Capitec Bank media release:
Capitec Bank today added insurance to its expanding range of financial services products, with the launch of Capitec Insure and a unique funeral product. The Capitec Funeral Plan, underwritten by Centriq Life Insurance Company Limited, is set to be the most affordable and flexible insurance product of its kind in South Africa. Featuring paperless applications, claims paid out within four hours, and cover for up to 22 lives on one policy, the funeral plan is unmatched in its features. Funeral cover ranges from R10 000 to R100 000.
“We designed the funeral plan to be the most affordable, easiest to use and straightforward product on the market and based it on the same principles that our business was founded on 17 years ago – simplicity, transparency and affordability,” says Gerrie Fourie, CEO of Capitec Bank. “By introducing an insurance offering, we are delivering on our diversification strategy to grow our service offering and bring more value to our clients.”
No paperwork needed
The Capitec Funeral Plan allows clients to personalise cover to their individual needs and manage policies using the Capitec Bank app. Existing Capitec clients can activate the funeral plan in a branch or on their banking app with no paperwork required. Policies start from R25 per month through the Capitec app and R40 per month when applying in branch. All policies feature no automatic annual premium increases provided the cover stays the same.
“We know that one of the top priorities clients have if they lose a loved one is having funds available quickly in order to make arrangements,” said Fourie. “We have made this one of the top features of the product, as well as great flexibility in the number of dependants on a policy.”
Flexible and fast payments
Part of Capitec’s Global One solution, the Capitec Funeral Plan features cover for up to 21 dependants in addition to the policyholder. With claims paid out within four hours (provided all documentation is in place), it also features no waiting period for clients switching from another insurer to Capitec Insure. In other words, if there is a natural death within the first six months of a policy, the waiting period will be waived for the same lives and cover amounts as the cancelled policy.
- Newborn Premium Waiver: Full cover for 6 months without any monthly premium payments as soon as the policyholder or life assured’s spouse (also a life assured) gives birth or adopts a child.
- Double Accidental Death benefit: From day one, the funeral payout is doubled if a life assured dies in an accident.
- Death Premium Waiver: Should the policyholder pass away, the remaining life assureds covered at the time of death will continue to receive full cover for a further six months without any monthly premium payments.
- Voluntary Policy Pause: A policy can also be paused for up to 6 months without any monthly premiums and with no cover. Once restarted, the cover and premiums are reactivated with the same full benefits.
According to Ian Kirk, Chief Executive Officer of the Sanlam Group and Peter Jennett, Chief Executive Officer of Centriq Life, Sanlam is delighted to be partnering with Capitec in providing financial solutions that offer simplicity and value for money to South African consumers. “Capitec has a tremendous track record in reaching South African consumers with their compelling banking offering and Sanlam is very excited to be able to be a part of this story,” said Kirk.