Frequently Asked Questions

  • Insurance > TFG Retrenchment Plan
    • Q: Do I need to be permanently employed to take up TFG Retrenchment Plan?
      A:

      Yes. This means that, at the time of taking up the product, you must be permanently employed for a position without a pre-determined time limit, which does NOT include self-employment, probation periods and fixed term employment contracts.

    • Q: What is Retrenchment?
      A:

      Retrenchment is when a company or organisation determines that it needs to reduce the number of people in its employ in order to match or meet operational requirements.

    • Q: Does TFG Retrenchment Plan credit my TFG account if I am dismissed or quit my job?
      A:

      No, TFG Retrenchment Plan will only credit your TFG account if you are retrenched. You will also not be covered if you accept voluntary retrenchment or resign.

    • Q: How many instalments will be credited to my TFG account?
      A:

      TFG Retrenchment Plan will credit your TFG account with a maximum of six consecutive R2 500 instalments. Once this six month period is over you will be liable for your TFG account instalments.

    • Q: What else am I covered for under TFG Retrenchment Plan?
      A:

      TFG Retrenchment Plan includes a Retrenchment benefit, which provides that if you are retrenched and the terms and conditions of the policy are met, you will be paid an amount of R20 000. The Retrenchment benefit is only paid out once every twenty four (24) month cycle. There is also a Disability benefit which covers both permanent and temporary disability and gives you up to R24 000 disability cover within a twenty four (24) month cycle.

    • Q: Are there any waiting periods?
      A:

      Yes, there is a waiting period of three (3) months for all the benefits, calculated from the starting date of the policy. This means that, if the retrenchment or disability occurs during the first three months of the policy, the benefit will not be paid.

      Terms and conditions apply.
      *Foschini Retail Group (Pty) Ltd is an authorised financial services provider. Insurance is underwritten by Guardrisk Insurance Company Limited, an authorised financial services provider.