PayBack is possible through the power of integration (linking) – a concept unique to Discovery. By simply linking your Discovery Life Plan with other Discovery products, you can get a portion of your qualifying premiums back.
PayBack is a reward we pay to you for looking after your health and your safety on the road. The amount of PayBack you get depends on how many Discovery products you link with your Life Plan and your engagement with Vitality and Vitality Drive.
If you are engaged in Vitality, you become healthier and engagement in Vitality Drive makes you a better, safer driver. Healthier people claim less, so if you are healthy, we save money. We share this saving with you by paying back a portion of your premiums (as a PayBack) to you. To top it off, society as a whole benefits from healthier people, safer roads and improved productivity.
You can get a portion of your premium as a PayBack if your policy structure qualifies for the PayBack benefit. We pay this every five years, but you can also choose to get yearly, guaranteed PayBack for up to 10 years.
You can get higher percentages if you link more Discovery products, to your Life Plan, like:
If we paid out any Discovery Life claims in a specific five-year cycle, we will reduce the PayBack which accrued over that cycle before we pay out.
Take Sarisha as an example: She is a 39-year-old chartered accountant who loves mountain biking. She has been on Gold Vitality status for three years and will become a Diamond Vitality member in her fourth year on the Vitality programme. She also claims very little from her Classic Saver health plan because of her good health, and has achieved Silver Vitality Drive status. She has R2.5 million life cover including the Capital Disability Benefit and the Severe Illness Benefit.
Sarisha pays R888.99 a month for her life cover and will earn R2 400 in Annual Guaranteed PayBacks next year, regardless of how she manages her health and wellness. She also accumulates R2 400 into her Surplus PayBack Fund based on her good health and driving which pays out at year five. In total this means that Sarisha earned 45% of her premiums back. By the time Sarisha is 79, if she continues to be as healthy and drive as well as she does now, she will have earned over R1.3 million back in PayBack.
