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Agreement · version 2027-draft-1

Module protection agreement

1. About this agreement

This agreement is between you, the student who buys cover, and Studii (Pty) Ltd (registration number 2020/201869/07), a licensed Financial Service Provider, FSP 53052 ("Studii", "we", "us"). It sets out how our module protection works, what we pay for, and what we each promise.

Your agreement is made up of this document, the plan, institution, qualification and number of protected modules you chose at checkout, and the emails and messages we send you about your cover. You accept it at checkout, and the version you accepted stays available on your account.

2. Words we use

  • Protection year: the academic year your cover is for, from the day your cover starts until your final results for that year are out.
  • Module: a single academic subject that forms part of your qualification for the protection year.
  • Protected modules: any of your modules for the protection year, up to the number you chose at checkout (your annual cap).
  • Module fee: the fee your institution charges for a module, as recorded on your quote. It does not include study materials, printing, accommodation, field trips or any other cost.
  • Premium: the amount you pay for cover for the protection year, either monthly or upfront.
  • Claim: your request for a payout for a failed protected module.

3. What is covered

We pay out when you fail a module, so that you can afford to take it again. When you sign up you choose how many failed modules a year we pay for: one, two, three or four. That is your annual cap. Cover applies to any of your modules that meet the conditions below, until you reach it.

A module qualifies for a payout when all of the following are true:

  1. Your semester mark (also called the progress or year mark) for the module is at least 45%.
  2. You wrote the final exam for the module.
  3. Your final mark for the module is below 50%, so you failed it.
All you need is 45% for your semester mark.

4. What we pay

For each qualifying failed module we pay the full module fee, as shown on your quote and on your account. We pay for no more modules in the protection year than your annual cap.

We pay the student or, where you ask us in writing, your institution's fee account.

5. Your premium and how you pay it

Your premium is worked out when you check out, from your institution, the number of modules you protect and our rates at the time. It does not change during the protection year. You choose one of two ways to pay:

  • Monthly. The year's premium is split into ten equal monthly instalments, February to November, on the 1st of each month. Your first payment is taken when you sign up: it pays every instalment already due, or, if none is due yet, the next instalment early. After that we collect each instalment from the card you paid with on its due date.
  • Upfront. You pay the whole year at once when you sign up, with a discount of 5% on the year's premium.

You can sign up from 1 January to 30 April of each year.

6. When cover starts

Your cover shows as active on your account once your first payment has been received and your later payments are up to date.

Because a payout is funded from the full premium for the year, we pay a claim only once the year's full premium has been paid. If you pay monthly and some instalments are still outstanding when your claim is accepted, the outstanding amount is settled before the payout or deducted from it, and we tell you exactly how much.

7. Missed payments

If we cannot collect a monthly instalment on its due date, we will let you know and try again.

  • While an instalment is overdue, your cover is paused: you cannot claim for that time until the overdue amount is paid. Once you settle what is overdue, your cover continues.
  • If two monthly instalments are missed and not settled, your agreement ends and your modules are no longer protected.

8. Cancelling

  • Cooling-off period. You may cancel within 14 days of signing up. If you have not claimed, we refund everything you have paid.
  • Monthly plans. After the cooling-off period you may cancel at any time from your account or by emailing us. We stop collecting instalments and your cover ends on the day you cancel. Instalments already paid are not refunded.
  • Upfront plans. After the cooling-off period, upfront cover runs until the end of the protection year and is not refunded.

9. Claims

  • When: claims open once your final results for the protection year are out, and close at the end of February in the following year. Claims received after that are no longer valid.
  • How: submit your claim from your Studii account. We ask for your academic record or transcript showing your semester mark, that you wrote the exam, and your final mark, plus proof of your registration for the module.
  • What happens next: we review your claim and accept it, decline it with our reasons, or ask you for more information. We pay accepted claims as soon as we can after accepting them.
  • Appeals: if your claim is declined or arrives late, you may appeal by emailing us. We consider every appeal on its own merits.

10. What we do not cover

We do not pay out when:

  • you were not a registered student at the institution you chose for the module, or the module was not part of your studies for the protection year;
  • you did not write the final exam, or you were barred from it;
  • you were expelled or excluded from your institution or from the exam, or you deregistered or dropped out;
  • the information you gave us was untrue, incomplete or misleading, or the claim is fraudulent;
  • the failure results from civil commotion, labour unrest, riot, strike, lockout or public disorder, or from any act intended to further a political aim or to spread fear in the public, or an attempt at any of these;
  • the cost is anything other than the module fee, such as study materials, printing, additional lectures, accommodation or field trips.

11. Your responsibilities

  • Give us true and complete information when you sign up and when you claim.
  • Keep your payments up to date.
  • Tell us about any change that may affect your cover, such as changing your qualification or institution, or deregistering.
  • Submit your claim before claims close.

12. Your personal information

We collect and use your personal information in line with the Protection of Personal Information Act. The details you give at checkout (your full name, ID number, student number and phone number) are used only to provide your cover and to assess and pay claims. Only you and authorised Studii staff can see them. We use your information to:

  • provide your cover and pay your claims;
  • confirm your identity and prevent fraud;
  • meet our legal and regulatory duties, and keep the records they require.

We do not sell your information. You may ask us what we hold about you and ask us to correct it.

13. Complaints

If you are unhappy with anything we have done, email us and we will do our best to put it right. As a licensed Financial Service Provider we are regulated by the Financial Sector Conduct Authority. If you feel we have not treated you fairly, you can contact the FAIS Ombud at www.faisombud.co.za.

14. Our details

  • Company: Studii (Pty) Ltd, registration number 2020/201869/07
  • FSP number: 53052
  • Professional indemnity insurance: Lombard Insurance Company
  • Telephone: 012 012 6153
  • Email: support@studii.co.za
  • Website: studii.co.za