The INSETA ISSF Bursary in South Africa

In the dynamic landscape of the South African insurance sector, the need for skilled professionals is paramount. Recognizing this, the Insurance Sector Education and Training Authority (INSETA) has established the Insurance Sector Student Fund (ISSF) Bursary Scheme for the academic year 2024. This initiative aims to enhance the quality and quantity of critical skills within the insurance industry, contributing to the nation’s economic development. This article delves into the key aspects of the INSETA ISSF Bursary, shedding light on its significance, eligibility criteria, application process, and the impact it has on students pursuing courses in the insurance and related sectors.

insurance sector student fund bursary
Photo by Divaris Shirichena on Unsplash

About INSETA & ISSF

INSETA’s Mission and Role

The Insurance Sector Education and Training Authority (INSETA) plays a pivotal role in the South African education landscape, focusing on fostering the development of critical and scarce skills within the insurance sector. Through a range of skill development and training programs, including bursaries, learnerships, and internships, INSETA aims to bridge the skills gap and cultivate a workforce that meets the industry’s demands.

Mission and Objectives: INSETA’s mission revolves around increasing both the quantity and quality of critical and scarce skills within the insurance sector. The organization strives to achieve this by implementing comprehensive training initiatives, including bursaries, learnerships, and internships. Through these programs, INSETA aims to bridge the skills gap, ensuring that the industry has access to well-trained and knowledgeable professionals.

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Key Initiatives:

  1. Bursaries, Learnerships, and Internships: INSETA’s commitment to skill development is evident through its various initiatives. The provision of bursaries enables students to pursue education in the insurance and related sectors, removing financial barriers and fostering academic excellence. Additionally, learnerships and internships offer hands-on experience, preparing individuals for the practical aspects of the industry.
  2. Collaboration with Business Entities: INSETA collaborates with both private and public sector entities to secure funding for its programs. This collaborative approach ensures a sustained flow of resources, enabling the organization to reach a broader audience and make a more significant impact on skills development.

ISSF: Empowering Students for a Promising Future

The Insurance Sector Student Fund (ISSF): An integral part of INSETA’s initiatives, the Insurance Sector Student Fund (ISSF) plays a crucial role in catering to the entire insurance value chain. The ISSF receives financial support from business entities committed to skill development, creating a symbiotic relationship between the industry and educational pursuits. The fund is specifically designed to upskill, reskill, and multi-skill students, graduates, and workers across diverse economic sectors.

ISSF: A Catalyst for Skill Development

The Insurance Sector Student Fund (ISSF) Bursary Scheme, an integral part of INSETA’s initiatives, receives funding from both private and public sector entities committed to skill development. This funding aims to support students, graduates, and workers across various economic sectors, thereby contributing to a more versatile and competent workforce.

The INSETA ISSF Bursary Program

Fields Covered and Target Audience

The INSETA ISSF Bursary Program for the 2024 academic year is open to both unemployed and employed individuals, with a preference for those pursuing courses in the insurance and related sectors. The program is designed to address the financial barriers that students face, particularly focusing on academic merit and financial need as the primary selection criteria.

Coverage and Contractual Obligations

The bursary program provides coverage for a range of expenses based on the employment status of the applicant:

  • Unemployed Students: Coverage includes tuition fees, textbooks, accommodation, meals, technological devices (laptops and data), and a monthly allowance.
  • Employed Students: Coverage encompasses tuition fees and a book allowance where applicable, with awards on a sliding scale.
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The contractual obligations and selection process ensure transparency and fairness. Shortlisted applicants are notified within 90 days of the closing date, offering timely feedback on their applications.

Eligibility Requirements

To be considered for the INSETA ISSF Bursary, applicants must meet specific eligibility criteria:

  • South African Citizenship: Applicants must be South African citizens.
  • Educational Status: Applicants should be in Matric in 2023 or have completed Matric.
  • Age Criteria: Unemployed applicants must be between 18 and 35 years old, while employed applicants have no age restrictions.
  • Tertiary Education: Applicants should be studying or intending to study at a recognized tertiary institution in South Africa, preferably pursuing courses in the insurance and related sectors.

Applying for the INSETA ISSF Bursary: A Step-by-Step Guide

Embarking on a journey to secure a bursary through the INSETA ISSF program requires careful navigation through the application process. To assist aspiring candidates, we provide a comprehensive step-by-step guide on how to apply for the INSETA ISSF Bursary for the 2024 academic year.

Step 1: Obtain the Application Form

The first crucial step is to download the official INSETA ISSF Bursary Application Form for the 2023 academic year. This form is typically available on the official website or can be requested through designated channels. Ensure that you are using the correct and latest version of the form to avoid any discrepancies.

Step 2: Referral Source Indication

When completing the application form, pay special attention to the section asking how you heard about the INSETA ISSF Bursary. In this field, enter “www.zabursaries.co.za” as the referral source. This step helps the organizers track the effectiveness of various communication channels.

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Step 3: Compile Supporting Documentation

A crucial aspect of the application process is the submission of clear copies of various supporting documents. Failure to provide any of these documents might lead to the disqualification of your application. Ensure that you have the following documents ready:

For All Applicants:

  • ID document (certified copy)
  • Matric latest results, if currently in Matric (certified copy – not older than 3 months)
  • Matric certificate, if completed Matric (certified copy)
  • Most recent academic record, if currently studying (on institution’s letterhead)
  • Acceptance Letter from the institution (on institution’s letterhead)
  • Proof of Registration from the institution, if applicable (on institution’s letterhead)
  • Tuition Fee/Course Quotation (on institution’s letterhead)
  • Completed ISSF POPIA Form (.pdf)

Additional Documents Based on Employment Status:

For Employed Applicants:

  • Completed ISSF Worker Agreement (.pdf)
  • Completed INSETA Business Information Tool (BI-Tool) (.xlsx)
  • Letter of Employment

For Unemployed Applicants:

  • Completed ISSF Learner Agreement (.pdf)
  • Completed INSETA Business Information Tool (BI-Tool) (.xlsx)
  • Accommodation Fee/Course Quotation (on institution’s letterhead)
  • Parents or guardians ID documents/death certificates/affidavit if deceased (certified copy)
  • Parents or guardians 3 months recent payslips/bank statements (certified copy)
  • Parents or guardians affidavit and SASSA letter if receiving a grant (certified copy)

Step 4: Submission via Email

Once all the required documents are compiled, submit your application via email to [email protected]. Ensure that the subject line of the email clearly states “INSETA ISSF Bursary 2024.” This step is crucial, as it helps in the efficient sorting and processing of applications.

Closing Date and Importance of Timely Application

The closing date for the INSETA ISSF Bursary is December 16, 2023. It is crucial for applicants to adhere to this deadline to ensure their applications are considered. Late submissions will not be accepted, emphasizing the importance of timely completion and submission of all required documents.

Conclusion

The INSETA ISSF Bursary Scheme stands as a beacon of hope for students aspiring to pursue careers in the insurance and related sectors in South Africa. By addressing financial constraints and recognizing academic merit, this program not only supports individual aspirations but also contributes to the overall development of the nation’s workforce. Aspiring students are encouraged to seize this opportunity, download the application form, and embark on a journey toward a brighter future in the dynamic and vital field of insurance.

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