AVBOB MUTUAL ASSURANCE SOCIETY

ONDERLINGE VERSEKERINGSGENOOTSKAP AVBOB

INCORPORATED UNDER PRIVATE ACT NO 7 OF 1951 / INGESTEL INGEVOLGE PRIVATE WET NR 7 VAN 1951

368 MADIBA STREET / MADIBASTRAAT 368 PRETORIA 0002

PO BOX / POSBUS 1661 PRETORIA 0001
TEL (012) 303-1000 FAX / FAKS (012) 323-4461

Ref : 0 / 26 / AL6579385X4
Call : 0861 28 26 21
MR DT DIKOTLA Fax : 012 303 1383
NO 5 FERANTI STREET Email : [email protected]
UNIT 25
USSD-Dial : *120*28262#
HEMINGWAY HEIGHTS
VANDERBIJLPARK Website : www.avbob.co.za
1900
28 June 2021
Dear MR DIKOTLA

POLICY NUMBER : AL6579385X4

Thank you for placing your policy with AVBOB Mutual Assurance Society (“AVBOB”). Your application for
insurance has been accepted and the start date of the policy is 01 August 2021. Enclosed is the policy contract
with particulars regarding the policy as well as the policy terms and conditions.

The risk on this policy starts on the start date i.e. 01 August 2021, or on the first day of the month in which the
first premium is received, whichever is the later. Therefore, if the first premium is received (not deducted from
your salary or bank account) before the start date, the risk will start on 01 August 2021, but if the first premium is
received after 01 August 2021 the start date may be adjusted according to AVBOB’s exclusive discretion.

The acceptance of the risk is also subject thereto that if there is any change between the date on which you
signed the application form and the date on which the risk starts, that may affect the risk and you do not notify
AVBOB thereof, this acceptance will be null and void. AVBOB may re-assess the risk after you have notified it of
any such change.

AVBOB offers a 31-day review period during which you have the right to review the terms and conditions of the
policy and amend or cancel this policy at no cost to yourself. Should you not be entirely satisfied with the policy,
any premiums paid during this period will be refunded to you. The cancellation of this insurance can, however,
only be done if no benefit has yet been paid or claimed or an event insured against has not yet occurred. Should
you decide to amend or cancel your policy, please communicate your decision to us in writing within 31 days
after delivery of this letter.

You may also phone our Call Centre on 0861 28 26 21 for any enquiries. Please always have your policy
number at hand if you do so. Alternatively, you can email AVBOB at [email protected], or you can write to:

The Manager: Customer Experience

AVBOB Mutual Assurance Society
P O Box 1661
PRETORIA
0001

If any of your queries related to this policy have not been dealt with to your satisfaction after you have contacted
AVBOB, you have the right to approach the office of the Ombudsman for Long-Term Insurance within six months
thereafter, at telephone number 021 657 5000, or fax number 021 674 0951. Alternatively, you can write to: The
Ombudsman for Long-Term Insurance, Private Bag X45, Claremont, 7735.

Should you however, have any queries about the suitability or quality of the financial advice you have received,
please do not hesitate to contact our Complaints Department at telephone number 0861 28 26 21, fax number
0867 54 68 76 or email [email protected]. If you then still feel that you have suffered or are likely to
suffer financial harm, or have been treated unfairly by AVBOB or a representative, you have the right to
approach the Ombudsman for Financial Services Providers at telephone number 0860 32 47 66, or fax number
012 348 3447. Alternatively, you can write to: The Ombudsman for Financial Services Providers, P O Box 74571,
Lynnwood Ridge, 0040.

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DIRECTORS: JJ VENTER (CHAIRMAN) CR VAN DER RIET (MANAGING) LC CELE TA COOPER (FINANCIAL) NA COWIE PA DELPORT
HA LAMBRECHTS MPP NYAMA NG PILANE (BUSINESS DEVELOPMENT) D PILLAY (COMMERCIAL) JF RADEMAN
DP SEMENYA
AVBOB is an authorised Financial Services Provider / AVBOB is 'n Gemagtigde Finansiële Diensteverskaffer
AVBOB is a level 2 B-BBEE contributor / AVBOB is 'n vlak 2 SEB bydraer
For your information we supply the under mentioned particulars with regard to the policy:

Table : J18

Type of Insurance : Cash Back Funeral Cover

Start date : 01 August 2021

Commission payable : 1st year : R 1,847.34

.........................................2nd year : R 615.16

Total Premium including policy fee : R 260.00 Monthly

Policy Fee : R 10.00

Guaranteed minimum insured amount in

respect of the basic policy (any debt : R 20,000.00
against the policy will still be deducted)

All references to “policy” and/or “application” and/or “premium” includes a reference to the plural of such terms to
the extent that multiple policies are concluded in respect of the additional insured persons as set out in the policy
document. A single policy contract and policy number is issued despite the conclusion of multiple policies, if
applicable. The premium reflected in the schedule is the total premium due for all policies concluded in terms of
this policy contract.

AVBOB’s unique FREE funeral benefits* for members who appoint AVBOB Funeral Service to conduct the funeral
and provided that the deceased was covered for at least 24 months under an AVBOB funeral policy, include a
free basic funeral*, free transport of the deceased within the borders of South Africa* and a free upfront cash
payment. These benefits are over and above the policy value.

* Terms and conditions apply and are explained in the member benefits section of your policy contract.

Thank you for your support.

Yours faithfully

CHIEF EXECUTIVE OFFICER

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AVBOB MUTUAL ASSURANCE SOCIETY
ONDERLINGE VERSEKERINGSGENOOTSKAP AVBOB
INCORPORATED UNDER PRIVATE ACT NO 7 OF 1951 / INGESTEL INGEVOLGE PRIVATE WET NR 7 VAN 1951

368 MADIBA STREET / MADIBASTRAAT 368 PRETORIA 0002

PO BOX / POSBUS 1661 PRETORIA 0001
TEL (012) 303-1000 FAX / FAKS (012) 323-4461

POLICY NUMBER : AL6579385X4

MAIN INSURED PERSON: DAVID TSHEPO T DIKOTLA

All references to “policy” and/or “application” and/or “premium” includes a reference to the plural of such terms to the
extent that multiple policies are concluded in respect of the additional insured persons as set out in the policy
document. A single policy contract and policy number is issued despite the conclusion of multiple policies, if
applicable. The premium reflected in the schedule is the total premium due for all policies concluded in terms of this
policy contract.

AVBOB Mutual Assurance Society (hereinafter referred to as AVBOB) hereby undertakes to pay or otherwise grant to
the person(s) entitled thereto the benefits as set out in this policy, after receipt of a duly completed discharge form
and proof to the satisfaction of AVBOB, of the right or title of the claimant and the happening of the event as set out
herein, subject thereto that:

1. The premiums as set out in this policy are received by AVBOB in full every month;

2. Should any rights in terms hereof be disposed of, written notice thereof be given to AVBOB;

3. All premium payments to be made in terms of this policy shall be made in the currency of the Republic of South
Africa to AVBOB.

This policy is subject to the express provisions that:

1. The proposal for and declaration made in respect of the policy and any other documents in connection
therewith shall form the basis of this contract of insurance;

2. The further privileges, conditions and provisions hereinafter set out together with any annexure(s) and/or
endorsement(s) that may be made, shall form part of this policy.

In proof whereof this policy is issued at PRETORIA on the 28 th day of June 2021

Yours faithfully

CHIEF EXECUTIVE OFFICER

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DIRECTORS: JJ VENTER (CHAIRMAN) CR VAN DER RIET (MANAGING) LC CELE TA COOPER (FINANCIAL) NA COWIE PA DELPORT
HA LAMBRECHTS MPP NYAMA NG PILANE (BUSINESS DEVELOPMENT) D PILLAY (COMMERCIAL) JF RADEMAN
DP SEMENYA
AVBOB is an authorised Financial Services Provider / AVBOB is 'n Gemagtigde Finansiële Diensteverskaffer
AVBOB is a level 2 B-BBEE contributor / AVBOB is 'n vlak 2 SEB bydraer
 Schedule
Cashback Funeral Cover

Table : J18
Policy Number : AL6579385X4
Policyholder : MR DT DIKOTLA
Main Insured Person : MR DT DIKOTLA
Date Of Birth : 08 March 1992
Start Date : 01 August 2021
Policy Anniversary : 12 months from the start date of the policy
Policy Year : A period of twelve months beginning on the policy anniversary
Annual Increase : Yes

BENEFICIARY(IES) (Refer to Section A: Privileges, Conditions and Provisions - Revocable Beneficiary)

JOYCE DIKOTLA - 19660911

BENEFITS NOT GRANTED

Notwithstanding anything to the contrary contained in this policy, the following benefits will not be applicable :

Waiver of premium benefit

PREMIUMS (Refer to Section A: Privileges, Conditions and Provisions - Payment of Premiums)

The premium is payable on the start date and every month thereafter during the lifetime of the main insured person. During the
first policy year the monthly premium amounts to R 260.00 and will increase yearly thereafter on the policy anniversary.

WAITING PERIOD (Refer to Section A: Privileges, Conditions and Provisions - Waiting Period)

On all insured persons under this policy, a waiting period of six (6) months will be applicable in respect of death as a result of
natural causes (e.g. heart attack, high blood pressure, etc.) and suicide. The waiting period starts on the start date (01 August
2021) and will end on 01 February 2022. If the policy should lapse and be reinstated within three (3) months from the date that it
lapsed, no new waiting period will apply, except the remainder of the original waiting period, if any.

No waiting period will be applicable if the death occurred as a result of any bodily injury caused by accidental, violent, external
and visible means (excluding suicide) provided that the policy has started in line with the start date.

In the event where Children's Option has been exercised, no waiting period will apply.

IMPORTANT NOTE

The spouse benefit, children’s benefit, parent benefit, extended family benefit and survivor benefit (collectively referred to as “the
additional policy”) offered to the policyholder, are offered separately and independently from the main policy issued to the
applicant (“the basic policy”). The policyholder is entitled to apply in terms of the application form for either the basic policy or the
basic policy and the additional policy, in return for which a premium set out in the application form in respect of each policy, will
be payable. Upon acceptance by AVBOB of the policyholder’s application, a separate insurance contract shall come into force
between AVBOB and the policyholder in respect of the basic policy and the additional policies severable from each other. Such
separate policies are intrinsically linked. The additional policy can be amended and/or cancelled separately from the main policy,
however in the event that the main policy is terminated, the additional policy will simultaneously terminate and come to an end.
AVBOB will furthermore issue a single policy contract in respect of the separate policies.

BENEFIT(S)

INSURED AMOUNT (Refer to Section A: Privileges, Conditions and Provisions - Payment of Benefits)

The insured amount is payable on the death of :

The Main Insured Person : DAVID TSHEPO T DIKOTLA
During the first policy year the insured amount is R 20,000.00 and will increase yearly thereafter on the policy anniversary.

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ACCIDENT BENEFIT (Refer to Section B: Additional Benefits - Accident Benefit)

This benefit is only applicable on the life of the main insured person. The insured amount for purpose of this benefit is equal to the
insured amount as stated above.

CASHBACK BENEFIT (Refer to Section B: Additional benefits – Cashback benefit)

BREADWINNER BENEFIT (Refer to Section A: Privileges, Conditions and Provisions – Demise of the Main Insured
Person)
.

CHILDREN'S BENEFIT - KV5 (Refer to Section B: Additional Benefits – Children’s Benefit)

Child(ren) insured under this benefit :

LESEDI MAMPHAGA - 20180927

PARENT BENEFIT - OV6 (Refer to Section B: Additional Benefits – Parent Benefit)

Insured Amount : R 15000.00.

Parents insured under this benefit :

JOYCE DIKOTLA - 19660911

NB: On the death of each parent, the premium will reduce with the relevant portion of the premium paid for the deceased parent.

EXTENDED FAMILY BENEFIT - EX6 (Refer to Section B: Additional Benefits – Extended Family Benefit)

Insured Amount : R 15000.00

Extended family insured under this benefit :

KHOMOTSO DIKOTLA - 19841111
.
NB: On the death of each extended family member, the premium will reduce with the relevant portion of the premium paid for the
deceased extended family member.

MEMBER BENEFITS (Refer to Section C – Member Benefits)

Illustrative Premium Increases :

After : 1 year 2 years 3 years 4 years 5 years
R 275.60 R 292.13 R 309.65 R 328.22 R 347.91

10 years 15 years 20 years

R 465.56 R 622.99 R 833.66

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 POLICY NUMBER : AL6579385X4
DESCRIPTION OF WORDS USED IN THIS DOCUMENT
1. POLICYHOLDER
The person who entered into this contract with AVBOB.
2. MAIN INSURED PERSON
The person nominated by the policyholder as the primary insured person under this policy. It can be the policyholder or
someone else. If it is someone else, there must be insurable interest.
3. INSURED PERSON
Any person who is covered by this policy and whose full names appear in the policy schedule.
4. INSURED AMOUNT
The amount payable by AVBOB when death occurs.
5. PREMIUM
The amount payable by the policyholder to procure the payment of the insured amount when the insured event occurs. This
amount is payable monthly in advance and must be paid every month for cover to be provided.
6. INSURER
The party (in this case AVBOB) who bears the risk for payment of the benefit to another party when the insured events
7. occur.
PREMIUM PAYER
8. The person who undertakes to pay the premiums per debit order/stop order/cash.
PREMIUM DEBT
When a policyholder does not pay premiums, AVBOB can make these unpaid premiums a debt on the policy if the
policyholder so requests. There is no interest charged on this debt and it will be deducted from a claim or cashback
- If AVBOB discovers that wrong information was provided regarding the age of a person insured on the policy. This can
mean that the premium paid for the person is not in line with the cover provided. In this case, AVBOB will adjust the
premium accordingly. The correct premium may be more than the incorrect premium. The difference between the correct
premium and the incorrect premium will then be placed as premium debt on the policy.
- If the policy lapsed and is reinstated, arrear premiums may be placed as premium debt on the policy but may not exceed
the maximum of six (6) premiums.

IMPORTANT NOTE APPLICABLE TO THIS DOCUMENT:

The application form signed by the applicant is incorporated herein and forms part of the policy contract.

The spouse benefit, children’s benefit, parent benefit, extended family benefit and survivor benefit (collectively referred to as “the
additional policy”) offered to the policyholder, are offered separately and independently from the main policy issued to the
applicant (“the basic policy”). The policyholder is entitled to apply in terms of the application form for either the basic policy or the
basic policy and the additional policy, in return for which a premium set out in the application form in respect of each policy, will
be payable. Upon acceptance by AVBOB of the policyholder’s application, a separate insurance contract shall come into force
between AVBOB and the policyholder in respect of the basic policy and the additional policies severable from each other. Such
separate policies are intrinsically linked. The additional policy can be amended and/or cancelled separately from the main policy
however, in the event that the main policy is terminated, the additional policy will simultaneously terminate and come to an end.
AVBOB will furthermore issue a single policy contract in respect of the separate policies. For this reason, all references to “policy”
and/or “application” and/or “premium” includes a reference to the plural of such terms to the extent that multiple policies are
concluded. The premium reflected in the schedule is the total premium due for all policies concluded in terms of this policy
contract.

SECTION A : PRIVILEGES, CONDITIONS AND PROVISIONS

1. PAYMENT OF BENEFITS

i. If, on the death of any of the insured persons, the relevant funeral/cremation and/or setting up of a tombstone is done by
AVBOB Funeral Service Limited, the proceeds of the policy shall in the first instance be applied towards the discharge
of the costs of such funeral/cremation and/or setting up of a tombstone and the balance, if any, will be paid in
accordance with the provisions of paragraph ii. or paragraph iii., whichever is applicable, hereunder.
ii. Should the policy not be ceded and subject to the provisions of paragraph i. above, all benefits in terms of this policy will
be payable to the policyholder or in the case of the death of the main insured person who is also the policyholder, to:
a. The person/persons who is/are stated as beneficiary(ies) in the Schedule OR
b. If the beneficiary(ies) is/are not nominated or the nominated person/persons is/are no longer alive, to the person
whom, for this purpose, will be designated by AVBOB.
iii. Should the policy be ceded, and subject to the provisions of paragraph i. above, all benefits in terms of this policy will be
payable to the cessionary.
iv. If, on the death of any insured persons, the relevant funeral/cremation is not done by AVBOB Funeral Service Limited,
the proceeds of the policy will be paid in full in accordance with the provisions of paragraph ii. or paragraph iii.,
whichever is applicable above.
v. All payments of benefits to be made in terms of this policy shall be made in the currency of the Republic of South Africa.

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2. DEMISE OF THE MAIN INSURED PERSON

2.1 Breadwinner Benefit

Should the main insured person die during the first 10 years of the premium paying term while premiums are still
payable and a claim in respect of the life has been admitted, the policy, where applicable, will remain in force without
further premium payment until the last insured person ceases to enjoy cover under the policy as a result of death or if
it is a child, when the child ceases to be a child in terms of general law or cover expires in terms of the policy. This
includes insured persons covered under the spouse benefit, children’s benefit and parent benefit but excludes
insured persons covered under the extended family benefit.

Should the main insured person die after the policy has been in force for more than 10 years, and at least 120
premiums have been received, the policy (where applicable) will remain in force without further premium payment
until the last insured person (including extended family) ceases to enjoy cover under the policy as a result of death or
when their cover expires.

The insured amount will be determined from time to time by the Actuary of AVBOB, but will not be less than 50% of
the insured amount of the remaining insured persons as at the time of death of the main insured person.

2.2 Policy Ownership

The policy ownership will in the above-mentioned cases pass to one of the surviving insured persons in the following
order: Spouse of the main insured person; father of the main insured person; mother of the main insured person;
oldest child of the main insured person over the age of 18 years; father-in-law of the main insured person;
mother-in-law of the main insured person; oldest child of the main insured person under the age of 18 years; oldest
extended family member (if applicable). The new policyholder will not have the capacity to enter into any negotiations
with the policy, except to change the beneficiary(ies) on the policy. In the event that the main insured person passes
away during the premium payment term and a claim in respect of their death is declined, the policy will be declared
null and void and all premiums received before their death will be forfeited to AVBOB.

2.3 Continuation Option (Only applicable if Breadwinner Benefit was not granted)
The remaining spouse has the option to apply for their own policy within three months after the death of the main
insured person and provided that they have not yet reached the age of 65 years. The policy will be issued without a
waiting period (only if the original 6-month waiting period has lapsed). The spouse has the option to remove some of
the insured persons but not to make additions. They also have a choice of reducing the insured amount but not to
increase it.
NB: The remaining insured persons do not enjoy cover from the date the claim is acknowledged until the start date of
the continuation policy.

3. INCREASE IN INSURED AMOUNT AND PREMIUMS

AVBOB shall, at its exclusive discretion and subject to risk factors, annually increase the premium and benefits respectively
under the policy subject thereto that the increase will not exceed a rate of 10% and will be applicable for a period of twelve
(12) months starting 1 July of each year. The insured amount will increase with an amount equal to two thirds of the
percentage rate that the premiums increase. The annual increase of the insured amount and premiums will be implemented
on the policy anniversary and will apply as long as the policy is in full force and while premiums are actually payable
thereon.

The yearly increase will cease on the earlier death of the main insured person (in instances where the surviving family
members enjoy continued cover). The policyholder will yearly be notified in writing of such increase. The policyholder has
the right to cancel the increase of the insured amount and premiums for any year by written notice, which shall reach

4. CHILDREN'S OPTION (only applicable if Children's Benefit was chosen)

Each child that was previously covered under the children’s benefit on this policy has the right to apply, within three (3)
months after their cover expired at age 21 if not a full-time student or at age 26 if a full-time student or when they cease to
be a child in terms of general law, without evidence of insurability, to AVBOB for funeral insurance not exceeding R20 000.
No waiting period will apply. The start date of the insured person will also remain unchanged, as per the insured person’s
start date on this policy.

5. OCCUPATION, RESIDENCE AND TRAVEL

This policy is free from all restrictions as to future occupation, residence or travel of the main insured person.

6. EXCLUSION

Suicide and breach of law

Should any of the insured person(s) commit suicide or die as a result of a breach of law (whether while sane or insane)
within six (6) months of the start date of this policy, no benefits will be payable in terms of this policy and all premiums paid
hereunder shall be forfeited to AVBOB.

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7. AGE AL6579385X4

Proof of age of the insured person(s) under the policy must be provided to the satisfaction of AVBOB before any benefit
under this policy will be paid and/or granted. No death claim will be considered without proper identification by means of a
certified copy of the identity document of the policyholder and deceased.

Should it at any stage during the lifetime of the policy be found that the age of any of the insured persons under the policy is
not correct, premiums will be recalculated according to the correct age and a premium debt (if applicable) in terms of the
difference will be applied against the policy. This premium debt will not bear any interest and will be deducted from the first
claim against the policy.

Should it be found that an insured person was too old to be covered under the policy when the policy was applied for, the
insured person will be removed from the policy and all premiums paid in respect of that insured person be refunded to the
policyholder.

8. PAYMENT OF PREMIUMS

Premiums are payable monthly in advance and are due on the first day of each month. The premium payer cannot change
during the life of the policy. Premiums must be paid for cover to be provided.

9. GRACE PERIOD
A 30-day grace period is allowed for the payment of all premiums except the first premium. The first premium must be
received by AVBOB on or before the start date.

10. LAPSE

This policy shall lapse and become null and void if any premium, or part thereof, is not paid within the grace period. If this
happens, all premiums paid shall then be forfeited to AVBOB.

11. REINSTATEMENT

Should this policy lapse, it may within three (3) months of the date of lapse be reinstated at the request of the policyholder,
at the reasonable discretion of AVBOB and subject to any requirements laid down by AVBOB including proof of insurability
of the main insured person. No waiting period will be applicable except for the remainder of the original waiting period, if
any. Arrear premiums may be placed as premium debt against the policy but may not exceed the maximum of six (6)
premiums.

Any arrear premiums in excess of six (6) premiums should be paid before the policy will be reinstated.

Premium debt is interest free and may be paid at any time or will be recovered from the proceeds of a claim against the

12. PROVISIONS APPLICABLE TO CHILDREN

The total insured amount under this policy and any other policies in respect of any child under the age of 14 years shall not
exceed the amount provided in Section 55 of the Long-Term Insurance Act 1998, or as amended or substituted from time to
time. These amounts are as follows:

The maximum insured amount per child under the age of 6 years is R20 000.
The maximum insured amount per child from 6 years to 13 years is R50 000.

13. REVISION

AVBOB may review premiums and benefits on a yearly basis, to make sure that the premiums being paid are enough to
cover the benefits offered by the policy. If there are any changes to the premiums and benefits as a result, AVBOB will
inform the policyholder.

14. WAITING PERIOD

On all insured persons under this policy, a waiting period of six (6) months will be applicable in respect of death as a result
of natural causes (e.g. heart attack, high blood pressure, etc.) and suicide. The waiting period starts on the start date. If the
start date is changed for any reason, the start date of the waiting period will change accordingly. If the policy should lapse
and be reinstated, no new waiting period will apply, except the remainder of the original waiting period, if any.

No waiting period will be applicable if the death occurs as a result of any bodily injury caused by accidental, violent, external
and visible means (excluding suicide), provided that the policy/benefit has started.

15. RECOVERY OF DEBT

The benefits in terms of the policy shall at all times be reduced by the debt (e.g. premium debt) against the policy.

16. SUNDRY PROVISIONS

This policy is subject to any further provisions (if any) as stated hereunder. If a dispute arises in terms of any of the
conditions that have been issued after this policy, the original contract will be used as final ruling.

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 AL6579385X4

17. COMMISSION
The premium of the basic policy for the main insured person and children will be added together to calculate the
commission on the policy. Commission on the additional policies, i.e. CO1 (spouse benefit), OV6 (parent benefit), EX6
(extended family benefit) and SJ0/SJ1/SJ2 (survivor benefit) will be calculated separately.

18. UNCLAIMED BENEFITS

A policyholder has the right to unclaimed benefits regardless of the time frame. AVBOB will, where no claim has been
submitted, attempt to trace the policyholder within a period of six (6) months of the benefits becoming payable, either as
a benefit or a maturity payment, if applicable. Should AVBOB be unsuccessful in tracing the policyholder, it will repeat
the tracing process within a period of three (3) years and again within a period of ten (10) years if the benefits remain
unclaimed. If, after ten (10) years, AVBOB is still unable to trace the policyholder, AVBOB will engage the services of an
external tracing company to attempt to trace the policyholder.

The tracing requirement will only be waived if the value of the benefits is worth less than R1 000 and the costs of the
tracing exceed this amount. Any reasonable administrative and tracing costs incurred after the first attempt to trace the
policyholder may be recovered from the unclaimed benefits. Any direct administrative, tracing and administration fees
levied on unclaimed benefits may change over time and will be communicated to the policyholder where possible over
the life of the contract.

It remains the responsibility of the policyholder to inform AVBOB of any changes in respect of their contact information
and any change in respect of the contact information of the beneficiary. AVBOB will rely on the policyholder’s consent
which was given on the application form to share any personal information with a tracing company to facilitate tracing of
the policyholder in the event that tracing becomes necessary in future.

19. REVOCABLE BENEFICIARY

Notwithstanding anything to the contrary contained in this policy, it is hereby declared that the person(s) whose
particulars are stated in the Schedule is/are nominated as beneficiary(ies) under this policy. In the event of the death of
the main insured person while this nomination(s) is/are in full force, the benefits shall be payable to the beneficiary(ies);
provided, however, that if the funeral/cremation of the deceased is conducted by AVBOB Funeral Service Limited, the
benefits be applied in the first instance towards the discharge of the cost of the funeral/cremation of the deceased and/or
the setting up of a tombstone. The beneficiary(ies) will then only be entitled to the balance of the proceeds of this policy,
if any, after discharge of the cost of the said funeral/cremation and/or setting up of a tombstone.

This nomination(s) lapse(s) and is/are no further in force and effect:

i. If this policy is discontinued for any cause other than by the death of the main insured person.
ii. If this policy is ceded, encumbered of pledged in any way.
iii. On receipt of the written request thereto of the policyholder given to AVBOB.

The policyholder may at any time while the policy is in force and has not been ceded, encumbered of pledged in any way,
change the beneficiary(ies) nominated herein by the submission of written notice to AVBOB together with a certified copy
of the identity documents of the policyholder and the nominated beneficiary(ies). AVBOB remains entitled to deduct any
amount owing by the policyholder to AVBOB in terms of this policy from any amount payable to the beneficiary(ies).

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 AL6579385X4

SECTION B : ADDITIONAL BENEFITS

CASHBACK BENEFIT

The product offers a cashback benefit payment after every 5 years when 100% of the premiums paid during the fifth
(tenth/fifteenth/twentieth/etc) year will be paid back. This cashback payment will only be paid to the policyholder on the policy.
However:
- All premiums payable during the 5-yearly cycle must be paid and the full 5-year cycle (60 months) expired.
- After an acknowledged claim within any cashback period the cashback period will start again from the first day of the
month in which the death occurred.
- If a claim was declined, the cashback will not be affected.
- If a death occurred before the cashback benefit payment, but is only submitted after the cashback has been paid, the
cashback amount will be deducted from the proceeds of the claim. If the proceeds of the claim are less than the amount of
cashback owed, then the balance will be deducted from the next claim against the policy or the next cashback payment,
whichever is applicable.
- The cashback will only be applicable on the premiums in terms of the insured person(s) for the whole term of 5 years. E.g.
if an insured person was added during year 3 of the policy, the premium payable for this person will only be considered as
part of the cashback calculation in year 10 and thereafter.
- If the policy lapsed within a 5-year cashback period and was reinstated, the cashback period will continue as from the
original start date or the cashback date, whichever is the later. Any debt on the policy will be deducted from the proceeds
of the cashback benefit.
- There will be no option to apply the cashback amount as premiums to the policy.

ACCIDENT BENEFIT

If the main insured person dies as a result of any bodily injury caused by accidental, violent, external and visible means
(excluding suicide), AVBOB will pay an extra amount if:

- the death occurs before the person’s 60th birthday;

- the accident occurs after the start date of the policy;
- the policy is in force for the full insured amount;
- the policy is paid to date; and
- the death occurs within ninety (90) days of the accident.

The insured amount for the purpose of this benefit shall be the same as stated in the Schedule.

AVBOB will not be liable for any claims under this benefit if the death of the main insured person results directly or indirectly
from suicide, or attempted suicide or self-inflicted injury, irrespective of whether the main insured person be sane or insane at
the time of such occurrence, the abuse of alcoholic liquor by the main insured person or while the alcohol content of the blood
of the main insured person exceeds 0.05 gram per 100 ml; consumption of narcotics or other drugs and/or stimulants; hunting;
mountaineering, racing, boxing, wrestling, war, riot, civil commotion, terrorism, military activities, the violation of any law by the
main insured person, or participation, or attempted participation in aviation except as a bona fide fare-paying passenger on a
regular flight by a registered airline.

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 AL6579385X4
CHILDREN'S BENEFIT (KV5)

1. INSURED PERSONS
.
All unmarried own children, stepchildren and legally adopted children of the main insured person as well as children of the main
insured person still to be born or to be adopted including stillborn children. (According to the “Births and Deaths Registration Act
51 of 1992”, a stillborn, in relation to a child means that it has had at least 26 weeks of intra-uterine existence but showed no
sign of life after complete birth.)

If a deceased child's name is not mentioned on the policy schedule proof of parenthood must be provided when adding the child
to the policy in order to consider a claim.

If it is found that an insured person is not a child as prescribed above, or over the age of 21 and not a full time student or not
disabled, the insured person will be moved to the Extended family benefit (if possible) and the shortage in premium will be
administered as a debt against the policy and will be deducted from the first claim against the policy.

2. BENEFITS

- The insured amount of R10 000 payable on the death of each child should death occur on or after their twenty-first birthday
but before their twenty-sixth birthday provided that they are a registered full-time student at a registered public educational
institution and wholly dependent upon the main insured person for their maintenance and while they are not
receiving/earning any income of whatsoever nature. Therefore, part time students will not be covered under this benefit after
the age of 21.

- The insured amount of R10 000 payable on the death of each child should death occur on or after their fourteenth birthday
but before their twenty-first birthday.

- The insured amount of R6 000 payable on the death of each child should death occur on or after their sixth birthday but
before their fourteenth birthday.

- The insured amount of R3 000 payable on the death of each child should death occur on or after their birth but before their
sixth birthday, including stillborn children after 26 weeks of pregnancy.

NB: The insured amount in respect of this benefit will increase yearly on the policy anniversary at the same rate applicable
on the basic policy.

3. WAITING PERIOD

A waiting period of six (6) months is applicable on the benefit from the start date of the benefit on death as a result of natural
causes and suicide. No waiting period will be applicable if the death occurred as a result of any bodily injury caused by
accidental, violent, external and visible means (excluding suicide) provided that the policy has started.

4. ADDITIONS/DELETIONS

Additional children may be added to this benefit after the start date of the policy. No extra premium will be payable.

Should a child be removed from the benefit, they may within three (3) months of the date of deletion be reinstated at the request
of the policyholder. No waiting period will be applicable except for the remainder of the original waiting period of the benefit, if
any.

The policyholder can apply to move a child that was covered under this benefit, within three (3) months after their cover expired
at age 21 if not a full-time student or at age 26 if a full-time student or when they cease to be a child in terms of general law, to
the Extended Family Benefit, provided that the maximum number of insured persons under the Extended Family Benefit have
not been reached. No waiting period will be applicable except for the remainder of the original waiting period, if any. The start
date of the insured person will also remain unchanged. If there is an existing Extended Family Benefit on the policy, the insured
amount must be equal to the insured amount of the benefit at the time the child is moved. If there is not an existing Extended
Family Benefit on the policy, the maximum insured amount of the child is limited to R30 000 and may not be more than the
insured amount of the basic policy. Premiums will be calculated according to the insured amount and the age of the child at the
time the child’s cover expired.

5. CHILDREN’S OPTION
Each child that was covered under this benefit has the right to apply, within three (3) months after their cover expired at age 21 if
not a full-time student or at age 26 if a full-time student or when they cease to be a child in terms of general law, without
evidence of insurability, to AVBOB for funeral insurance not exceeding R20 000. No waiting period will apply. The start date of
the insured person will also remain unchanged, as per the insured person’s start date on this policy.

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PARENT BENEFIT (OV6) AL6579385X4

1. INSURED PERSONS

The natural parent(s), stepparent(s) or foster parent(s) of the main insured person and/or the natural
parent(s), stepparent(s) or foster parent(s) of the spouse of the main insured person as stated in the
Schedule.

If it is found that an insured person mentioned hereunder is not a parent as prescribed above, the insured
person will be moved to the Extended Family Benefit (if possible) and the shortage in premium, if any, will be

2. BENEFITS
The insured amount as stated in the Schedule payable on the death of each insured person.

3. WAITING PERIOD

A waiting period of six (6) months is applicable from the start date of the benefit or from the start date of the
insured person, if added later, in respect of death as a result of natural causes and suicide. No waiting period
will be applicable if the death occurred as a result of any bodily injury caused by accidental, violent, external
and visible means (excluding suicide) provided that the policy has started.

4. LIMITATIONS

4.1 Maximum age of the insured person(s) on the start date of the policy is 80 years (age next birthday).

4.2 Maximum insured amount per person granted on the start date of the policy is R30 000-00 in total.

4.3 The insured amount of this benefit cannot exceed the insured amount of the main insured person.

4.4 Should it be found that the insured person was too old to be covered under the policy when the policy
was applied for, the insured person will be removed from the policy and all premiums paid in respect of
that insured person be refunded to the policyholder. Therefore, it is important to familiarize yourself
with the terms and conditions of the policy and ensure that all insured persons are covered in line with
the policy.

4.5 A maximum of four (4) parents can be covered under this benefit.

NB: The insured amount in respect of the benefit will increase yearly on the policy anniversary at the same
rate applicable to the basic policy.

5. ADDITIONS/DELETIONS

Additional parents can be added to the benefit after the start date to a maximum of four (4). A deceased
parent under this benefit may not be substituted by another one.

Should a parent be removed from the policy while still alive, all premiums paid for that parent will be forfeited
to AVBOB. The same parent may, within three (3) months of the date of deletion, be reinstated at the request
of the policyholder. No waiting period will be applicable except for the remainder of the original waiting period,
if any. The start date of the insured person will also remain unchanged. Arrear premiums may be placed as
premium debt against the policy but may not exceed the maximum of six (6) premiums. Any arrear premiums
in excess of six (6) premiums should be paid before the parent will be reinstated.

If the same parent is added again after the above-mentioned three (3) months, a new premium will be
calculated at the age of the parent as at the time of addition. A new start date and a new waiting period of six
(6) months will be applicable.

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 AL6579385X4
EXTENDED FAMILY BENEFIT (EX6)

1. INSURED PERSONS

The brothers, sisters, foster-children, grandmothers, grandfathers, grandsons, granddaughters,

uncles, aunts, nephews, nieces, children-in-law, adult children, brothers-in-law, sisters-in-law,
cousins, additional spouse of the main insured person and their parents and children as stated in the
Schedule.

2. BENEFITS

The insured amount as stated in the Schedule payable on the death of each insured person.

3. WAITING PERIOD

A waiting period of six (6) months is applicable from the start date of the benefit or the start date of
the insured person, if added later, in respect of death due to natural causes and suicide. No waiting
period will be applicable if the death occurred as a result of any bodily injury caused by accidental,
violent, external and visible means (excluding suicide) provided that the policy has started.

4. LIMITATIONS

4.1 The maximum age of the insured person(s) on the start date of the policy is 75 years (age
next birthday).

4.2 The maximum insured amount per insured person granted on the start date of the policy is
R30 000-00 in total.

4.3 The insured amount of this benefit cannot exceed the insured amount of the main insured
person.

4.4 Should it be found that an insured person was too old to be covered under the policy when
the policy was applied for, the insured person will be removed from the policy and all
premiums paid in respect of that insured person will be refunded to the policyholder.
Therefore, it is important to familiarize yourself with the terms and conditions of the policy
and ensure that all insured persons are covered in line with the policy.

4.5 Limitations on children covered under this benefit:

a. The maximum insured amount per child under the age of 6 years is R20 000.
b. The maximum insured amount per child from 6 years to 13 years is R50 000.

NB: The insured amount in respect of the benefit will increase yearly on the policy
anniversary at the same rate applicable to the basic policy. In the case of the death of the
policyholder, cover on the persons still insured under this benefit, will cease if 120
premiums were not received and the policy is not yet 120 months old. Refer to Section A:
Privileges, Conditions and Provisions – Demise of the Main Insured Person.

5. ADDITIONS/DELETIONS

Additional extended family members can be added to the benefit after the start date to a maximum of
six (6). A deceased extended family member under this benefit may not be substituted by another
one.

If an extended family member is removed from the policy while still alive, all premiums paid for that
extended family member will be forfeited to AVBOB. The same extended family member may, within
three (3) months of the date of deletion, be reinstated at the request of the policyholder. No waiting
period will be applicable except for the remainder of the original waiting period, if any. The start date
of the insured person will also remain unchanged. Arrear premiums may be placed as premium debt
against the policy but may not exceed the maximum of six (6) premiums. Any arrear premiums in
excess of six (6) premiums should be paid before the extended family member will be reinstated.

If the same extended family member is added again after the above-mentioned three (3) months, a
new premium will be calculated at the age of the extended family member at the time of addition. A
new start date and a new waiting period of six (6) months will be applicable.

XN051007
 AL6579385X4

SECTION C: MEMBER BENEFITS

FREE FUNERAL BENEFITS AND TRANSPORT

In accordance with AVBOB’s mutual status, AVBOB may from time to time (at its sole discretion) make ad hoc special
additions and changes to the benefits available to its members (i.e. as member benefits).

AVBOB has introduced free funeral benefits, which are available to members whose policies are in force and where a
comprehensive funeral is conducted by AVBOB Funeral Service Limited.

In terms of the free funeral benefits, a member will be entitled to the following (subject to the stated amounts and conditions
which may change from time to time):

- A 15% discount (maximum of R4,000.00) on specified funeral services where the policy is in force and the insured
person was covered for less than 6 months and the death of the insured person occurred as a result of natural
causes.

- A R4,000.00 discount on a funeral and free transport of the deceased within the borders of South Africa where the
policy is in force and the insured person was covered for less than 6 months and the death of the insured person
occurred as a result of unnatural causes.

- A R4,000.00 discount on a funeral and free transport of the deceased within the borders of South Africa where the
policy is in force and the insured person was covered for 6 months or more but less than 24 months.

- A free basic funeral to the value of R12,332.00 consisting of funeral services, a coffin and a hearse plus free transport
of the deceased within the borders of South Africa where the policy is in force and the insured person was covered for
24 months or longer. In addition, a cash benefit of R2,500.00 is provided to cover incidental funeral expenses.

The free basic funeral excludes any external costs such as cremation and grave costs.

These discretionary benefits remain a privilege of membership and the value of these member benefits will be adjusted from
time to time as they are renegotiated with service providers in order to ensure members continue to receive benefits that are
relevant. Any changes to the benefits will be communicated annually to members and the latest benefits will be available on
AVBOB’s website.

Values of free funeral benefits for children under the age of 14 years are available on AVBOB’s website.

For more information on funerals/cremations in Namibia, please contact your nearest AVBOB office in Namibia.

XN051007
PRINCIPLES AND PRACTICES OF FINANCIAL MANAGEMENT (PPFM)

1. GENERAL

AVBOB is a mutual society and issue policies that provide death benefits and savings policies. Some policies entitle the
policyholder to participate in bonus declarations and these policies are referred to as products with Discretionary Participation
Features (DPF).

2. OVERRIDING PRINCIPLES

The following overriding principles take precedence over other principles:

- All contractual obligations will be followed.

- Declarations of bonus are determined at the sole discretion of the Board.
- Bonuses can be allocated if there is a distributable surplus in the fund.
- We aim to manage the business in line with the reasonable expectations of all policyholders and take into account our
past practice, industry practice and representations made to policyholders.

3. DECLARATION OF BONUSES ON POLICIES WITH DISCRETIONARY PARTICIPATION FEATURES

3.1 Principles

Common bonus rates will be determined for appropriate groups of policies reflecting an element of cross-subsidy and
pooling of risks for policies with similar characteristics. To retain flexibility in our investment policy and to protect the
solvency of the business a portion of the payout value may be retained in a non-guaranteed form.
3.2 Practices
Bonus rates are determined annually in respect of the following categories of policy:
- Savings Policies
Table codes: S01, S02, S03, S04, S05 and S06
- Compound Reversionary Policies
Table codes: 102, 103, 133, 203, 233, 302, 303, 333, 502, 612, 622, 712, 722, WD1, WD2, WD3, WD6, WD7 and
WD8
- Simple Reversionary Bonus Assistance Policies
Table codes: 023, 024, 025, 027, 029, 032, 033, 034, 035, 036, 037, 099, 800, 801, 803, 808, 809, 810, 811, 813,
820, 821, 823, 828, 829, 900, 901, 910, 911, 920, 921, W47, W48, W49, W50, W51, W52, W53, W54, W55, W56,
WB1, WB2, WB3, WB6, WB7, WB8, WG1, WG2, WG6, and WG7
- Policies with compound non-vesting Claim Bonuses
Table codes: 714, 724, 804, 805, 806, 807, 814, 815, 824, 825, 904, 905, 924, 925, T04, T05, T14, T15, T24 and T25

4. GENERAL CONDITIONS IN DETERMINING BONUS RATES

4.1 Savings Policies
The general intention is that, subject to affordability, the aggregate bonus rate will reflect at least the gross return on
money market instruments and at most 15% per annum. The Board will determine the proportion of total bonus to be
declared as vesting and non-vesting each year. Throughout the year an interim bonus rate will be allocated to each
policy and for policies remaining at the end of the year, a final bonus rate will be determined.
4.2 Other DPF policies
Bonus rates will be determined annually by the board subject to affordability and will under normal circumstances be
stable from year to year and will not vary according to specific experience of the business. Throughout the year an
interim bonus rate, based on the last declared final rate, will be allocated to each policy.
5. DECLARATION OF SPECIAL BONUSES ON ALL POLICIES
5.1 Principles
From time to time the Board may, at its own discretion, declare an ad hoc or special bonus increase in the benefit of
some or all policyholders. The declaration of such bonuses will be subject to the strategic and financial position of the
Society and will be at the sole discretion of the Board. The bonuses will be determined separately for different groups of
policies with similar characteristics in a manner that is broadly equitable to all policyholders and may be vesting or
non-vesting bonuses.
5.2 Practices
The Board will only consider the declaration of special bonuses if the financial position of the business shows that the
excess of assets over liabilities (as reported to the Registrar) exceeds the long-term minimum target set by the Society
and may be declared less frequently than annually. Should the long-term solvency target set for the business not be
achieved, the Board may revoke or remove any past-declared non-vesting special bonus.
 GENERAL INFORMATION

1. WHEN A DEATH OCCURS

1.1 What must you do?

You must, irrespective of the time of day or night, contact your local AVBOB representative as soon as possible so that
arrangements can be made for the removal of the deceased from the place of death. Our representatives, countrywide, are
on duty 24 hours per day.

Normally funeral arrangements are made at our local agency, but should circumstances otherwise dictate, or should you so
wish, our representative can visit you at home in order for the necessary arrangements to be made. Should the funeral or
cremation be at a place other than where death occured, you should nevertheless contact your nearest AVBOB agency.

The date or time of a funeral cannot be determined before the funeral or cremation arrangements have been made as there
are many people and authorities involved with such arrangements and the date or time you may have in mind may clash
with existing arrangements.

1.2 What documentation is required?

It is required by law that all deaths must be registered. To put us in a position to do so, the following is required :
i. The identity document of the deceased. Should the deceased not be a South African citizen, his/her passport is required.
ii. A medical certificate completed and signed by the deceased's doctor. If necessary, we will help in obtaining this.
iii. Where applicable, the name of the pension fund and the pension fund number of the deceased.

From our side we require all funeral policies under which the deceased was covered or proof of membership of any funeral
scheme.

1.3 Who should make what decisions?

When arranging for the carrying out of the funeral or cremation it will be required of you to make certain decisions. It will be
advisable to deliberate beforehand with the next-of-kin, friends, clergyman, etc. of the deceased so that all persons involved
may be satisfied. You may also be lead by the wishes of the deceased before death, e.g. by the contents of the will.

The more elementary decisions involve the following :

i. Must the deceased be buried or cremated?

ii. Where must the funeral or cremation service be held? Not only in what town or city but also the venue e.g. in the
church, chapel or at the graveside.
iii. Should a memorial service be required, which clergyman should carry out the memorial service?
iv. What type of flowers, which is traditionally part of a funeral or cremation, is required? What must be done with them at
the end of the service?
v. Do you require notices of the funeral or cremation in the press?
vi. Who will act as pall-bearers?
vii. How many pamphlets are required as well as the contents and layout thereof?
viii. What type of coffin is preferred?

Dependent on circumstances, it might be required of you to make further decisions other than the above-mentioned. By the
nature of AVBOB's experience we will at all times be prepared to supply you with advice and assistance before you make
any definite decisions.

After all decisions have been made, we undertake, as a normal part of our service, to make arrangements with all persons
and authorities, on your behalf, to ensure that hitches or problems are not encountered during the funeral or cremation
service.

2. PRESENTING A CLAIM
The success for the prompt finalisation of claims rests on handing the correct and complete documents at the earliest possible
opportunity to your nearest AVBOB agency. Some of the following documents are required in most eventualities :
- Death certificate, as well as a copy of the first page of the BI1663 (previous) or pages 1 of 3, 2 of 3 and 3 of 3 of the BI1663
(latest) form
- Policy document or schedule/certificate
- Claimant's Declaration (to be obtained from the Agency)
- Medical certificate (to be obtained from the Agency for completion by the deceased's family doctor)
- SAPS Declaration when the death is caused by unnatural causes (to be obtained from the Agency)