Unclaimed Benefits

What are unclaimed benefits?

An unclaimed benefit is a benefit that is due to a client or beneficiary but has not yet been claimed by or paid to the client or beneficiary for various reasons. A customer maintains the right to an unclaimed asset until such time as the asset has been returned or the claim has been paid.

Reasons for benefits being unclaimed could be, for example:
  • The client had not updated their beneficiary details, therefore the insurer is unable to contact the beneficiaries.
  • The beneficiaries of a benefit are not aware that the benefit exists.

How can you check if you have any unclaimed benefits?

  • To check if you, as the client, have any unclaimed benefits, contact the call centre on 0860 005 433 or Discovery Life Claims on 0860 103 905.
  • To check if there are any unclaimed benefits, where you may be the beneficiary, contact the call centre on 0860 005 433 or Discovery Life Claims on 0860 103 905.
  • They will assist with providing requirements and the process to follow based on the policy structure or ownership.
  • To check if you, as the policyholder have any unclaimed benefits at Discovery Invest where you may be the beneficiary, contact the call centre on 0860 675 777.
  • To check if there are any unclaimed benefits at Discovery Invest where you may be the beneficiary, contact the call centre on 0860 675 777.
  • The call centre will assist with providing requirements and the process to follow based on the policy structure or ownership.

To check if you, or your beneficiaries /dependants, have any unclaimed benefits, contact the Member Contact Centre on:

Group Risk: 0860 543 322 or email groupriskclaims@discovery.co.za
Retirement Funds: 0860 222 999 or email retrirementfunds@discovery.co.za
Ex-Discovery Staff: 0860 135 338 or email staffbenefits@discovery.co.za

The Member Contact Centre will assist with providing requirements and the process to follow based on the rules of the Funds or the Scheme.

 

Avoid having unclaimed benefits

Discovery Life and Invest

Make sure to keep your personal and beneficiary information for your policy up to date on the Discovery website and the Discovery app, to ensure that benefits are received as intended. This can help to avoid unclaimed benefits. To confirm or update your personal and beneficiary information, contact your financial adviser, call us on 0860 005 433, or visit the website at www.discovery.co.za and go to your profile icon and click on Update Your Details.

Corporate and Employee benefits

To ensure that you or your beneficiaries/dependants receive the benefits due from the Funds or the Scheme when they become available:

  • Always keep your contact information up to date. You can update your information at any time by logging onto the Member Zone via the web at www.discovery.co.za or the Discovery App.
  • Ensure that your beneficiary/dependants' details on your beneficiary nomination are current and correct.
  • Ensure that your beneficiary nomination form is updated when you have a life changing event.
 

Please also note the following:

  • It is your responsibility to keep your contact information up to date. If a benefit is unpaid because Discovery Life cannot contact you, your beneficiaries or dependants using your contact details, we are required to contact a tracing company to trace you, your beneficiaries or dependents after a prescribed period.
  • You confirm that when you provide Discovery with personal information about any dependant or beneficiary in respect of your policy, they have given you permission to disclose that information to Discovery. This includes their permission to share their personal information with a tracing agent for them to help us trace you, your dependants or your beneficiaries.
  • The tracing fees will be deducted from the unclaimed benefit payout. This is subject to change over the policy term and will be communicated to you.
  • We will only use the tracing company once to try to trace you. If an external tracing company traces you and we contact you but there is outstanding information, we will keep the benefits in an account for an indefinite period.

Privacy and tracing

If tracing becomes necessary for any reason relating to the administration and management of the business of the Funds or Scheme, you authorise us to share and obtain information about you and other relevant persons with any credit bureau, credit provider's industry association, or industry body or association.

By understanding and adhering to these guidelines, you can help ensure that your benefits are claimed promptly and efficiently.

Definitions

The Discovery Group of Companies

The principal place of business of the Discovery Retirements Funds and the Discovery Group Companies, is 1 Discovery Place, Sandton, Johannesburg 2196.

Definitions:

"We", "Us" and "Our" refers to the Discovery Life Pension Umbrella Fund - registration number 38174 and the Discovery Life Provident Umbrella Fund- registration number 38179, (collectively known as the Discovery Retirement Funds) registered and approved by the Financial Sector Conduct Authority (FSCA) in terms of the Pension Funds Act.

The Discovery Retirement Funds are underwritten by Discovery Life Limited, a public company with limited liability, a licensed life insurer, an authorised financial services and registered credit provider, and a licensed section 13B administrator. Registered under the company laws of the Republic of South Africa (registration number 1966/003901/06).

"You" and "Your" refers to you as a member and your beneficiaries/dependants of Discovery Retirement Funds or the Discovery Group Risk Scheme through your employer.

"Your Beneficiaries/Dependants" refers to persons who are related to you or under your authority (as may become relevant depending on the context), i.e., your spouse, dependants (which may include minors) and nominees on your Group Risk Scheme. "The Funds/Scheme" means the Discovery Retirement Funds or Discovery Group Risk Scheme.

"Unclaimed Benefit" refers to a benefit that is due and payable to you or your beneficiary/dependant which in terms of the rules of the Funds, or the Scheme, following an election being made to receive the benefits, in terms of the rules of the Funds, or the Scheme and which remains unpaid for a period longer than 24 months from the date that the election was made. This can happen for various reasons, such as:

  • We are unable to contact you, your beneficiaries, or dependants using the provided contact details.
  • The claims information provided by up or your beneficiaries /dependants on your election form is incorrect and cannot be validated.
  • The banking information provided by you, or your beneficiaries /dependants have failed the bank verification authentication process, which is a legal requirement that must be met before any payment can be made.

It is important to note that a right to an unclaimed asset remains until the claim is paid or the asset is returned, regardless of the timeframe.

Discovery Life Limited, registration number 1966/003901/06, is a licensed life insurer, and an authorised financial services and registered credit provider, NCR registration number NCRCP3555. Product rules, terms and conditions apply.

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