South African insurance and investment product offering

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1 n insurance and investment product offering Various products have been developed by each of Liberty s business units aimed at providing competitive and relevant benefits and services to their chosen markets. The summary below provides an overview of the current product sets by business unit. Growth Series Plans Plan (with income option) Multiple- Access Plan Flexible Plan Offshore Plan Guaranteed Plan (with income option) RETAIL SA A single premium life insurance investment policy, with a minimum term of five years. This product allows investors to gain exposure to more than one investment portfolio on the same investment policy. The investor has the choice of splitting the total initial premium between various investment portfolios, ranging from money market portfolios to risk profiled portfolios as well as specialist portfolios investing in specific asset classes or geographic regions, amongst others. This product has the optional benefit to provide a guaranteed income annuity. The investor takes cession of an endowment policy that has been in force for at least five years. This enables immediate liquidity of the investment. The Multiple- Access Plan will offer a choice of risk profiled and specialist portfolios, so that investors can tailor the investment to their unique needs. Available either as an endowment or as a sinking fund. This makes it attractive to the investor who wants to nominate life assureds or to corporate investors, investments held by trusts and high net worth investors. This product is a single premium pure investment policy, with a minimum term of five years. The Flexible Plan groups associated policies under one bundle offering cost savings and flexibility. A single premium life insurance investment policy that allows investors to invest their money offshore in a variety of portfolios, using their R4 million personal offshore allowance. The investor has the choice of splitting the total initial premium between various investment portfolios. A single premium investment where the guaranteed benefit at the option date is determined at inception based on prevailing interest yields at that date. The product s benefits payable at the fifth policy anniversary are fixed at the outset and hence it is not a unit-linked product. This product has optional benefit to provide a guaranteed income annuity. Growth Series Pre-Retirement Plans Pension/ Provident Fund Preserver An approved umbrella Pension or Provident Fund to which members of an existing employer s Pension or Provident Fund can transfer their accumulated benefits on termination of service, in order to ensure the preservation as well as the continued growth of such benefits. The investor has the choice of splitting the total initial premium between various investment portfolios. Affluent and mature Family mid market, affluent and mature

2 n insurance and investment RETAIL SA (continued) Growth Series Pre-Retirement Plans (continued) Retirement Annuity Plan A non-life single premium pure investment retirement vehicle allowing a policyholder to provide retirement income and capital upon retirement at their selected retirement age. It allows additional premiums anytime during the term of the policy. The investor has the choice of splitting the total initial premium between various investment portfolios. Mainly affluent and mature Builder Series Builder Retirement Annuity Builder Education Builder Business Series Linked Repayment Option A pure investment vehicle that allows the policyholder to pay regular premiums with the ability to add additional single premiums to the policy. This product will also allow a client to invest a single premium without committing to regular premiums. The investor has the choice of splitting the premium between various investment portfolios. Allows the member to pay regular premiums to a nonlife retirement annuity, with the option to make additional premiums at any time. The product will also allow a client to invest a single premium without committing to regular premiums. This is a pure investment retirement vehicle allowing a member to provide retirement income and capital upon retirement at the selected retirement age. The product operates in the same way as the Builder but with the focus on saving for the cost of a policyholder s child s education. The policyholder can also add the EduCator risk benefit in order to give the policyholder comprehensive cover to provide for his or her child s education in the event of the parent(s) death or disability. Income Series Pre-Retirement Income A pure investment vehicle that allows the policyholder to pay regular premiums with the ability to add additional single premiums to the policy. This product will also allow a client to invest a single premium without committing to regular premiums. The product is part of a debt redemption structure, which enables a qualifying company to finance their structured loan with a bank via an alternative repayment option. All segments Mid market family SME owners and businesses Life Annuity (inflation protection optional Life annuities provide certainty of future income as the payments are specified and guaranteed under the terms of the policy. Offers a guaranteed income for a certain period (if a guarantee term is selected) or for life that can be customised for specific needs. It allows the option to add an income escalation benefit, at inception of the annuity, to help protect against the effects of inflation. The income escalation must be a fixed percentage increase every year. Retirees

3 n insurance and investment Income Series Pre-Retirement Income (continued) RETAIL SA (continued) Guaranteed Income Annuity This will pay a fixed regular income to the policyholder for a term of between 5 and 20 years, which is selected upfront. The policyholder has the option of selecting the frequency of payment and whether the income increases each year at a fixed rate. Mature and retirees Income Series Retirement Income Living Annuity Lifestyle Protector Lifestyle Protector This is compulsory purchase annuity allowing the proceeds from a maturing retirement fund or retirement annuity to be invested in a selected range of investment portfolios. It is a flexible annuity providing an attractive alternative to traditional fixed interest annuities. The income drawn is a portion of the investment value and thus depends on the underlying portfolios selected. Includes risk products (life protection, loss of income protection, lifestyle protection risk) and unit-linked (policy protection). Retirees All segments Emerging Customer Market product range Life Cover Plan Funeral Plans plan Accident plan Credit Life Credit Life The Life Cover Plan is a policy that pays out an amount on the death or disability (if applicable) of the principle life assured. A total and permanent disability benefit is offered. This is an accelerated death benefit. The maximum sum assured offered on this policy is R Funeral Plans offered include: Standard Funeral Plan Comprehensive Funeral Plan (built in paid up option at age 65) Parents Funeral Plan. This is a recurring premium investment product with a minimum premium of R150 for a 15-year term, a R300 minimum premium for a 10-year term and a R500 minimum premium for a five-year term. The product has a longevity bonus such that after five years the client gets back five premiums, after 10 years 10 premiums and after 15 years the client will receive 15 premiums back as a reward. The Accident Plan is a recurring premium life insurance contract that provides cover for death and permanent disability due to an accident. The cover amounts range from R to R Credit Life is offered on credit cards, home loans, personal loans and funeral products. Entry level market All segments Liberty sells medical expense cover on behalf of the Liberty branded Liberty Medical Scheme. The scheme is an independent entity governed by elected trustees.

4 n insurance and investment Retirement Fund Administration CORPORATE Corporate Selection Corporate Selection Standalone Retirement Fund Administration Solutions Corporate Series Corporate Non- Profit Annuity Range Cashflow Hedge Solutions Group Risk Solutions Allows employers to provide flexible risk and retirement benefits to their employees in a single integrated product. Provides a comprehensive range of benefits to meet the needs of both large and small corporate clients. Employers are able to access either umbrella Provident or umbrella Pension funds. Both of these have professional retirement fund governance structures in place. Administration services are offered to large stand alone retirement funds, where all the assets are held in policies of insurance. Ideally, membership of funds should be in excess of The product offering for this type of fund includes the following: Collection and reconciliation of contributions; Claim payments; Production of the rules and administration agreements; Production of the annual financial statements as well as the management of incoming and outgoing s14 s; and Complaint and query handling. A comprehensive range of lifestage and risk profiled portfolios as well as a range of single and multi managed portfolios, including Shariah compliant solutions. A selection from this range is available on the Corporate Selection Umbrella Fund, with the full range being made available to standalone funds. A comprehensive range of non-profit annuity solutions that allow employers to outsource their defined benefit pension fund or post-retirement medical aid obligations to Liberty Corporate. The annuity range includes level annuities, CPI-linked annuities and annuities with fixed percentage increases. Similar to an annuity but without any mortality transfer. This product guarantees to pay a predetermined set of cash flows and hedges the purchaser from the investment risk associated with the payments. SME/Medium Business Large Funds Large Funds Small to Large Pension Funds Large Pension Funds Group Life Assurance Dread Disease Provides life cover and is payable as a lump sum, either as a multiple of salary or fixed rand amount, on the death of a member. Also available under this product is accidental death and spouse death cover. In conjunction with group life assurance, dread disease cover provides a lump sum payment on the diagnosis of a stated dread disease. This benefit can be offered on a basic or comprehensive basis, and as an accelerated or non-accelerated version of the death benefit. SME/Medium Schemes

5 n insurance and investment Group Risk Solutions (contiued) CORPORATE (continued) Capital Disability Provides employees with protection against both disability (occupational capital disability) and impairment (progressive capital disability). The claim amount may be either the full benefit amount or a percentage thereof depending on the benefit selected. This benefit pays a cash lump sum to cover funeral expenses on the death of a member or a member of their immediate family. It provides cover for the member, one spouse and children up to the age of 21 years. Exceptions to this will be made where a child remained financially dependent on the member after the age of 21. s include body repatriation, additional services and a 24 hour client and claims assistance service. A monthly disability benefit will replace a member s income should they become disabled or impaired and unable to work. In addition, a premium and medical aid waiver, payback benefit and rehabilitation services are offered. Designed to cover the cost of education for a member s children in the event of a member s death or disability (depending on the option selected). The Educator benefit may be selected on any scheme that has group life cover and offers both a foundation and progressive option. Family SME/Medium Schemes Income Protection Plan Educator Critical Condition This is an advance lump sum payment of all or part of the death benefit and provides financial protection in the event of certain critical illnesses. SME/Niche/Large Schemes Death This benefit pays a lump sum to the retirement fund or member s beneficiary on the death of the member before retirement. This benefit is usually a multiple of the employee s annual salary. Pays out a lump sum in the event of the death of the member, spouse, children or extended family member whilst the member is employed. The purpose of this benefit is to provide cover to assist with the funeral costs. Pays a monthly benefit until the member recovers, dies or up to normal retirement age to an employee who becomes totally disabled, regardless of whether the condition is temporary or permanent. This pays a monthly income benefit until the member recovers, dies or up to normal retirement age to an employee who is totally disabled, regardless of whether the condition is temporary or permanent. The advantage of this product is that it also covers rehabilitation costs, where applicable. The permanent disability benefit provides a lump sum payment to a member who is permanently and totally disabled. Funeral Income Replacement Niche/Large Schemes Managed Income Replacement Permanent Disability

6 n insurance and investment Intelligent Insurance CORPORATE (continued) PRMA Buy-in PRMA Buy-out Provides a solution to employers with a liability to their pensioners relating to funding post-retirement medical aid (PRMA) contributions. An employer owned annuity policy is issued by Liberty Corporate, with the medical aid as the beneficiary. This policy hedges the employer s mortality and investment risk (depending on the type of annuity chosen vs. the employer promise) but does not entirely sever the link between the employer and pensioners. Provides a solution to employers with a liability to their pensioners relating to funding post-retirement medical aid (PRMA) contributions. A bulk annuity is issued by Liberty Corporate (with each individual pensioner receiving a certificate of participation) with the medical aid as the beneficiary. This policy replaces the original promise made by the employer and severs the link between the employer and the pensioner completely. Liberty Corporate Consultants and Actuaries Companies with PRMA obligations Consulting Provides independent benefit consulting/advisory and trustee support services directly to retirement funds, or via an intermediated model. Access to the long-term insurance market also enables the sourcing of optimum risk benefit arrangements for clients. An investment advisory service for institutional clients, which incorporates analysis of liabilities, advice on investment management, asset manager selection, decision making frameworks and governance. Actuarial consulting services offered include actuarial valuation of pension and provident funds, post-retirement medical aid valuations, accounting valuations, full or partial conversions, costing of benefit changes and cash flow projections. In addition, healthcare consulting as well as employer solutions related to bonus structures and mergers and acquisitions are provided. Large Institutions/ Large Funds Asset Consulting Actuarial Consulting Niche/Large Schemes and other selected African territories STANLIB RETAIL Discretionary s Classic Plan A linked investment vehicle that offers investors the flexibility to tailor their investment according to a personal need and risk profile. Enables investors to diversify their investments and minimise risk by blending collective investments, structured products and a call account in a single administrative platform. Investors can change their allocations into these products at anytime. The vehicle can accommodate both single premiums and recurring investments, with no investment term. Tied Distribution Independent Financial Advisers, Direct Client segments

7 n insurance and investment Compulsory s STANLIB RETAIL (continued) Classic Retirement Annuity (1) Classic Preservation (Pension/ Provident) Plans (1) Classic Linked Life Annuity (1) Discretionary s General A retirement saving vehicle that offers investors the opportunity to supplement their income at retirement. The vehicle can accommodate both single premiums and recurring investments, with no investment term. Preservation plans are retirement saving vehicles specifically aimed at preserving the retirement benefits of members in provident or pension funds. STANLIB offers two types of preservation plans, namely the Classic Preservation Pension Fund, which allows for transfers from approved pensions funds, or the Classic Preservation Provident Fund, which allows for transfers from approved provident funds. Only capital from pension or provident funds can be invested into the plan. A retirement vehicle that provides a retired investor, with a regular income during retirement. The income payments are directly linked to performance of the underlying product. Annual payments of between 2.5% and 17.5% can be selected by the investor and changed anytime. Only capital from pension or provident funds can be invested into the plan. Tied Distribution Independent Financial Advisers, Direct Client segments Unit Trusts STANLIB offers a range of collective investment schemes, ranging from fixed interest, equity and money market funds. STANLIB has 53 single manager domestic funds, 13 offshore funds, 16 multi-manager funds, 17 Africa funds and 12 rand-denominated asset swap funds. into these funds can be made either directly, through the linked investment vehicle or retirement plans. (1) Enable investors to invest in a range of collective investment schemes and a call account on a single administration platform. Investors can change their allocations at anytime. STANLIB CORPORATE Cash Solutions Money Market Solutions Money Market Plus Solutions Highly liquid, capital protection cash. Average duration of three months. Main products are the corporate and institutional money market propositions. Suitable for all corporates and retirement funds that have excess cash on which the best possible return is required, but liquidity is necessary. This proposition is also available as unit trusts and segregated portfolios. Semi-liquid, quasi-cash. Average duration of six months. Such portfolios are utilised as core structures for cash plus (fund) propositions. This proposition is also available as a unit trust, pooled assets and segregated portfolios. General Corporate, Public and Medical sectors, Pension and Retirement Funds, Namibia, Lesotho and Swaziland

8 n insurance and investment Product name Product descrition main target segment Territory offered Non-Cash Solution STANLIB CORPORATE (continued) Equity Solutions (2) These are considered long-term solutions due to the volatility of the asset class. These solutions include value, growth and core equity propositions. These are considered the least risky of the non-cash options medium to long-term investments. These solutions include bond, income and aggressive income propositions. Diversified portfolio holdings, providing consistent returns. These solutions include absolute return and balanced propositions. They are available as domestic only or global propositions. These solutions include Africa and International property propositions. Origin Asset Management is used for offshore equity and Brandywine Global for offshore bond solutions. Diversified investments into listed property. These solutions include an institutional property proposition. Fixed Interest (2) Multi Asset Solutions (2) General Corporate, Public and Medical sectors, Pension and Retirement Funds, Namibia, Lesotho and Swaziland International Solutions (3) Property Solutions (3) Alternative s These are investments that apply quantitative, indexation and optimisation methodologies. Products in the group includes: Exchange Traded Funds (ETFs): Top 40 and SWIX 40 Quants Fund Enhanced Equity Index Index tracking: ALSI40 Tracker and ALSI Tracker. General Corporate, Public and Medical sectors, Pension and Retirement Funds (2) Can also be offered in the following manner: Unit trust; using both single manager and multi-manager funds (minimum investment R10 million) Tailored segregated portfolios, with a specified mandate (minimum investment R100 million) Pooled portfolios (minimum investment R10 million) (3) Can also be offered in the following manner: Unit trust; using both single manager and multi-manager funds (minimum investment R10 million) Tailored segregated portfolios, with a specified mandate (minimum investment R100 million) HEALTH Blue Primary Risk A healthcare program, whereby employees are offered standardised healthcare benefits, wherever they are in Africa. FRANK FINANCIAL SERVICES Multinational corporate employees Angola, Kenya, Malawi, Mauritius, Moçambique, Namibia, Nigeria, Tanzania, Uganda, Zambia and Zimbabwe Life Cover (4) The product is whole of life. It has a five year premium guarantee with 6% automatic premium increases. Cover provided up to a maximum of R10 million through an automated underwriting process. People content to buy direct/online

9 n insurance and investment Primary Risk (continued) FRANK FINANCIAL SERVICES (continued) Salary Protection (4) Disability Cover (4) This is a term product to age 65. It has a five year premium guarantee with 6% automatic premium increases. Cover provided up to 75% of gross monthly salary to a maximum of R through an automated underwriting process. The product provides for salary protection against disability, serious illness and retrenchment. A five year premium guarantee with 6% automatic premium increases. Lump sum cover provided up to a maximum of R5 million through an automated underwriting process for own or suited occupation. A five year premium guarantee with 6% automatic premium increases. Lump sum cover provided up to a maximum of R2 million through an automated underwriting process for four major conditions/illnesses. People content to buy direct/online Serious Illness Cover (4) Secondary Risk Life (Injury Only) Salary Protection (Injury Only) Accidental version of various covers which can be offered to clients that do not fulfill the suspensive condition of returning a non reactive HIV test within 90 days of commencement, or who are declined life cover for specific medical or lifestyle reasons and who are approved for the accidental version. People content to buy direct/online Disability (Injury Only) Cancer (4) Cover provided subject to the suspensive condition of a non reactive HIV test within 90 days from commencement. These products have no surrender value.

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