Assupol Life Insurance Review 2023

Assupol life insurance is a life insurance policy with monthly premiums starting at R73.00. The Assupol life insurance policy provides […]

assupol life insurance

Assupol life insurance is a life insurance policy with monthly premiums starting at R73.00. The Assupol life insurance policy provides coverage ranging from R300,000 to R10,000,000.00. Cash back is also available depending on the life insurance product chosen, with 10% of premiums returned after 15 years of no claims.

The Assupol life insurance policy can be enhanced depending on the life insurance policy that has been purchased. Add-ons to a life insurance policy, on the other hand, require an additional premium. Here are some extras that can be added to Assupol life insurance to make it more comprehensive:

  • Disability cover. 
  • Critical illness cover. 
  • Loan protector. 
  • Premium waiver. 
  • Education Option (Assist to fund children’s education). 
  • Retirement Annuity Maturity Reward. 
  • Premium waiver retrenchment. 
  • Assupol oncall. 
  • Oncall plus 

The addons on the Assupol life insurance will require the life insured to choose a specific cover amount. Therefore, the principal insured have to ensure that the amount of insurance on addons is a correct cover amount. 

Assupol life insurance has a number of plans that one can choose from. We discuss these plans in great detail below. 

Assupol Life Insurance Plans

Progress Legacy, Progress 4life, Progress 4sure, and Progress Accident plan are among the life insurance plans available. We will examine and evaluate each of the four plans as follows.

1. Progress 4Sure Plan

Assupol Progress 4Sure life insurance is a life insurance policy with monthly premiums starting at R90.00. The life insurance policy includes a death benefit of up to R300,000.00. The Progress 4Sure plan includes 4Sure loyalty rewards, which pay 10% of premiums after 10 years of no claims.

Principal life insured can receive a number of benefits from Progress 4Sure life insurance. Below, we go over the features and benefits of Progress 4Sure life insurance:

  • Monthly premiums start for R90 per month. This is dependent on your risk profile.
  • You get a funeral cover of R10,000.00 for you and your spouse to help should anything happen to one of you. Payout is within 24 hours or sooner when you or any of your family members claim.
  • Payout of up to R300,000.00 on your death.
  • This policy can be used as a security for debt such as a home loan.
  • Due to inflation your cover amount increases, as well as monthly premiums.
  • Cover phases in over 18 months for claims of natural causes.
  • This policy has an option to increase it to up to R1 Million cover after 5 years.

Benefits of Assupol Progress 4Sure life insurance that require an additional premium:

  • Funeral cover for your parents and children.
  • Your family can get premiums waiver upon your death without paying any premiums if you die.
  • 100% of your premiums can be paid back every claim-free ten years.
  • You can get a waiver on your monthly policy premiums should you face retrenchment. This is up only available up to six months.

The Progress 4Sure Plan is ideal for a first-time life insurance buyer. This is because the plan is affordable and cover key areas that life insurance should cover. It also includes a funeral cover of R10,000 which is a bonus.

2. Progress 4life Plan

Assupol Progress 4life is a life insurance policy with monthly premiums starting at R120.00. The Assupol Progress 4life has a maximum cover of R1.2 million. Progress 4life offers cash back through the 4life loyalty reward, with 10% of premiums refunded every 15 years if you do not make a claim.

Below, we look at the additional benefits that come with Assupol Progress 4life life insurance.

Here are the added benefits of the progress 4life plan:

  • Pays out up to R1,200,000.00 on your death.
  • Funeral cover of R20,000.00 for you.
  • You can use the policy as security for debts such as a home loan.
  • The plan covers immediately deaths that are due to natural causes.
  • Yearly benefits and premiums increase to keep up with inflation.

With additional premiums, you can get funeral coverage for your spouse and children, disability and critical illness coverage, premium waiver on retirement, premium waiver on death, and 10% of your premiums refunded every 15 years.

3. Progress Legacy Plan

Assupol Progress Legacy is a life insurance policy with monthly premiums starting at R150.00. The Assupol Progress legacy has a maximum cover amount of R10 million. At an additional cost, the plan can include a disability and a critical illness cover.

The benefits of the Assupol Progress legacy plan include:

  • Pays out up to R10 Million on your death.
  • Premiums start from R150 per month.
  • Premiums and cover benefit increase yearly to keep up with inflation.
  • For those with both the Progress Legacy Plan and Carefree Life Retirement annuity, their retirement value may increase if they qualify for the RA maturity rewards.

4. Progress Accident Plan

Assupol Progress Accident is a no-blood-test, no-medical-question insurance policy with monthly premiums starting at R73.00. The Assupol Progress Accident plan provides cover of up to R1 million. The Assupol Progress Accident plan covers the principal insured immediately after purchasing the plan.

Advantages of the Assupol Life Insurance 

  • There are numerous life insurance plans available.
  • All plans have a low minimum premium amount.
  • Some plans provide a cash back benefit after 10 or 15 years claim free.
  • Some plans increase the coverage amount to help with inflation.
  • There are addons available to help improve the covers.

Disadvantages of the Assupol Life Insurance 

  • Those that want a life cover that is over R10 million cannot be catered for. 
  • Rewards only apply every 10 to 15 years.

Conclusion

Assupol Life insurance provides a wide range of life insurance plans for individuals. Plans are well calculated and suit different individuals looking at different individual needs. The plans come at a very affordable monthly premium.

Before shopping for a life insurance policy you need to understand that your premiums will be dependent on a number of things. So, familiarise yourself with what Assupol will need from you before taking a life insurance policy.

Take advantage of low premiums by keeping healthy and by avoiding unhealthy habits. Taking medical insurance can benefit you a lot in saving on your life insurance premiums.

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