General
The biggest responsibility of the client is to communicate with FSIpro and at all times be certain that you understand what you are reading and buying. FSIpro will try its utmost best to create and develop brochures, documents, videos and in any other form to provide information that is fair, informative, understandable, clear and related to the needs of you the client.
FSIpro, consists of Fo’Sho social and economic development in partnership with Fo’Sho Financial Services (Pty) Ltd and strives to provide a platform that keeps the client informed about financial affairs. By participating in the program, clients are able to earn a passive income.
We also strive to establish a community that talks about financial affairs, which will create communities that are informed and that cannot be easily misled to buy products that they do not need.
I agree that I understand the products as laid out to me and that the FSIpro membership and Fo’Sho Financial Services products and relationship has been disclosed to me. I hereby authorize Fo’Sho Financial Services (Pty) Ltd to commence a debit order withdrawal from my account at the last day of the month, or as agreed upon and monthly thereafter, with a possible percentage increase each year, for the premium applicable for the membership selected. I understand that the debit order will be run on the date selected; if for whatever reason it is not honoured, 2 (two) withdrawal runs will be submitted the next month. No cash payments are accepted for arrears or any other premiums. Membership date will be confirmed once fees are received.
As an insured member and/or as an Income Earner, you will receive constant direct marketing material to assist you and ensure FSIpro/Fo’Sho Financial Services keeps you informed.
Clients must at all times adhere to the following:
1) They are not registered with the financial services board and may not provide financial advice or intermediary services and that clients must at no time inform people that they are not financial planners unless they are registered with the FSB.
2) At all times inform prospective clients that they will earn referral income if the prospective client signs up for products with FSIpro.
3) Members/clients are not allowed to receive money in any form in regards to insurance products related to the FSIpro Group.
4) The Income Earner reward fee is based on the Fo’Sho Informed fee and recalculated back to as a basic on the total premium, this is easier for clients/members to understand and calculate by themselves.
5) The clients/members must at all times keep FSIpro Group informed of the contact and payment information as this can have a significant effect on service delivery.
6) The financial services products are provided through Fo’Sho Financial Services (Pty) Ltd, an authorised Financial Services Provider FSP No. 49064 registered with the Financial Services Board (FSB). The underwriter of the funeral cover is Safrican, a Division of Sanlam and is registered as an authorised Financial Services Provider FSP no. 15123.
7) FSIpro does not provide tax advice, please speak to a registered tax practitioner for more information regarding your tax affairs.
8) The income that is earned for the income earner will only be payable as a monthly income after 1-year membership, this is to prevent that there is a misconception of the policy that it is for free, or in case of a life-changing event.
9) There will be a 10% admin fee payable on the income-earner income, on payouts made to members.
10) Premium split: On the R139 – R30,000 funeral policy the premium is calculated as follow, with an R95,40 risk rate including FSP commission, R5 debit order fee, R13,90 income earner portion and R24,70 admin fees.
On the R99 - R20,000 funeral policy the premium is calculated as follow, with an R67,30 risk rate including FSP commission, R5 debit order fee, R9,90 income earner portion and R16,80 admin fees.
On the R59 – R10,000 funeral policy the premium is calculated as follow, with an R37 risk rate including FSP commission, R5 debit order fee, R5,90 income earner portion and R11,10 admin fees.
The R228 once-off activation fee for the income earner is a once-off deduction and has nothing to do with the funeral policy offer.
FSIpro/Fo’Sho Financial Services may at any time with a 30 day notice period, amend these Terms and Conditions. FSIpro/ Fo’Sho Financial Services will inform you 30 days before these changes take effect.
Income-earner income is for ease of calculation, calculated on the full funeral cover premium of referrals, with level 1 = 7%, level 2 = 2% and level 3 = 1%.
Contact Details:
Whatsapp/WeChat/Telegram Messenger: 084 840 1192
Tel: 084 840 1192
Email: info@fsipro.co.za
Address: 13 Vlier Road, Glen Barrie George, 6530
Funeral Cover
The Maximum Policy Benefit payout across all Safrican Plans for a child below 6 and 13 years will be R10 000 and R30 000 respectively as limited by the Long-Term Insurance Act.
Dependents Benefit (0 – 5 years) : R10 000 Dependents Benefit (6 – 13 years) : R30 000 Maximum benefit for insured persons whose age is 14 years and above is R60,000 unless expressly stated otherwise.
Proof of previous insurance must be submitted at inception of the scheme in order to waive the waiting period for all existing insured lives. Failing to submit this information at inception will result in Safrican applying the waiting period as stipulated above for all lives to be insured.
The Waiting Period will be waived for members who have been previously underwritten for 6 months for members below age 75 years or 12 months for members aged 74 years and older. If the period of underwriting has been less than that set out above, the balance of the waiting period will be served with Safrican.
A Waiting Period as stipulated above will be applicable to new members/additions in the event of electing a higher benefit from what you were previously underwritten for, the waiting periods will apply to the increased portion of the benefit, not to the current benefit enjoyed. A Waiting Period as stipulated above will be applicable to the increased portion Principal members, spouses, children and extended members are not allowed to duplicate membership under the same policy, etc. members may not be nominated more than once by the same principal member under the same policy. Children below the age of 18 years are not permitted to be Principal Members on the policy. Details of the lives to be insured must be provided to Safrican at the time that the Principal Member joins the scheme and all the persons to be insured must be related to the Principal Member.
All the persons to be insured under the policy must be related to the Principal Member and the Principal Member must have an insurable interest in all insured persons under the policy. 1) We require application forms to be filled in at inception. 2) We require one payment at the end of the month, together with the membership list of all the members paid for in that month. 3) Voluntary schemes have until the 7th to pay the 1st premium, if the 1st premium is not received before or on the 7th of the month of inception, then the inception date will be moved to the following month.
If the fund is existing with another Underwriter, Safrican will require the following documentation: 1) The name and contact details of the previous underwriter 2) The Policy Contract (copy of master policy) to match the existing terms and conditions. 3) The Claims Experience (LOA Format) to match or better the existing rates 4) The detailed membership data download of all lives insured from the previous underwriter to waive the waiting period for members who completed the initial waiting period.
If the fund is Self-Insured, the following information is required: 1) Detailed membership data from the Funeral Parlour, Burial Society, applicable rates, age of participants and inception dates. 2) At inception of a Burial Society fund, the Burial Society must provide original receipts and/or books as proof of previous cover, bank statement of the scheme, amounts paid out for claims in case Safrican has to review the waiting period. The initial application forms completed by members at inception and product brochure or society constitution.
Documents required at inception of the Fund:
- Fully completed proposal form
- Remittance advice of first premium paid
- Detailed membership list, including names and identity numbers, benefits opted for and the premium applicable per life insured
- Fully completed application forms (including contact details of the policy holders) signed by the Principal Members
It is imperative to provide all the information listed above to allow Safrican to generate a proper and accurate rate for the risk profile. Safrican reserves the right to request any further information it deems necessary to proceed with the quote.