Waiting Period & Exclusions: Retrenchment Benefit

Waiting Periods

“Waiting Periods” means the periods, starting on the Commencement of Insurance, and any increase to the Sum Assured or benefit amount, during which the occurrence of a claim does not result in a benefit under this Addendum becoming payable. For the purpose of this definition “occurrence of a claim” means the earlier of any of the following events:

• The Life Assured is retrenched;
• The Life Assured is notified of a possible, or actual retrenchment;
• An indication of a potential retrenchment under general or specific notification.

The Waiting Periods for this Benefit shall be:

• From Commencement of Insurance – 90 days;

Exclusions

OMART will not be liable to pay a Retrenchment Benefit if any of the following directly or indirectly applies:

• The Life Assured resigned, retired or accepted voluntary retrenchment or redundancy;
• The Life Assured was aware at the Commencement of Insurance or had reasonable grounds for believing that he/she would become unemployed, retrenched or redundant;
• The Life Assured lost his/her job due to theft, fraud, dishonesty or any misconduct on his/her part, or received in the 6 (six) months prior to the Commencement of Insurance one or more verbal or written reprimands which constituted part of his/her employer’s disciplinary procedures;
• The Life Assured had not been employed on a fulltime or part-time permanent basis for at least 12 (twelve) consecutive months at the time he/she was retrenched;
• The Life Assured was self-employed, or employed as a partner in a partnership, a member of a close corporation or a director of a company, or employed in a business owned by a family member of his/hers, or where the Life Assured undertook seasonal work, or where unemployment is a regular feature of his/her work;
• The Life Assured’s unemployment was caused by or due to:
  • a strike, labour dispute or industrial action whether the Life Assured was participating or not;
  • pregnancy, childbirth, illness or injury;
  • expiry of the fixed term of a renewable contract of employment;
  • caused by any lawfully constituted authority nationalising, confiscating or commandeering the assets of his/her employer.

NB: Kindly refer to your policy document for the detailed waiting periods,exclusions, terms and conditions relating to the Bond Protection Endurance Policy.