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The premium per member is calculated according to the member's age,sex and amount of cover. From the table below, you can see that the premium paid for older members is higher than the premium paid for younger members for the same amount of cover.
|
Employee's Name |
Age |
M/F |
Monthly Fund Salary |
Amount of Life cover
(R5 000 X 24 months) |
Monthly Life Cover Premium |
|
Member 1 |
24 |
F |
R 5 000 |
R 120 000 |
R 15.31 |
|
Member 2 |
29 |
F |
R 5 000 |
R 120 000 |
R 15.31 |
|
Member 3 |
34 |
F |
R 5 000 |
R 120 000 |
R 16.70 |
|
Member 4 |
39 |
F |
R 5 000 |
R 120 000 |
R 19.48 |
|
Member 5 |
44 |
F |
R 5 000 |
R 120 000 |
R 26.44 |
|
Member 6 |
49 |
F |
R 5 000 |
R 120 000 |
R 37.19 |
The premium is paid by the employer in addition to the provident fund contribution.
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