Capitec disputed a claim by rival First National Bank that it had become the first bank in South Africa to introduce a mini-ATM that uses biometrics. Picture: Reuters

CAPE TOWN - Capitec Bank has added insurance to its expanding range of financial services products, with the Tuesday launch of Capitec Insure and a unique funeral product.

According to the bank, the funeral plan, underwritten by Centriq Life Insurance Company 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,” said Gerrie Fourie, Capitec Bank chief executive.

“By introducing an insurance offering, we are delivering on our diversification strategy to grow our service offering and bring more value to our clients.”

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, the bank added.

“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 dependents on a policy.”

According to Ian Kirk, chief executive of the Sanlam Group and Peter Jennett, chief executive 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.

- African News Agency (ANA)