CAPITEC’s Brent Moore says: Capitec’s funeral plan,
underwritten by Centriq Life, insures family and extended family from newborn
to 85 years of age.
Here are the maximum cover amounts:
Policyholder (18 – 64 years) R100 000
Spouse (18 – 64 years) R100 000
Children (newborn – five years) R20 000 each
Children (six – 13 years) R50 000 each
Children (14 years and older) R60 000 each
Parents (26 – 85 years) R50 000 each
Extended family (0 – 85 years) R50 000 each.
The total amounts that can be paid out for a child’s death
is restricted by legislation.
Additional benefits include:
Waiting Period Waiver
If you switch from a funeral policy with any other
registered insurer and that policy’s waiting period is over, Capitec will waive
your waiting period for natural death for the same life assureds and related
cover amounts as your previous policy.
There’s no waiting period in the event of an accidental
Double Accidental Death benefit
From day one, the funeral payout is doubled if a life assured
dies from accidental causes.
This is limited to the maximum cover amounts allowed for children,
as prescribed by law.
Voluntary Policy Pause
Pause your plan for up to six months without any monthly
premium payments and with no cover. You can restart your plan any time in the
six-month period to reactivate your cover and premium, and get the same full
benefits of the plan.
This benefit has an initial waiting period of 24 months, and
can be applied for on an unlimited basis (subject to a further 24-month waiting
period) over the term of the policy.
Newborn Premium Waiver
If you apply, you get full cover for up to six months
without any monthly premium payments as soon as the policyholder or spouse
(also a life assured) gives birth or adopts a child.
This benefit has an initial waiting period of 12 months. It
can be applied for on an unlimited basis (subject to further 12-month waiting
periods) over the term of the policy.
To claim this benefit, simply provide an unabridged birth
certificate within three months of the birth or legal adoption.
This benefit covers the transport of mortal remains of a
life assured from within South Africa, Namibia, Zimbabwe, Botswana, Swaziland,
Lesotho and Mozambique to the funeral home of choice closest to the place of
burial in South Africa.
It also includes transportation arrangements and overnight
accommodation for one family member accompanying the remains.
Death Premium Waiver
If the policyholder dies 12 months after the policy’s
inception, the remaining life assureds on the funeral plan will continue to
receive full cover for a further six months from the date of the policyholder’s
death without any monthly premium payments, giving them time to reorganise
their financial lives.
This waiver is activated automatically upon the registration
of the policyholder’s death.
This series is reported by Daily Sun and paid for by Capitec