Cessation of Third-Party Policy Premiums – 31 October 2019

Posted on July 31, 2019

The University will cease to deduct all third-party policy premiums on behalf of employees, from 31 October 2019. This will include premiums such as: annuities, funeral cover and life insurance policies.

Employees will be given a phase-out period of three months to arrange the necessary debit orders in their personal capacity.

Employees will need to arrange for their premiums to be deducted via debit orders from their personal bank account.

The cessation of the third party policies will apply to the following institutions:

  • Old Mutual Annuities
  • Sanlam Annuities
  • Metropolitan Annuities
  • Old Mutual Group Scheme Annuities
  • Momentum Annuities
  • African Life Annuities
  • Sage Annuities
  • Old Mutual Group Insurance
  • Forbes Direct
  • Indwe
  • Old Mutual Life Insurance
  • Forbes Direct

 

  • Old Mutual Life Insurance
  • Sanlam Life Insurance
  • Avbob Insurance
  • African Life Insurance
  • Legal Wise
  • Momentum Life Insurance
  • Regent Insurance
  • Assupol Insurance
  • AIS Insurance
  • Prosper Care
  • Liberty

 


Arrears policy premiums will not be processed by the University, should employees fail to implement the necessary debit orders by the end of the phase-out period (31 October 2019).

The responsibility for any arrears that may apply, will be that of the policy holder.

The implementation date will be confirmed after consultation with stakeholders where tax, legal and financial implications will be considered.

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