1 November 1958
Group Life Insurance Scheme introduced
“ You don ’ t buy life insurance because you are going to die , but because those you love are going to live .” Unknown
1 January 1970
Profmed starts operating
“ Good health and good sense are two of life ’ s greatest blessings .” Publilius Syrus , Latin writer
During the latter half of the 1950s , PPS began investigating extending benefits to provide for the payment of annuities or pensions to its members . In 1957 , the chairman of the board reported that it was considering introducing the additional benefit of life insurance cover .
As early as 1956 , PPS considered a medical scheme that would cover members for hospital and nursing home expenses . On 1 November 1959 the scheme was launched . But the Medical Schemes Act of 1967 had implications for the PPS hospitalisation scheme . An application for exemption from the Act was declined .
Group Life Insurance Scheme introduced
1958 1970
Profmed starts operating
A number of insurance companies were approached , since the actuary appointed to consider the draft of such a scheme believed that PPS should not underwrite it itself . A quotation from Sanlam was unanimously accepted on 26 May 1958 . On 1 November of the same year , the Group Life Insurance Scheme came into existence .
This led to the conceptualisation of a new scheme under the name “ Profmed ”. Profmed started operations on 1 January 1970 providing medical aid for professionals with a minimum of a four-year qualification .
PPS relinquished its control over Profmed in 2002 due to the conflict with the Medical Schemes Act . This led to PPS Healthcare Administrators being founded serving as a turnkey solution to resolve the administrative burden , service issues and costs .
23