CAPE TOWN - Capitec has announced that it will “disrupt the insurance market” by joining forces with Sanlam to launch it's own personalised funeral plans in May.
On Tuesday the group said it is closing in on 10 million customers, rising 15% to 9.868 million, from 8.569 million over the past year.
“We believe that offering insurance solutions that are personalised and competitively priced will deliver value to our clients and disrupt the insurance market in a similar way to what we do in banking,” chief executive, Gerrie Fourie told Business Tech.
“We aim to launch the Capitec Funeral Plan, underwritten by Sanlam, in May 2018". Capitec said its funeral cover solution ensures that clients will only contribute what they can afford.
A single contract can benefit up to 21 dependents and can be paused if a policy-holder is under financial strain. Additionally, Should an unnatural death or accident occur, the life assured will be covered immediately at twice the amount.
Here are other funeral policies offered by other banks:
1. Nedbank
You can choose to cover yourself, immediate family members, extended family members and even your domestic workers. Nedbank promises to pay out a valid claim within 48 hours of receiving the correct documentation.
Funeral insurance payouts are tax-free and no HIV test is needed when getting get funeral cover with Nedbank.
They also offer access to transport and legal assistance, discounts on funeral packages and more. You’ll also get instant accidental death cover from the date you pay your first premium.
You, your immediate family and your domestic worker(s) will be covered for natural death after a six-month waiting period. Other insured lives will be covered after a 12-month waiting period.
2. Old Mutual
Old Mutual provides funeral cover with no waiting period. You’ll receive up to 30 days of cover before paying your first premium.
According to Old Mutual, they paid over R1 million in funeral insurance claims every hour in 2016. They pay within 48 hours of receiving all the required documentation for a valid claim. Their Single Adult Family Funeral Plan enables single parents to cover themselves and their dependent children.
3. FNB
FNB promises that claims are paid out within 24 hours of receiving all the required documents.
They also allow for up to 21 family members on a single plan. FNB offers a Double Accidental Death Benefit for you and your spouse. Covers you, your spouse and up to 5 children at a discounted premium. Plan holder and spouse must have the same selected cover amounts and add up to 5 children for R10 000 cover each.
You cannot claim for natural death within 6 months and for suicide within 24 months. The plan will not pay out if death occurs as a result of driving under the influence of alcohol/drugs.
You may cancel the plan within 30 days from taking up the plan and we will refund your premium. The plan and all cover will end if you do not pay your premiums as agreed.
5. African Bank
African Bank promises that they guaranteed to pay out approved claims within 24 hours of approval. It allows for up to 18 people on one plan.
24-hour payout promise, once claim has been approved or we pay double
6. ABSA
According to ABSA, their cover lasts for as long as you pay your premium. Choose the type of funeral cover that’s right for you and your budget.
Cover for your immediate family and up to 8 extended family members. They also promise a double pay-out on accidental death of the main member.
7. Standard Bank
Standard bank says a claim must be submitted within 12 months of the death of the insured person. Available to everyone with Standard bank customers getting a free grocery benefit of R1 200 a month for 6 months
You can add a maximum of 6 extended family members. Approved claims are paid within 48 hours after all the correct documents have been received. They offer emergency medical treatment and transport.
You can also get access to a comprehensive network of Doctors, Optometrists and Dentists and access to psychological counseling in the event of a death.
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