The Business Life Plan

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1 The Business Life Plan

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3 Rewarding your health, protecting your legacy We believe in protecting the financial wellness of your business with market-leading benefits and significant financial rewards for managing your health.

4 Our revolutionary approach towards business assurance Personalised protection As a business owner you have worked hard to build a sustainable business. The risks you have taken to grow your business is the reason you need to protect what you ve invested in. Our revolutionary approach towards business assurance means personalised protection for your business assurance needs, helping you to grow and protect your legacy. With the Business Life Plan, you can enjoy the following benefits: A Principal PayBack Fund of up to 300 times your initial monthly life cover premium. This Fund rewards you, as the life assured, for leading a healthy lifestyle. A 50% reduction on your Capital Disability Benefit premiums for the first three years of your policy. At the end of this period you will be able to lock in a discount of up to 15%, until the selected benefit expiry, by managing your health and wellness. A comprehensive Capital Disability Benefit that pays 100% of the insured amount if you become permanently disabled or are unable to perform your nominated occupation, as well as offering payments while we establish the permanence of your disability. 3

5 Choose your cover The foundation of the Business Life Plan is the Life Fund, which is payable on the death of the life assured. The Life Fund can be increased by adding the Cover Integrator and the Financial Integrator, which increases your Life Fund to give you comprehensive cover and financial benefits throughout your policy term. Other benefits can be added such as the Capital Disability Benefit to ensure your business is fully protected against a life-changing event. You can select a Minimum Protected Fund. With this benefit the Life Fund will never drop below a specified minimum rand amount no matter how many benefit payments have been made or what the value of the payments were. 4

6 Cover for disability Discovery Life s Capital Disability Benefit will pay a lump-sum amount to assist with the financial consequences of becoming disabled. You can choose between the following options: Business Capital Disability Benefit: You must meet the criteria of both a total disability (Category A) and be permanently unable to perform your nominated occupation (Category D). Core Capital Disability Benefit: You must either meet the criteria of total disability (Category A) or be permanently unable to perform your nominated occupation (Category D). Comprehensive Plus Capital Disability Benefit: If you meet any of the criteria for Category A, B, C or D, you will receive a percentage of your insured amount, depending on the criteria met. Upfront disability discount Qualifying policies will receive a 50% Capital Disability Benefit premium discount for the first three years. After the three-year period, you can lock in a discount of up to 15% until benefit expiry age, by effectively managing your health and wellness. The discount applied depends on your annual Vitality status, over the first three years of the policy. 5

7 How we assess your claim Depending on your benefit option, your claim payout will be assessed using the following categories: Total disability (Category A): Loss of income (Category C): You can receive 100% of your insured amount. Your disability will be evaluated according to objective medical criteria or Activities of Daily Living. Partial disability (Category B): You can receive 50% of your insured amount. Your disability will be evaluated according to objective medical criteria or Activities of Daily Living. You can receive a payout of 2.5% of your insured amount, every four months, while we establish the permanence of your disability and if you are losing more than 80% of your income. Nominated occupation (Category D): You can receive 100% of your insured amount if you are permanently unable to perform your nominated occupation. The LifeTime Benefit On the Core and Comprehensive Plus options you can select the LifeTime Benefit, which provides payments of up to 200% of the Capital Disability Benefit insured amount based on the long-term impact of the disability. 6

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9 The value of Integration With Discovery Life you get significant value by Integrating (linking) your Business Life Plan with other Discovery products you have. By using the information we have collected across the Discovery businesses, we have a better understanding of the steps you take to improve your fitness, manage your health and wellness and improve your driving behaviour. By Integrating your Business Life Plan, you can enjoy an upfront premium discount, which you can maintain over time. You also have the opportunity to qualify for the Principal PayBack Fund, which provides significant payments during your policy term. The type of Integrator you qualify for depends on the Discovery products you have. If you are a member of a qualifying Discovery Health Plan and you become a member of Vitality, you will qualify for the Health Integrator. If you are not a Discovery Health member, you can either qualify for the Active Integrator, or the Vitality Integrator. In addition, if you are a member of Vitalitydrive, you can qualify for the Vitalitydrive Integrator. 8

10 Upfront and ongoing premium discounts Through Integration you can receive an initial premium discount of up to 28% and the ability to control future premium adjustments by improving and managing your health and driving well. As a member of Discovery Health, Vitality, Vitalitydrive or Vitality Active Rewards for Life, you could qualify for the following upfront premium discounts on your Business Life Plan: If you have a Business Life Plan and Vitality Active Rewards for Life, you qualify for the Active Integrator. And you can receive an initial premium discount of up to 15%. If you have a Business Life Plan and are a Vitality member, you qualify for the Vitality Integrator. And you can receive an initial premium discount of up to 17.5%. If you have a Business Life Plan and are a Vitality member and have a qualifying Discovery Health Plan, you qualify for the Health Integrator. And you can receive an initial premium discount of up to 20%. If you have a Business Life Plan, are a Vitality member, and are a member of Vitalitydrive, you qualify for the Vitalitydrive Integrator. This means that as a Discovery Health, Vitality and Vitalitydrive member you can receive an initial premium discount of up to 28%. Vitality Active Rewards for Life Up to 15% discount or or or Up to + Up to Up to 17.5% 20% + 28% discount discount + discount Managing your premium Each year, we will consider your Vitality status and certain qualifying Discovery Health claims (if Health Integrated) and Vitalitydrive status (if Vitalitydrive Integrated) over the previous policy year to either increase or decrease the discounts mentioned above. If you are Active Integrated, your discount can be maintained or reduced depending on your Active Integrator Rating. This rating is based on points accrued for your Vitality Wellness Check results and the number of Vitality Active Rewards for Life goals met over the course of the year. 9

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12 The Principal PayBack Fund You can receive a Principal PayBack Fund of up to 300 times your initial monthly life cover premium, based on your level of Integration. The multiple applicable is as follows: Active Integrator Up to 150 X your initial monthly life premium or Vitality Integrator Up to 300 X your initial monthly life premium or Health Integrator Up to 300 X your initial monthly life premium Each year your Principal PayBack Fund will increase in line with your selected Annual Benefit Increase, which is the rate you expect your business to grow by, plus an additional growth factor, based on Integration type and level of engagement. If you choose our unique CPI + 3% benefit growth option, specifically designed for high-flying businesses, this higher growth rate will be used in the calculation. This allows you to build up a significant financial asset within your Business Life Plan. A portion of your Principal PayBack Fund will be paid out every five years and your payout percentage will increase over time, as indicated. Year Percentage payable 5% 10% 25% 50% 100% 11

13 How the Principal PayBack Fund works If your initial monthly life cover premium is R5 000 and you take out a Comprehensive Health Integrated Business Life Plan, your Principal PayBack Fund will be R (R5 000 x 300). The graphic below illustrates the Principal PayBack Fund and the payouts that will be received for a highly engaged Vitality member with low health claims. R Fund R R R R R (5%) (10%) (25%) (50%) (100%) Payout after 5 years: R Payout after 10 years: R Payout after 15 years: R Payout after 20 years: R Payout after 25 years: R Assumptions: Annual Benefit Increases of 6.5%, life assured has an A1 risk rating and Diamond Vitality status throughout. Principal Comprehensive Health Plan with qualifying annual claims of R4 000, 40% Cover Integrator and 20% Financial Integrator. The Principal PayBack Fund is reduced by the payouts, and therefore no additional payouts are made after year

14 How the rewards work If you have a buy and sell structure and the policy is not owned by a company or by your employer, the policy owner will pay the premiums while being able to benefit from Integrator premium discounts and the Capital Disability Benefit premium discount. In this scenario, the life assured will receive the Principal PayBack Fund, which encourages them to manage their health and wellness. This ensures that the policy owner and the life assured can both enjoy the financial rewards available through the Business Life Plan. For company or employer owned policies, the Principal PayBack Fund will be paid to the company or employer for income tax purposes. 13

15 This brochure is a summary of the Business Life Plan offered by Discovery Life. Speak to your financial adviser about the full range of Discovery Life products. For more information refer to the Business Life Plan Guide or visit

16 Discovery Life Contact centre discoverysouthafrica Discovery_SA youtube/discoverysa Speak to your financial adviser about the range of Discovery Life products to suit your individual, personal or business needs. Discovery Life is an authorised financial services provider. Registration number 1966/003901/06. BLPBE12/15 GM_36410DL_04/12/15_V1

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