Insurance Terms and Conditions

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By completing and signing the application, I, the undersigned applicant, understand and agree that:
  1. Bayport (and Bayport’s successors) may transfer its rights under this application to any third party which it may, in its sole discretion, decide to transfer its rights to. Any such third party or any person interested in this application or any agreement resulting from this application will be entitled to rely on the correctness and accuracy of the information I have set out in this application and any supporting documents which I may provide;
  2. Bayport will decide, in its sole discretion, to either approve or decline this application. If Bayport refuses to grant a loan, I am entitled to ask Bayport for its reasons in refusing to grant me credit;
  3. Bayport has the right to verify all information provided by me in this application form and I consent to Bayport conducting all such verification checks (including, without limitation, credit bureau checks, fraud database checks, employment checks and the like) to assess my application and to obtain any information (including medical related information) it may require from third parties and I consent to such third parties giving Bayport the required information;
  4. I consent to Bayport obtaining and processing copies of my electronic records from relevant institutions and associations, including my –
    • bank statement(s) for the account(s) that I have disclosed herein; and
    • payslips (to the extent that they are electronically available);
  5. I consent to Bayport furnishing information about me to Bayport Management Limited (“BML”) which relates to or has a bearing on any suspected or proven fraudulent activity. Bayport and BML reserve the right to refer any instance of suspected or proven fraud to the SAFPS and/or SAPS and, where possible, will actively seek to prosecute those responsible;
  6. The information provided to Bayport and collected by Bayport in this application and the verifying supporting documentation may be used by Bayport and companies associated with or appointed by Bayport for the purpose of assisting with this application and/or the conclusion of an agreement with Bayport;
  7. Various third party service providers who are not employees of Bayport render services to Bayport and/or Hollard Life Assurance Company Limited (“Hollard”) and may need access to my personal information in order to render those services. By signing this application form, I hereby instruct and consent to Bayport disclosing and/or transferring and/or hosting my personal information (including any medical-related information) to or with third parties appointed by Bayport to render services to it as well as to any third party who may acquire an interest (such as ownership, security interest or the like) in the product offering agreements concerned;
  8. This application and all decisions and required documents will form part of any agreement/s signed with Bayport and shall be read together with that agreement/s as one document;
  9. If I have withheld information or provided false information when completing this application, I will not qualify to conclude an agreement for any Bayport product and if Bayport finds this out at a later stage, it will be entitled to cancel the agreement, without penalty, on the basis thereof;
  10. In respect of the Bayport Personal Funeral Insurance Policy and/or Monthly Provider and/or the Bayport Personal Accident Insurance Policy that I may take out with Bayport, the following shall apply –
  • I understand that if Hollard does not receive the amount I owe them every month, my policy will stop. I will not get any benefit and Hollard will not pay back any money I have paid.
  • I understand that an insured person may not be covered for more than R60 000 for funeral benefits, even if they are covered under more than one Bayport or Hollard Funeral policy. I understand that R60 000 at most will be paid out if the insured person dies; and
  • I understand that Bayport will receive commission (for rendering intermediary services) of 3.25% plus VAT of the total premiums paid under the policy and a binder fee of R7.00 per policy per month. I acknowledge that a related party of Bayport has a financial interest in a related party of Hollard which enables Bayport’s related party to benefit from the overall performance of the funeral and personal accident insurance schemes.