1 PPS Sickness and Permanent Incapacity Benefit When most of us would rather push the what ifs of life to the back of our minds, the financially-savvy professional thinks ahead and opts to secure his or her future. As a graduate professional, you use your hard-earned professional knowledge and expertise to generate an income. Should you fall ill, suffer an injury or at worst, become permanently incapacitated, you want to be certain that your day-to-day expenses will be taken care of whilst you re unable to work. PPS Sickness and Permanent Incapacity Benefit does just that for as long as you practise your chosen profession.
2 Enhance your cover with PPS Hospital Benefit (Optional) The PPS Hospital Benefit is an add-on benefit that covers you on a daily basis, equal to the PPS Sickness Benefit, when you are in hospital for 4 or more consecutive days. With a PPS Hospital Benefit you will have peace of mind knowing that your expenses will be covered during your period of hospitalisation. The PPS Hospital Benefit is based on the number of Units of Benefit you have and pays out from day one for a hospital stay of 4 or more consecutive days pays for a maximum period of six months in any one year You can add the PPS Hospital Benefit to the following Units of Benefit: Ordinary, Supplementary A, Supplementary B and Accident. Occupation Specific Rider Benefit (Optional) The Occupation Specific Rider Benefit is an add-on benefit to the PPS Permanent Incapacity Benefit that will pay out a guaranteed 100% of your cover, when you are significantly, permanently and continuously restricted from practising your nominated specific occupation. Best of all, once the benefit is awarded, it will never be reviewed or taken away, even if you recover and commence your previous occupation! The benefit comes into effect after 728 days of receiving the PPS Sickness Benefit, for the same, consequential or related illness. If you are incapable of applying your professional qualification, knowledge and expertise in your nominated specific occupation, you ll be covered and paid a monthly permanent incapacity benefit up until the day before your 66 th birthday, without having to prove loss of income. Free bonus Units of Benefit, linked to the inflation of that year, are also granted, usually annually, to permanently incapacitated policyholders in order to increase their monthly income.
3 How does the PPS Sickness and Permanent Incapacity Benefit work? As a member of PPS, you can purchase Units of Benefit () from PPS Insurance in accordance with your Gross Professional Income (GPI). The younger you join PPS Insurance, the lower your premium. You pay a fixed premium on these and receive benefits for the period that you are unable to carry out your professional duties due to sickness or injury. You also have the option to purchase additional as your GPI grows. The premium on these is determined by your age at purchase. The PPS Sickness Benefit: Pays from day one for an illness lasting 7 consecutive days or longer (including weekends and public holidays) Pays up to a maximum sickness payment period of 728 days for the same, consequential or related illness There is also a partial Sickness Benefit, which is paid if you start working again, after receiving the Sickness Benefit, but you are unable to return to work full-time. This benefit will then assist you during the recovery process. Types of Units of Benefit: Ordinary : Sickness and Permanent Incapacity Benefit Supplementary A : Sickness Benefit only Supplementary B : Sickness Benefit only Deferred : Permanent Incapacity Benefit only Accident : Sickness and Permanent Incapacity Benefit* The PPS Permanent Incapacity Benefit: Pays after the PPS Sickness Benefit period of 728 days Is reviewed and paid based on the severity level of your incapacity Free bonus Units of Benefit, linked to the inflation of that year are also granted, usually annually, to permanently incapacitated policyholders in order to increase their monthly income. Ordinary is our core benefit offering, providing cover for illness, injury or permanent incapacity. Policyholders can in addition to the Ordinary purchase Supplementary A, Supplementary B and Deferred. The PPS Sickness and Permanent Incapacity Benefit is dependent on the number and type of held during that period. That s why it is advised to top-up your each time your GPI increases. PPS Insurance does however issue additional non-underwritten every year to each policyholder to keep pace with inflation. Accident Should your state of health, under normal circumstances, not entitle you to receive cover under any of the other benefit options, or if you have a specific need for accident benefits only, Accident are available. * The Sickness and Permanent Incapacity Benefit pays out for an injury or permanent incapacity resulting from an accident.
4 PPS Sickness Benefit PPS Sickness and Permanent Incapacity Benefit Summary PPS Permanent Incapacity Benefit Ordinary Ordinary Supplementary A Supplementary B Deferred PPS Hospital Benefit (add-on) Occupation Specific Rider Benefit (add-on) Accident Accident Accident PPS Hospital Benefit (add-on) This graph illustrates the types of Units of Benefit that provide cover for sickness, permanent incapacity or both. The PPS Hospital Benefit and OSRB can be taken as add-ons to the Sickness Benefit and Permanent Incapacity Benefit, respectively. The PPS Hospital Benefit can be added to your Accident. PPS Surplus Rebate Account PPS has no external shareholders, which means that the operational surplus and investment returns earned by PPS Insurance are shared among our policyholders. When you purchase the PPS Sickness and Permanent Incapacity Benefit, you are allocated a Surplus Rebate Account (SRA). The value of the account can vary with market movements. A very attractive feature of the SRA is that even if you are in claim for sickness or permanent incapacity, the annual allocations will continue and, as a policyholder, you will continue to share in the operational surplus and investment returns. In the event of your death, retirement or resignation from PPS Insurance, a tax-free lump sum will be paid out based on the value of the SRA. Please note: All benefit options are awarded subject to the normal PPS Insurance underwriting policy and in certain cases standard exclusions will apply.
5 I need to know... Is this an income protection cover? If you had an income protection policy, you would have to prove loss of income when you claim. With the PPS Sickness and Permanent Incapacity Benefit you do not need to prove loss of income in order to be paid all you require is a medical certificate from your doctor and your completed claim form. What units of benefit should I buy? Ordinary Units of Benefit () must be bought before you can buy any other benefit option. This will ensure that you hold a balanced portfolio of cover, since Ordinary will provide you with both Sickness and Permanent Incapacity Benefit. What level of sickness benefit do I need? If you would like to increase the Sickness Benefit beyond that which you could receive from the Ordinary Units of Benefit () you hold, you can: Buy additional Supplementary A and Supplementary B Add the Hospital Benefit option to your portfolio Add Accident should you wish to enjoy additional benefit after an accident What level of permanent incapacity benefit do I need? If you would like to increase the PPS Permanent Incapacity Benefit beyond that which you could receive from the Ordinary Units of Benefit () you hold, you can: Buy Deferred ; and Add the Occupation Specific Rider Benefit option to your portfolio What if I want to take a sabbatical to study further? Whilst remaining a policyholder of PPS Insurance, you have an option to temporarily cease payment of premiums while, for example, pursuing further studies. You would need to notify us in advance to ensure your policy is not suspended. No benefit is payable during the sabbatical or for the three months after you resume premium payment. I plan to emigrate. What happens then, am I still covered? Good news with PPS Insurance you retain your cover if you emigrate. Premiums and claims must be paid in South African Rand, subject to the restrictions imposed by the South African Reserve Bank. How do I claim? Contact your PPS product-accredited financial adviser / broker or our Client Service Centre on , without delay. All you need is your claim form and your doctor s certificate. The claim should be submitted to PPS Insurance within 6 months of the onset of the illness or injury.
6 Reasons to choose the PPS Sickness and Permanent Incapacity Benefit No external shareholders in PPS policyholders can share in the operating surplus and investment returns earned by PPS Insurance Exceptionally low risk profile of our professional members ensures extremely competitive premium rates The younger you are when you purchase Units of Benefit, the lower your premium A reduced premium for policyholders younger than 30 Hazardous pursuits - scuba diving, private flying, climbing, paragliding, parachuting are covered at no additional premium You are covered even if you decide to emigrate or take up temporary work abroad You don t have to prove loss of income in order to claim for illness, injury or permanent incapacity The benefit pays regardless of any other policies or insurance cover you may have Free bonus Units of Benefit are granted to permanently incapacitated policyholders annually, in order to increase their monthly income PPS Sickness Benefit is paid tax-free Premium Pause temporarily stop paying your premiums, for example to study further, without penalties. (The cessation of payment would have to be approved by PPS Insurance and no benefits apply during this period.) Your PPS product-accredited financial adviser / broker is: or call PPS Insurance on 0861 PPS 121 (SA) or (Namibia) PPS Limited (Limited by Guarantee) Reg No. 2001/011016/09 (PPS) PPS Insurance Company Limited Reg No. 2001/017730/06 (PPS Insurance) - an Authorised Financial Services Provider Licence No PPS Insurance Company (Namibia) Limited Reg. No. 2003/122 (PPS Insurance) All information and opinions provided are of a general nature and are not intended to address the circumstances of any particular individual. We are not acting and do not purport to act in any way as an adviser or in a fiduciary capacity. Any representation or opinion is provided for information purposes only PPS. All rights reserved. baker street advertising 005 PPSSPI 01/07