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About Capitec Funeral Cover
With the launch of Capitec Insure and a unique funeral package, Capitec Bank has expanded its portfolio of financial services products. The Centriq Life Insurance Company Limited-underwritten Capitec Funeral Plan is expected to be the most economical and flexible insurance product of its kind in South Africa. The funeral plan is unrivaled in terms of features, with paperless applications, a simplified claims process, and coverage for up to 22 lives on one plan. Funeral insurance might cost anything between R10,000 and R100,000.
“They developed the funeral plan to be the most cheap, easiest to use, and straightforward product on the market,” says Capitec Bank CEO Gerrie Fourie. “They are delivering on their diversification goal to extend their service offering and create more value to our clients by providing an insurance solution.”
No Paperwork Needed
Clients can tailor the Capitec Funeral Plan to their specific needs and manage their plan using the Capitec Bank app. Existing Capitec customers can activate the funeral plan in a branch or through their banking app without having to fill out any paperwork. The funeral plan costs R25 per month when purchased through the Capitec app and R40 when purchased in person. There are no automatic annual premium hikes as long as the coverage remains the same.
“They understand that having monies available promptly in order to make preparations is one of the top objectives for clients if they lose a loved one,” Fourie added. “They’ve made this one of the product’s top features, along with a lot of flexibility in terms of the amount of dependants on a funeral plan.”
Flexible And Fast Payments
The Capitec Funeral Plan, which is part of Capitec’s Global One solution, provides coverage for up to 21 dependants in addition to the policyholder, and there is no waiting period for customers migrating from another insurer to Capitec Insure. In other words, if a natural death occurs within the first six months of a funeral plan, the waiting period for the same lives and coverage levels as the cancelled insurance will be waived.
When the policyholder or the life assured’s spouse (also a life assured) gives birth or adopts a child, the policyholder or life assured’s spouse (also a life assured) receives full coverage for 6 months without having to pay any monthly premiums.
Accidental Death Benefit: If a life guaranteed dies in an accident, the funeral payout is quadrupled from the start.
Death Premium Waiver: If the policyholder dies, the remaining life assureds will continue to get full coverage for another six months without having to pay any monthly premiums.
Voluntary Policy Pause: A funeral plan can be paused for up to 6 months without monthly premiums and without coverage cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval cheval The cover and premiums are renewed with the same full advantages once the service is restarted.
Sanlam is happy to be cooperating with Capitec in providing financial solutions that offer simplicity and value for money to South African consumers, according to Ian Kirk, Chief Executive Officer of the Sanlam Group, and Peter Jennett, Chief Executive Officer of Centriq Life. “Capitec has a proven track record of engaging South African consumers with compelling banking products, and Sanlam is thrilled to be a part of this story,” Kirk added.
Centriq Life, a member of the Sanlam Group, is an authorised financial services provider (FSP 7370) (Reg. no.: 1943/016409/06).
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