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Logo of Discovery

Discovery is a proudly South African-founded financial services organisation that operates in the healthcare, life insurance,...

18/04/2024 Insurance Innovation


The Purple Life Plan, designed for high-net-worth clients, includes distinctive features providing guaranteed insurability, enhanced estate protection for high value estates and the flexibility to diversify cover globally.

Innovation presentation

Discovery Life’s Purple Life Plan is exclusively available to high-net-worth clients with R10m (~$0.55m) or more life cover. It provides comprehensive local and global protection for clients and their families for death, disability, illness, and the inability to work.

The Purple Life Plan meets high-net-worth clients’ unique needs through bespoke features and benefits. This is a specialised approach compared to local and global insurers who offer reduced premium rates on large sums assured. It uses the Shared-value Insurance model to offer rich rewards and value to clients when they link their policy to their other Discovery products and engage in their health and financial wellness, measured through Discovery’s unique data assets and the Vitality wellness programs.

Valuable features include upfront and ongoing premium discounts and premium PayBacks. However, using Shared-value, the Purple Life Plan provides unique value to these clients through mechanisms such as:

- Purple Vitality Fund: provides guaranteed insurability during the first 9 years of the policy at no additional initial premium, allowing clients to add up to 45% more life cover without underwriting.

- Legacy Fund: provides up to 25% additional life cover at age 65, free of charge for whole of life, based on the clients previous healthy behaviours, to protect against estate duties.

- Dollar Swap Option: clients can convert their Purple Life Plan rand cover into dollars, without additional underwriting and lock-in exchange rate discounts based on their healthy behaviours.

Since becoming available, Purple Life Plan premiums are 15 times that of comparable policies sold during that time.

Uniqueness of the project

Discovery Life’s prestigious Purple Life Plan is exclusively available to high-net-worth clients with

R10 million or more in life cover. It uses the Shared-value Insurance model to provide distinctive features, ensuring that clients’ needs are met through a bespoke benefit offering.

Guaranteed Insurability through the Purple Vitality Fund

The Purple Life Plan automatically includes the Purple Vitality Fund. A deterioration in a client’s health could mean that they cannot purchase additional life insurance at a time when they need it the most. In recognition of this and because high-net-worth clients may see their financial interests grow at rates above inflation, Discovery Life’s Vitality Fund provides up to 45% additional cover over the first nine years of a client’s policy, without underwriting and at no premium for the first three years when cover is added.

Estate duty funding through the Legacy Fund

The Legacy Fund provides clients with up to 25% extra life cover in retirement at no additional cost and free of medical underwriting, based on the client’s prior Vitality engagement and health status at the time. This benefit utilises health and wellness to unlock an actuarial surplus which is channelled to the client to generate additional liquidity to fund onerous estate duties on high-net-worth estates.

The Dollar Swap Option

The Dollar Swap Option is available to assist clients in diversifying their risk cover into the world’s most widely used currency (the US dollar) and to ensure that clients’ and their families’ financial needs are matched, no matter where they may find themselves in the future.

It allows clients to convert their rand cover on their Purple Life Plan into dollars, without any additional underwriting. Where clients opt into this swap, they can lock-in exchange rate discounts based on their healthy behaviours.

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