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Capitec to offer Sanlam backed funeral plans

Capitec confirms a bancassurance joint venture with Sanlam, as first reported by Moneyweb.
Capitec launches a funeral plan. Picture: supplied

Capitec has confirmed a bancassurance joint venture with Sanlam, as first reported by Moneyweb.

Read: Capitec due to announce bancassurance JV with Sanlam

The banking group announced plans to launch a Capitec Funeral Plan, underwritten by Sanlam in May 2018 as part of its insurance services, a new addition to its Global One offering.

“This is an opportunity to further diversify our business and expand our product offering to clients to improve their financial lives,” the banking group said a SENS statement.

According to the bank its offering will allow clients to contribute only what they can afford, with an in-built voluntary pause option allowing clients to put their policy on hold for up to six months during times of financial strain.

Capitec, renowned for offering affordable banking solutions to South Africa’s entry level market, had 9.9 million active clients as February 28 2018. It is arguably the fastest growing bank in the country and expects to hit the 10 million client mark during the course of this month.

Moneyweb first reported on the potential deal after Sanlam noted, in presenting results for the 2017 financial year, that a distribution partnership with Capitec formed part of its diversification strategy, which would “enhance resilience and earnings growth”.

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THE DREADED D’S OF LIFE
IF YOU DIE AND HAVE COVER YOU SCORE
IF YOU GET DISABLED AND HAVE COVER YOU SCORE
If YOU GET a Dreaded Disease and you have cover You score
If you live a normal life you are broke.
SO look forward to death, disease, and disability you can get money

Ordinary South Africans are debt trapped (primarily due to unsecured lending…

The only thing to sell them now is insurance cover (just in case…)

End of comments.

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