The bank is launching the “most affordable and flexible” insurance product, which allows a funeral policy- holder to cover themselves and up to 21 other beneficiaries on a single policy, with funeral cover ranging from R10 000-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.
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The Capitec Funeral Plan, which is underwritten by Centriq Life Insurance Company, forms part of the bank’s strategy to diversify service offerings.
In keeping with the bank’s simple approach to doing business, there’s no paperwork required to take out a policy and Capitec is incentivising consumers by offering a discount on premiums for policies taken out through its app, priced at R25 per month, compared to R40 if you apply at a branch.
The bank is promising pay-out within four hours, provided all documentation required is in order, and if you’re a new customer, Capitec will waive the waiting period, meaning that if a natural death occurs within the first six months of the new policy coming into effect, you will still be covered.
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“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.”
Taking into account unforeseen events like retrenchments, the funeral plan allows a policy-holder to voluntarily pause the cover for up to six months if you need some brief breathing space.