Telkom launches its own funeral cover
Tech news
3 August 2020
Telkom has announced that will be launching a life insurance business, called Telkom Financial Services, which will initially only sell funeral insurance.
The company noted that the reason for this new service is to cater to South Africans who do not have bank accounts and it will do so by using its network and extensive customer base to expand its mobile payment apps into a variety of e-commerce platforms.
This new financial services business will be underwritten by cell captive insurance and risk solutions provider Guardrisk, which is a part of Momentum.
Here are the details about the new service:
- Cover levels given are the maximum benefit amounts paid for each cause of death.
- Customers can only sign up one spouse, up to eight children, and up to 14 extended family members on the products that allow for each of these beneficiaries.
- Premiums are paid monthly and are guaranteed for the first 12 months.
- The main member and spouse must be between the ages of 18 and 64.
- Children must be 21 years old or younger.
- Extended family members must be 74 or younger.
Telkom has provided pricing and details about its funeral cover products on its website.
| Telkom Funeral Cover | |||||
| Maximum Benefits and Premiums – Main Member Only | |||||
| Option | Option A | Option B | Option C | Option D | Option E |
| Natural Death | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Accidental Death | R20,000 | R40,000 | R60,000 | R100,000 | R100,000 |
| Customer Premium | R32 | R64 | R96 | R160 | R180 |
| Maximum Benefits and Premiums – Main Member and Spouse | |||||
| Option | Option A | Option B | Option C | Option D | Option E |
| Natural Death | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Accidental Death | R20,000 | R40,000 | R60,000 | R100,000 | R100,000 |
| Customer Premium | R50 | R99 | R149 | R248 | R270 |
| Maximum Benefits and Premiums – Main Member and Children | |||||
| Option | Option A | Option B | Option C | Option D | Option E |
| Main Member | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Children 14-21 | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Children 6-13 | R5,000 | R10,000 | R15,000 | R25,000 | R50,000 |
| Children 0-5 | R2,500 | R5,000 | R7,500 | R10,000 | R20,000 |
| Stillborn | R1,250 | R2,500 | R3,750 | R5,000 | R5,000 |
| Accidental Death | R20,000 | R40,000 | R60,000 | R100,000 | R100,000 |
| Customer Premium | R36 | R72 | R108 | R180 | R204 |
| Family Funeral Cover | |||||
| Option | Option A | Option B | Option C | Option D | Option E |
| Main Member | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Children 14-21 | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Children 6-13 | R5,000 | R10,000 | R15,000 | R25,000 | R50,000 |
| Children 0-5 | R2,500 | R5,000 | R7,500 | R10,000 | R20,000 |
| Stillborn | R1,250 | R2,500 | R3,750 | R5,000 | R5,000 |
| Customer Premium | R54 | R107 | R161 | R268 | R292 |
| Extended Family Option | |||||
| Benefit | Option A | Option B | Option C | Option D | Option E |
| Life Assured (0-74) | R5,000 | R10,000 | R15,000 | R25,000 | R35,000 |
| Accidental Death | R10,000 | R20,000 | R30,000 | R50,000 | R70,000 |
| Customer Premium (0-64) | R30 | R70 | R90 | R140 | R195 |
| Customer Premium (65 – 74) | R95 | R180 | R255 | R390 | R585 |
Written by: Staff Writer.
Guzzle Media
Tags:
#Telkom
