Core Basic Needs Benefit Clause Samples

Core Basic Needs Benefit. 2.5.1 A Claim for the core Basic Needs Benefit will be paid upon the happening of an Insured Event, in the event that - 2.5.1.1 a Claim for a Funeral Benefit is approved in terms of the Thari ya ▇▇▇▇▇▇ Funeral Policy in the event of the death of the Policyholder, subject to all the terms and conditions of the Thari ya Baruti Funeral Policy as it applies to the Policyholder as Assured Life (including without limitation, the Waiting Periods, exclusions and limitations as set out in the Thari ya Baruti Funeral Policy); and/or 2.5.1.2 a Claim for a Personal Accident Benefit to the value of R27 000 (or such higher value for a Personal Accident Benefit if amended from time to time), being the highest Base Amount under the Thari ya Baruti Dread Disease and Personal Accident Policy, is approved in terms of the Thari ya Baruti Dread Disease and Personal Accident Policy in the event of the Permanent Disability of the Policyholder, subject to all the terms and conditions of the Thari ya Baruti Dread Disease and Personal Accident Policy as it applies to the Policyholder as Assured Life (including without limitation, the Waiting Periods, exclusions and limitations as set out in the Thari ya Baruti Dread Disease and Personal Accident Policy); and/or 2.5.1.3 a Claim for a Dread Disease Benefit is approved in terms of the Thari ya Baruti Dread Disease and Personal Accident Policy in the event of the Policyholder contracting, suffering or experiencing a Dread Disease, subject to all the terms and conditions of the Thari ya Baruti Dread Disease and Personal Accident Policy as it applies to the Policyholder as Assured Life (including without limitation, the Waiting Periods, exclusions and limitations as set out in the Thari ya Baruti Dread Disease and Personal Accident Policy).
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Core Basic Needs Benefit. 2.5.1 A Claim for the core Basic Needs Benefit will be paid upon the happening of an Insured Event, in the event that - 2.5.1.1 a claim for a Funeral Benefit is approved in terms of the Funeral Policy in the event of the death of the Policyholder, subject to all the terms and conditions of the Funeral Policy as it applies to the Policyholder as Assured Life (including without limitation, the Waiting Periods, exclusions and limitations as set out in the Funeral Policy); and/or 2.5.1.2 a claim for a Personal Accident Benefit to the value of R27 000 (or such higher value if amended from time to time), being the highest Claim value under the Dread Disease and Personal Accident Policy, is approved in terms of the Dread Disease and Personal Accident Policy in the event of the Permanent Disability of the Policyholder, subject to all the terms and conditions of the Dread Disease and Personal Accident Policy as it applies to the Policyholder as Assured Life (including without limitation, the Waiting Periods, exclusions and limitations as set out in the Dread Disease and Personal Accident Policy); and/or 2.5.1.3 a claim for a Dread Disease Benefit is approved in terms of the Dread Disease and Personal Accident Policy in the event of the Policyholder
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Related to Core Basic Needs Benefit

  • Supplemental Retirement Benefit The Executive will be entitled to receive a monthly Supplemental Retirement Benefit (the "Supplemental Retirement Benefit") commencing on the first day of the month coincident with or following the later of the Executive's termination of employment or attainment of age 60 and continuing for the remainder of his life. Unless otherwise elected by the Executive, the Supplemental Retirement Benefit shall be payable in the form of a 50% joint and survivor annuity which shall be unreduced for the actuarial value of the survivor's benefit. If the Executive's spouse at the time of his death is not more than four years younger than the Executive, the survivor benefit shall be equal to 50% of the Executive's benefit and shall be payable to his spouse for the remainder of the spouse's life. If the Executive's spouse at the time of his death is more than four years younger than the Executive, the benefit payable to the spouse shall be reduced to a benefit having the same actuarial value as the benefit that would have been payable had the spouse been four years younger than the Executive. The Executive shall also have the right to elect a 100% joint and survivor annuity, on an actuarially-reduced basis or a lump-sum payment, on an actuarially-reduced basis (if the Executive makes a timely lump-sum election which avoids constructive receipt), or any other form of payment available or provided under the "Supplemental Plans" defined in this Section 8. Actuarial reductions shall be based on the actual ages of the Executive and his spouse at the time of retirement. If the Executive is not married at the time of his retirement, actuarial adjustments shall be made as if the Executive had a spouse with the same date of birth as the Executive. In the event that the Executive elects a form of payment other than the automatic 50% joint and survivor annuity or other than a lump sum payment, and remarries subsequent to retirement, the benefits payable under this Section shall be actuarially adjusted at the time of the Executive's death to reflect the age of the subsequent spouse. If the Executive elects a lump sum payment at retirement, no further benefits will be payable under this Section.

  • Retirement Benefit (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wi▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.