GTC UMBRELLA PROVIDENT FUND The Performance Bonus Protector Offers up to 50% of the average of the last 3 years’ bonuses (net after tax) payable up to 24 months if they become permanently (Category A) disabled. The percentage will depend on the member’s Vitality status as below. Vitality status Blue Bronze Silver Gold Diamond 10% 20% 50% 50% 50% The Mortgage Protector Benefit Will pay a disabled member’s bond repayments for up to 24 months, depending on the member’s Vitality status. This benefit will pay out on a monthly basis. In addition the disabled member’s premiums, in respect of Discovery individual policies, will also be paid. Investment Portfolios As part of the GTC Umbrella Provident fund, The IIE’s Varsity College employees are also able to select an investment portfolio from a range of five options in line with the member’s risk appetite or religious orientation. 1. GTC Conservative portfolio 2. GTC Moderate portfolio 3. GTC High Equity portfolio 4. GTC Market Plus portfolio 5. GTC Shari’ah portfolio Members have the ability to switch investment portfolios should they wish to do so. Please note however that only one switch in a twelve (12) month period is allowed for any member. Vitality status Blue Bronze Silver Gold Diamond 3 months 6 months 9 months 12 months 24 months The Free Cover Limit Multiplier Benefits above the Free Cover Limit (FCL) are subject to medical underwriting. Discovery Life has developed the Free Cover Limit Multiplier to reduce medical underwriting for employees who are participating in the Vitality programme. - Research has shown that members who engage in the Vitality programme have lower mortality and morbidity rates. - Discovery Life has developed the Free Cover Limit Multiplier which boosts the Free Cover Limit for Vitality members. - The Free Cover Limit Multiplier raises the standard free cover limit by the following percentages: Vitality status Blue Bronze Silver Gold Diamond 0% 10% 20% 30% 40% Notes: 1) The above is a short summary of the fund and related risk benefits. It is very important to also review the member guide (available on the GTC website – www.gtc-eb.co.za), the comprehensive risk benefit brochures, and the feedback documents distributed after each meeting of the Board of Management. 2) Web access is encouraged to view your benefit statement from time to time and to read the other important documents explaining the benefits and the investment portfolios. Please ensure you collect the log in details from your HR department.
MEDICAL AID GAP COVER KEEPING YOU HEALTHY You may choose to belong to the medical aid scheme as provided through ADvTECH. The available scheme is Discovery Health. Details on this scheme are available from your HR Department. Please note that you will be liable for the full amount of your contribution. Your income will also be reduced by this amount before tax is calculated and deducted. Need advice on your Discovery Health Plan? NMG Consultants and Actuaries are here to assist and advise you accordingly. To get in touch with the NMG Consultant for your region, please speak to your HR Department. FILLING THE GAP NMG has secured a partnership with Stratum for ADvTECH. Gap Cover is a way in which medical scheme members can avoid being left with payment shortfalls or gaps. This is an optional cover for ADvTECH employees that compliments their medical aid. To apply for this Gap Cover you do not need to be on Discovery through ADvTECH, you may also apply for this cover if you belong to other medical aids recognised by Stratum. This product is designed to ‘fill the gap’ between what is charged by your service provider for in-hospital procedures and what is covered by your medical aid. The actual benefit paid is subjected to a maximum as set out in the policy. Should your service provider charge in excess of this, then you would still be liable to cover this additional amount yourself. It is important to note that your Stratum Gap Cover policy will reimburse you directly and not the service provider concerned. It therefore still remains your responsibility to settle with the service provider. Please note that the Gap cover contributions will be deducted from the employees salary through the ADvTECH payroll. This is a very brief overview of what the Gap Cover policy entails. Should you want a more detailed and concise description, please speak to your HR Department so that they can put you in touch with the relevant NMG Consultant. NB: Underwriting and waiting periods may apply dependent on the time frame of joining the GAP cover – please speak to an NMG consultant for more details on this.