Abstract: The invention relates to a method of managing a life insurance policy in which the life insurer receives a premium from an insured life and wherein if the insured life suffers an insured event, the life insurer pays a predetermined sum assured to the insured life or a beneficiary nominated by the insured life. The method includes defining a retirement age and when the insured life reaches the retirement age, paying at least one payment from the life insurer to the insured life. After the at least one payment the sum assured is reduced so that the amount which will be paid to the insured life or their nominated beneficiary in the event of them suffering an insured event in the future is reduced.

Abstract: A method of managing the business of a life insurance scheme of the kind in which a life insurer receives life insurance premiums from an insured life and pays a predetermined sum to the insured life on the occurrence of an insured event. The life insurance scheme is linked to a medical scheme of the kind in which the provider of such medical scheme undertakes liability in return for a premium or contribution, the insured life being a member of the medical scheme. A portion of the life insurance premiums paid by the insured life during a predetermined period are allocated to a fund according to predetermined criteria related to the status of the insured life with the medical scheme. An amount is deducted from the balance of the fund related to life insurance claims made by the member during the predetermined period and at predetermined intervals, the balance in the fund is paid to the insured life.

Abstract: The present invention relates to a method of managing the business of a medical scheme wherein the provider of such medical scheme undertakes liability in return for a premium or contribution, and provides to members who pay such premiums or make such contributions, relevant health services, and/or assistance in defraying expenses incurred in connection with rendering such relevant health services. The improvement comprises in the allocating of a portion of the premium or contribution paid by a member to provide the indemnity benefit and if the member suffers severe illness, disability or death, the member's future premium or contribution is paid on behalf of the member to the medical scheme for a period of time so that the provider of the medical scheme continues to undertake liability for the member and/or dependent's of the member for the period of time.

Abstract: The present invention relates to a method of managing the business of a medical scheme wherein the provider of such medical scheme undertakes liability in return for a premium or contribution, and provides to members who pay such premiums or make such contributions, relevant health services, and/or assistance in defraying expenses incurred in connection with rendering such relevant health services. The improvement comprises in calculating a difference amount which is the amount of the premiums or contributions paid by a member to the medical scheme less the costs incurred on the member's behalf by the medical scheme. This difference amount is then accumulated in a health fund. At a predetermined point in time, if the balance in the health fund is positive, the member is paid out at least a portion of the balance in the health fund.