Basic Needs Benefit Clause Samples

Basic Needs Benefit. 2.1 The Basic Needs Benefit payable in terms of this Basic Needs Benefit Policy is set out in Annexe E.6, as amended from time to time, as provided for in Part I of this Pukwana ya Kganya Contract, and comprises – 2.1.1 a core Basic Needs Benefit as set out in Table 1 of Annexe E.6; and 2.1.2 a loyalty Basic Needs Benefit as set out in Table 2 of Annexe E.6, which may become payable in addition to the core Basic Needs Benefit as provided for in clause 2.6 of this Part V. 2.2 The Basic Needs Benefit is payable in the form of Monthly Vouchers payable for a period of 6 (six) consecutive Months, which can be used at selected retailers as set out in the Annexe E.6, as amended from time to time, to care for the basic needs of the Beneficiary upon the happening of an Insured Event in respect of the Policyholder. 2.3 The Monthly Vouchers may not be redeemed for cash and may only be used as payment for goods purchased at the retailers listed in Annexe E.6. 18 Part V inserted with effect from 1 April 2023. 2.4 Upon the happening of an Insured Event, the Basic Needs Benefit payable in terms of this Basic Needs Benefit Policy in the form of Monthly Vouchers will be paid by the Insurer to - 2.4.1 the Policyholder, in the event of – 2.4.1.1 the Permanent Disability of the Policyholder; or 2.4.1.2 the contraction, experience or suffering of a Dread Disease by the Policyholder, and/or 2.4.2 the nominated Beneficiary, in the event of the death of a Policyholder, subject to the provisions of clause 6 of this Part V.