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Terms & Conditions

Important Definitions

Principal Member: must be below age 65 at inception of this policy and have the ability to afford and pay the monthly premiums for the plan stated on the schedule. The principal member must be a permanent resident of South Africa and accept the conditions as stated herein and the premiums indicated in the schedule. Policy will commence on the date that the first premium is received and/or honoured and the policy will continue as long as the future premiums are honoured. The principal member may also be defined as the policyholder in any future correspondence pertaining to this policy.

Spouse: A person who is married to the Principal member by law, Tribal Custom or under the Tenets of any Asian Religion and shall include a Common Law Spouse and where applicable, a relationship between two people of the same gender. The Principal member may, due to a life-changing incident, apply to B3 in writing to change the spouse details within one month of such changes.

Child: An unmarried child of the Principal Member including stillborn child, stepchild, child of any common law spouse of the Principal Member, illegitimate or legally adopted child, providing that proof of any child is submitted to B3 and acceptance acknowledged by the Underwriter. A child who is stillborn shall be covered for funeral benefits if the death occurred after the 26th week of pregnancy. Only 2 stillbirths’ claims will be accepted per family during the term of the policy.

Unmarried children: are covered to below the age of 22 and to below the age of 26 years if a full-time student. Unmarried children who are mentally retarded or totally and permanently disabled prior to age 22, who are unable to care for themselves are covered to death, cessation age of the Principal member or withdrawal (In both instances, proof, satisfactory to the underwriter, of the condition of disablement or confirmation of full-time study must be submitted at claim stage. This does not include part-time correspondence students).

Extended family member: A person on which the policyholder has financial responsibility towards his/her funeral costs in the event of his/her death and shall include but not limited to, parents, parents in law, grandparent, uncles, aunts, brothers, sisters, nephews, nieces, grandchildren and own children above 21 years. There is a maximum joining age of 74 years on this cover and benefit will be limited in accordance to the age of the extended at enrty. The benefit will not decrease due to age i.e. cover at entry will always be applicable unless policyholder elects to change benefits. The policyholder may, due to a life changing incident apply to B3 in writing to change the details of the extended family members within three months of the occurrence of such event. The extended may not be covered with a benefit higher than that of the main member.

Revision Of Terms And Conditions

B3 reserves the right to amend, revoke, vary or alter any of the terms and conditions of this policy, and giving all its members a 30 days notice period.


The policyholder as well as B3, reserves the right to cancel this policy at any time after giving the other party written notice of such intention.

Surrender Values

There are no surrender values attached to this policy. Benefits under this policy may not be ceded or pledged in any way. No loans will be granted against this policy.


The beneficiary is the person fully described in the schedule to this policy who has been elected by the principal member to receive the benefits or direct the usage of the benefits claimed as a result of the death of the principal member.

Premium Payer

The Premium Payer is the person selected by the Principal member to be responsible for payment of premiums. The premium payer may also be the Principal member.

Waiting Periods

There is a 9 (nine) months waiting period for claims due to natural causes in respect of all lives below 65 years at entry and benefits of R50,000 and below. A further 3 (Three) months period will be applicable for those benefits in excess of R50,000 in respect of deaths due to natural causes. There is a 12 (twelve) months waiting period for claims due to natural causes in respect of all lives above 74 years at entry. Where a higher benefit is selected than in a previous plan, a 9 (nine) month waiting period will apply to the increased amount. Where the premium payment is missed and then resumed, the applicable waiting period will apply from the date payment of premiums is resumed. Suicide will not be covered during the first 2 (two) years of membership.

Other Pertinent Conditions

Each Principal Member must complete an application form electing his / her dependants. In the event of duplication of cover, the underwriter will not be liable for any accumulation of benefit on any one life covered, which exceeds R50,000 in respect of those below 75 years. B3 reserves the right to review the premium rate in line with inflation, market and actual claims experience of the business and in general on the Scheme anniversary date. This increase is not in any way associated with the normal escalation of benefits premium increase as stipulated in the Benefit Escalation clause. In respect of each policy, the maximum number of dependents’ that may be covered is limited to 10 or less as stated in the description of the combo plan. e.g. The “Member plus six Combo plan” will be limited to a maximum of 6 dependants. In the event that the member elects to change the dependents’ covered, such change must be communicated in writing and the new dependants shall attract waiting periods as stipulated in the waiting periods conditions.

Escalation Of Benefits

Included in your terms and conditions and choice provided in your application of this policy is an automatic escalation of premiums. 

The benefits will be escalated in the following manner:

  • 5% escalation in premiums – escalation of 3% in benefits.
  • 10% escalation in premiums – escalation of 5% in benefits.
  • 15% escalation in premiums – escalation of 7% in benefits.

Cooling Off Period

From the date that B3 receives the first premium, there is a 30 day period in which the applicant still has an option to cancel the policy. B3 must be notified in writing to have the policy cancelled and any premiums that may have been paid or deducted, refunded. If no such notification is received withing 30 (thirty) days from the payment and/or deduction of the premium, in writing, B3 will consider the policy taken up.

Important Warning

It is very important that you are quite sure that the product or transaction meets your needs and that you feel that you have all the information you need before making a decision. It is recomended that you discuss with the intermediary or insurer the possible impact of the proposed transaction or your finances, your other policies or your broader investment portfolio. You should ask for information about the flexibility of any proposed policy. Where paper forms are required, it is advisable to sign them only once they are fully completed. Feel free to make notes regarding verbal information, and to ask for written confirmation or copies of documents. Remember that you may contact either the long term insurance Ombudsman or the registrar of long term insurance, whose details are set out below, if you have any concerns regarding a product sold to you or advice given to you. B3 is an authorised financial service provider to render services and act as an intermediary in the Long-Term insurance categories 1A and B, amongst others. B3 is an independant broker with written mandates from Safrican and Prosperity Life Insurance. It has no interest in any of the Insurers. B3 earns an average administrative fee of 30% and an average marketing fee of 10% of premium. Collection fees of an average of R5 per policy are also included in the premium. The covers offered under this policy include assistance benefits as well as life benefits.

B3 is an Authorised Financial Services Provider, FSP no. 20662

Complaints Process

Should there be complaints with regards to any policies purchased after September 2004; clients must submit these complaints in writing to B3. Upon receipt of complaints, B3 will provide written acknowledgement of receipt of the complaint and endeavour to resolve the same. Should you not be satisfied with the final response, clients may direct their complaints to the FAIS Ombud at the details below.

Claims Procedure

In the event of a death, the beneficiaries must contact B3 as soon as possible to arrange the provision of a funeral service. All deaths where B3 is not arranging the funeral must be notified to B3 within 3 (three) months of the date of death with the following documentation.

  • Certified death certificate
  • ID document of the Deceased (must be stamped DECEASED)
  • ID document of the claimant
  • Removal order-For a disabled child, confirmation of the Disability Grant, copy of the medical application or medical report is required.

Failure to do so within the first 3 (three) month period from date of death, could result in the benefit being forfeited. Claims in respect of dependants will only be paid where such dependants have been nominated on the original application form. The underwriter and / or B3 reserves the right to request any further documentation or information as it may seem necessary to accurately assess a claim.

Complaints Department

Telephone: (011) 747 5400
Email Address: complaints@b3insurance.co.za

Client Services:

Telephone: (011) 747 5400
Email Address: clientservices@b3insurance.co.za

Details Of Fais Ombud

Telephone: +27 12 470 9080
Facsimile: +27 12 348 3447
E-mail Address: info@faisombud.co.za
Website: www.faisombud.co.za

Details Of Underwriter

This product is underwritten by the following underwriters:

1Life Insurance Limited
Tel: 0860 10 52 71
Fax: 0860 10 51 97
FSP No: 24769
Reg No: 2005/027193/06