SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Describe group insured benefits 
SAQA US ID UNIT STANDARD TITLE
117137  Describe group insured benefits 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
10395  Describe group insured benefits  Level 4  NQF Level 04  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for learners who work with insurance products that apply to retirement funds and group benefits. It answers the question, What are group insured benefits? It is useful for Trustees of retirement funds, intermediaries, union officials and learners in group risk departments.

The qualifying learner is capable of:
  • Describing generic group products marketed in the insurance industry.
  • Explaining how group insurance products are underwritten.
  • Explaining how group insurance products are marketed.
  • Applying legislation to group insurance products. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication, Mathematical and Financial Literacy at Level 3. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is
  • Generic group products include, but are not limited to, death benefits, dread disease benefits, pure disability, disability income, accidental death and disability benefits, trauma benefits, finance protection benefits, credit insurance, reinsurance of retirement fund benefits and tax protection.
  • Taxation of benefits and premiums as regulated by the Income Tax Act, Capital Gains Tax legislation, Estate Duty Act and Stamp Duty Act.
  • Other qualification requirements include, but are not limited to, active in service and age.
  • Fund owned policies include unapproved employer owned policies, non-employer owned policies and fund owned policies.
  • Legislation for approved and unapproved schemes refers to the Long Term Insurance Act, the Pension Funds Act, the Income Tax Act and the Estate Duties Act. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Describe generic group insurance products marketed in the insurance industry. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Group products marketed by the insurance industry are named and classified according to typical client needs. 

    ASSESSMENT CRITERION 2 
    The generic group products marketed by the insurance industry are named and an indication is given of the risk that each insures and the target for the group product. 

    ASSESSMENT CRITERION 3 
    Examples of generic products marketed as group products are investigated for a selected insurance organisation. 

    ASSESSMENT CRITERION 4 
    A generic product marketed by two different insurance organisations is compared with reference to the features of the product. 

    SPECIFIC OUTCOME 2 
    Explain how group insurance products are underwritten. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of free cover limit is explained with reference to why group products have a free cover limit. 

    ASSESSMENT CRITERION 2 
    The basis on which premiums are determined is explained with reference to salary weighted average age, occupation, growth of benefits, scaling down periods, pre existing conditions, waiting periods, exclusions and other qualification requirements. 

    ASSESSMENT CRITERION 3 
    Reasons why group schemes are reviewed at regular intervals are explained with reference to the changing nature of the group. 

    SPECIFIC OUTCOME 3 
    Explain how group insurance products are marketed. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The distribution channels used to market group products are named with examples. 

    ASSESSMENT CRITERION 2 
    The concept of a tender/quote is explained as used in group insurance. 

    ASSESSMENT CRITERION 3 
    A group tender/quote and an individual proposal are analysed and an indication is given of the information contained in each. 

    SPECIFIC OUTCOME 4 
    Apply legislation to group insurance products. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Legislation that regulates the products marketed as group products is named and an indication is given of the main focus of the legislation. 

    ASSESSMENT CRITERION 2 
    The links between the different group insurance products and legislation are identified, presented graphically. 

    ASSESSMENT CRITERION 3 
    The taxation of benefits and premiums applicable to group insurance are explained for approved and fund owned policies. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information relating to group insurance products. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining the various group insurance products and other aspects required in the assessment criteria. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard has replaced 10395 which was "Describe group insured benefits", Level 4 with 2 credits 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. CKP Development Agency (Pty) Ltd. 
    4. De Vries Management & Training Services cc 
    5. DSBI (Pty) Ltd 
    6. Faisit (Pty) Ltd 
    7. Intec College 
    8. Invuya Institute of Learning (Pty) Ltd 
    9. Masifunde Training Centre (Pty) Ltd 
    10. Old Mutual Life Assurance Company South Africa 
    11. Ray Strodl Consulting (Pty) Ltd 
    12. Sanlam Life Insurance Ltd 
    13. Sanlam Life Insurance Ltd. 
    14. The Institute of Health Risk Managers (Pty) Ltd 
    15. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.