Get a preferential exchange rate
Lock-in R10.90:$1
with the Dollar Life Plan
The R10.90/$1
Dollar Life Plan
Limited Offer
Offer your clients more by increasing the
value of their rand
The R10.90/$1 Life Plan special offer allows clients to pay
a guaranteed exchange rate of R10.90/$1 on their Dollar Life Plan
for three years!
Clients can pay a guaranteed exchange rate of
R10.90/$1 on their Dollar Life Plan for three years,
and if the exchange rate exceeds R18/$1, a 20%
discount on the exchange rate will apply.
This offer ends on 31 August 2017.
As part of the limited offer, clients are able to pay
premiums for a new Dollar Life Plan based on
a maximum exchange rate of R10.90/$1 for the first
three years of their policy, as long as the R/$ exchange
rate is less than R18/$1.
This amounts to an exchange rate of up to
39% better than the market exchange rate.
If the R/$ exchange rate is higher than or equal
to R18/$1 during the first three years of their policy,
Dollar Life Plan clients are still able to pay premiums
based on an exchange rate that is up to 20% better
than the market. If the exchange rate drops below
R10.90/$, normal market rates will apply.
R/$ exchange rate
Illustration of the preferential exchange rate for Dollar Life Plan clients
Get a
R18
16.2%
discount
on the current
exchange rate
R13
R10.90
Policy inception
Year 1
Year 2
Year 3
Policy duration up until year 3
Premium based on exchange rate of R10.90/$1
R10.90/$1 Life Plan special offer exchange rate
Premium based on exchange rate of 20% lower
than the market exchange rate*
Market exchange rate*
* Market exchange rate refers to the monthly forward exchange rate provided to Discovery Life
Discovery Life is the only major life insurer to offer an authentic offshore life insurance policy denominated
in the most widely used global currency, the US dollar. This ensures your clients’ financial protection remains
relevant over the long term, regardless of the macroeconomic environment.
Technical details
A
pplies to new business submitted between 3 April 2017 and 31 August 2017 with a date of commencement between
1 April and 1 November 2017.
C
lients who have an existing Dollar Life Plan on 1 April 2017 will not qualify for the new guaranteed exchange rate on their
existing policy.
T
he limited offer exchange rate is applied to all premiums on the Dollar Life Plan for the first three years after the inception
of the policy. The limited offer does not apply to the Dollar Discovery Retirement Optimiser contributions.
A
ny premium increase (anniversary or servicing increase) in the first three years of the policy will also qualify for the guaranteed
R/$ exchange rate, which will apply until the end of the original three-year period.
E
xisting clients can buy an additional Dollar Life Plan and qualify for the limited offer on the new policy. The total premium
across the Dollar Life Plans will be subject to the maximum premium allowed on one policy ($4 000).
If an existing Dollar Life Plan client chooses to buy an additional Dollar Life Plan, to take advantage of the limited offer,
the limited offer will be removed from the new Dollar Life Plan policy if the Life Fund on the existing Dollar Life Plan is
reduced or cancelled between 1 April 2017 and 31 December 2017.
Reinstatements of policies lapsed before the limited offer period will not qualify for the limited offer.
If the Dollar Life Plan premium is refunded for any reason, this will be done after deduction of the cost of any cover provided, as
well as the cost of providing any exchange rate discounts. If a premium needs to be refunded, it will be done at the limited offer
exchange rate applied to that premium. These are the terms to be applied on the special offer and may differ to what is written
in the Dollar Plan Guide or on the application form, which is written for a policy that does not qualify for the limited offer.
F
or any commission generated in the first three years of the policy, we will limit the exchange rate used for commission
calculation to R10.90/$1, provided the exchange rate at the time is less than R18/$1. If the exchange rate exceeds R18/$1,
then 80% of the rate at that point in time will be used for the commission calculation.
A
fter the first three years of the policy, the exchange rate used for the monthly premium under the Dollar Life Plan will be
the normal, undiscounted forward rate supplied to Discovery Life.
W
here the a death claim results in a return of premium on the Buy-up Cash Conversion benefit the return should be based
on the dollar premiums that the client would have seen in the policy schedules and will not take into account the fact that
there was a lower R/$ rate used in calculating the Rand amount billed.
Discovery Life
Contact centre 0860 00 54 33 | [email protected] | www.discovery.co.za
www.discovery.co.za
@Discovery_SA
discoverysouthafrica
Discovery_SA
youtube/DiscoverySA
The Dollar Life Plan and Dollar Discovery Retirement Optimiser are issued by Discovery Life International, the Guernsey branch of Discovery Life Limited (South
Africa), licensed by the Guernsey Financial Services Commission, under the Insurance Business (Bailiwick of Guernsey) Law 2002 to carry on long-term insurance
business.The Dollar Life Plan and the Dollar Discovery Retirement Optimiser are also subject to the South African Long-term Insurance Act of 1998. Discovery
Life is an authorised financial services provider. Registration number 1966/003901/06. Terms and conditions apply. The Dollar Discovery Retirement Optimiser
is administered by Discovery Life Investment Services (Pty) Limited trading as Discovery Invest, a subsidiary of Discovery Limited. The trustee appointed by the
Branch must hold the licensed insurer’s assets representing at least 90% of policyholder liabilities in trust as imposed by a standard condition on the licence
of the Insurer under section 12 of the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). The information given in this document is based
on Discovery’s understanding of current law and practice in South Africa and Guernsey. No liability will be accepted for the effect of any future legislative or
regulatory changes. Terms and conditions apply
GM_44531DL_24/03/2017_V4