Assupol Holdings Limited review 2024

Assupol Limited stands as one of South Africa’s most established life insurance companies, tracing its roots back to 1913 when it was founded as a burial society for SAPS members. Over the years, Assupol has transformed from its origins into a comprehensive provider of life insurance, funeral insurance, retirement plans, and savings options tailored to the needs of South Africans.

From its humble beginnings, Assupol has grown significantly, expanding its range of products and services to cater to various groups. Today, the company operates across all nine provinces of South Africa. Assupol Holdings Limited serves as the umbrella organization, overseeing two wholly-owned subsidiaries: Assupol Life Limited, a licensed life insurance company and financial services provider, and Assupol Investment Holdings (Pty) Ltd., which manages the group’s strategic interests.

Products and Services offered by Assupol

Funeral cover

Assupol offers funeral cover to individuals including those that are under a government grant.

The cover starts from as little as R70 per month. Covers differ depending on your funeral cover needs.

You can add your family members on one plan as well as your extended family which can be your uncle or aunt.

The Assupol funeral cover is very flexible as you can extend your cover to include your great grandparents on one policy.

Benefits:

• You can increase your year to year premiums to extend your cover benefits.
  
• Adding other family members is welcome.
  
• You get immediate cover for accidental death.
  
• Your family gets 5 years of premiums waiver upon your death. After 5 years of waiver, your family can opt to carry on paying monthly premiums.
  
• Up to R100,000 cover for you and your spouse and up to R75,000.00 cover for your dependents.

Assupol Life insurance

Assupol offers Life insurance to South Africans that starts at a very low price of just R90 per month.

There are different covers to choose from with the highest payout being R10 Million.

Almost all policy plans don’t require any blood test except for one, which is the Progress Legacy Plan.

The Progress Legacy Plan pays out up to R10 Million. With the level of investment, it is reasonable to require a blood test.

Progress 4sure plan highlights:

• Premiums start from R90.00 per month.
• Payout up to R300,000.00 on your death.
• The policy can be used as security for debts.
• There is an increase in yearly premiums so that your life cover can keep up with inflation.

Progress 4life plan highlights:

• Premiums start from R120 per month.
• Pays out up to R1. 2 Million.
• You can use the policy as security for debts.
• The cover is immediate for death due to natural causes.

Progress Legacy Plan:

• Premiums start from R150 per month.
• Pays out up to R10 Million on your death.
• Require blood test and medical questions will be asked.

Progress accident plan highlights:

• Premiums start from R73 per month.
• Cover up to R1 Million for claims due to an accident.
• Cover for you and your whole family.

Assupol Savings products

Assupol one savings

This is a savings account from Assupol that matures in five years. 33% of the policy fees and allocation charges are paid back to increase your policy maturity value.

The 33% reallocation of policy fees and allocation charges is only applicable to policies that are 5 years old or more.

100% policy fees and allocation charges payback is applicable to policies of 10 years with non-withdrawals.

Highlights:

• Payment of your money is tax-free when the policy ends.
  
• Policy premiums start from R300 per month.
  
• Increments on monthly premiums are allowed so that customers can take advantage of the effects of inflation.
  
• Assupol rewards you for saving by increasing your policy maturity value.
  
• Upon death, there are no further premiums that must be paid.

Assupol One tax-free savings policy

This is a tax-free savings account from Assupol that adheres to the tax-free savings regulations.

Highlights:

• You can invest up to R36,000.00 per year or R3000 per month.
  
• According to legislation you can invest up to R500,000.00 on tax-free savings for a lifetime. For example, should you choose to invest R36,000.00 per year, you can invest the R36,000.00 for 14 years only.
  
• You pay no tax on interest, dividends and capital gains.
  
• There are no taxes payable on withdrawal or at maturity.

Guaranteed-return single-premium policy

With this policy, you can invest a lump sum for a guaranteed return of investment.

The guaranteed returns are for five years and are tax-free. You can invest from R30,000.00 and up to R20 Million.

Guaranteed-income single-premium Plan

This option allows you to receive income on a regular basis by investing a single lump sum.

The minimum investment is R1 Million with no maximum amount. In 5 years your lump sum is paid back to you.

Retirement products

Carefree Life Retiment Annuity

This annuity plan allows you to start investing in your retirement in two ways.

You can contribute monthly premiums to your retirement or you can pay a single lump sum to your retirement.

Contribution starts from R180 per month for the monthly premiums option and any amount for a single lump-sum contribution.

Highlights :

• You have the liberty to choose different types of annuity plans.
• The money will be available to you on your 55th birthday or earlier if you become disabled.
• Your premiums will help reduce your income tax.
• You can transfer your retirement savings to Assupol tax-free.

Group plans

Group employee plan

This plan is for small businesses and it makes it possible for these businesses to invest in their employees by making sure that their families don’t carry the costs of their funeral.

Highlights:

• It takes 24 hours to pay for funeral benefits after all necessary documents and information have been received.
  
• You can add another child dependent at an additional R1.50 per month per child from the sixth child.

Conclusion

Assupol Holdings Limited is one of many insurance companies in South Africa. However, what differentiates it from other big insurance companies Discovery is that it caters even for the poorest of South Africans.

Not only does it cater to the poor but it also invests in black businesses, such as investment in Prosperity Insurance Company. Prosperity is the first black-owned insurance company in South Africa.