The following optional benefits may be selected if the required main benefit is selected:
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Essential Cover for your Employees
Your employees are the backbone of your business and you want to be able to support them where possible. However, due to the cost of employee benefit schemes, employees working in a small business are often left vulnerable should they be injured, fall ill, or have to finance a funeral.
Vision is a customised group product which gives you and your employees the reassurance of financial support in times of distress. With Vision, you can provide your employees with cost-effective, risk-based employee benefits such as temporary disability cover, life cover, and funeral cover.
To help ease the strain of an absent employee due to illness or injury, Vision’s Temporary Income Protection benefit is paid directly you, as the employer, to either pay for a replacement staff member or towards the salary of the absent employee. As an employer, Vision also helps to reduce your responsibilities towards your employees in the case of unexpected events such as unforeseen death or disability.
Vision
Vision is available as a compulsory or voluntary scheme and can cover a staff complement as small as one member. Vision provides two levels of cover for different employee categories within a business, allowing members to have diverse benefits. However, all members within the same level have to select the same benefits and the same multiple of annual salary. For compulsory schemes, there is no minimum member number but for voluntary schemes, there is a minimum of five members per level.
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Temporary Income Protection
- Payable to the employer during the employee’s temporary disability.
- Pays the lesser of R25 000 or 100% of salary for a maximum of 12 or 24 months.
- Subject to a waiting period of 1 month.
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Life Cover
- Helps to ensure that in the event of death, the employee’s family is financially able to maintain their lifestyle.
- Paid to the member’s nominated beneficiary.
- Offers cover up to a maximum of 4 times gross annual income or R300 000, whichever is the lesser.
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Funeral Cover
- Designed to provide for the costs associated with the funeral of the employee or the employee’s loved one.
- Members can cover up to 6 extended family members.
- Four cover options.
- Cover can be selected to R15 000 for the employee and their loved one.
OPTIONAL BENEFITS (WITH PREREQUISITES)
Dread Disease
Required benefit: Life Cover
- Pays out a lump sum upon diagnosis of a listed dread disease up to R200 000 or 3 times annual salary, whichever is the lesser.
Capital Disability
Required benefit: Temporary Income Protection
- Pays out a lump sum to the employee should they become permanently totally disabled and unable to fulfil their duties.
- Cover can be selected up to a maximum of R200 000 or 3 times annual salary, whichever is the lesser.
ADDITIONAL OPTIONAL BENEFITS
Accidental Death
- If an employee dies in an accident, nominated beneficiaries will receive a lump sum pay-out of R15 000 to help cover costs that arise from the death.
Accidental Permanent Disability
- Provides a lump sum pay-out of R30 000, paid according to a schedule of benefits, should an employee be permanently disabled due to an accident.
