Group Risk
Discovery Group Risk aims to protect employees and their families from unforeseen circumstances while rewarding them for living healthier. With improved health, employees claim less, meaning that we can return the savings from less claims to them through improved pricing and superior benefits. Employers can choose the benefits offered and the amount of protection they want to provide to their employees. Select benefits are underpinned by Vitality, which enables employees to receive additional rewards and wellness benefits.
Protection for children's education
- Discovery Global Education Protector benefit is automatically included for all employees whose life cover is at least two times their annual salary. The benefit can also be extended to private schooling, depending on the employee's Vitality status, and even to selected universities overseas.
Protection from financial burden for family members
- Discovery Life Cover Benefit gives broader cover at a lower cost.
- Discovery Funeral Benefit can provide cover for the member only, for the member and their immediate family (up to three spouses and five children) or for their extended family (up to 10 family members).
Protection from the financial challenges that result from a life-changing event
- Discovery Income Continuation Benefit pays a monthly amount if the employee is unable to work. It also has other value-added benefits.
- Discovery Capital Disability Benefit does not reduce (taper) over the cover period.
- Discovery Severe Illness Benefit covers a broad range of impairment conditions and automatically includes cover for the employee’s children.
Retirement Funds
Because employees may be living longer, encouraging the right retirement savings behaviours can dramatically reduce their retirement savings gap. That’s why Discovery Retirement Funds* drive positive savings behaviour by motivating employees to save more, save for longer, and manage their finances. Discovery is then able to reward their behaviour by adding boosts to their savings, further helping them to close their retirement savings gap. Discovery’s solutions can be tailored to the unique needs of a business. The employer can choose between a standard or customised package and employees make their own choices about retirement contributions and investment portfolios.
Powerful behavioural incentives
Discovery boosts the retirement savings employees transfer into the Fund by up to 15% to encourage them to stay invested and consolidate their savings when they join or leave the Fund. Discovery also boosts contributions by up to 15%, including additional voluntary contributions that employees make to the Fund each month. The boost is elated to employees’ engagement in the various Vitality programmes and meeting their Active Rewards goals.
Discovery’s payback from risk premiums, which can be up to 15%, reward employees for improving their health. To help employees accumulate the extra retirement savings, Discovery doubles the payback amount that they reinvest into the Fund. The Discovery Living Annuity gives employees the flexibility to manage their income withdrawals (drawdowns) according to their individual circumstances while giving an immediate income boost of up to 50% for responsible withdrawal levels and healthy living.
Discovery Group Risk aims to protect employees and their families from unforeseen circumstances while rewarding them for living healthier. With improved health, employees claim less, meaning that we can return the savings from less claims to them through improved pricing and superior benefits. Employers can choose the benefits offered and the amount of protection they want to provide to their employees. Select benefits are underpinned by Vitality, which enables employees to receive additional rewards and wellness benefits.
