month’s notice.
Please visit any branch of CBZ Bank nearest to you.
SUICIDE OR SELF-INFLICTED INJURY
CBZ Life will void the claim if the life assured dies from suicide, attempted suicide or wilful self-inflicted injury.
THE BENEFITS UNDER THIS POLICY
A lump sum of the funeral cover amount shown below will be paid on the death of either the Principal Member, Spouse or children of the Principal Member. Premiums are paid in perpetuity. The policy is monthly renewable which means if premiums are not paid there is no cover. Only biological or legally adopted children below the age of 21 years shall be eligible for cover. The cover for all dependents should always be equal or less than that of the Principal Member.
LEVELS OF COVER
|Level of Cover||$250||$500||$750|
|Adult Premium Rate||0.45||0.90||1.35|
|Child Premium Rate||0.30||0.50||0.75|