I immediately took my retrenchment documents to Capitec and made them aware of my situation. Capitec Bank Retrenchment claim. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. Capfin 2 Debit Orders. MORE COVER We’ve increased the number of illnesses we cover from fourteen (14) to forty one (41) which means more peace of mind for you. This event can threaten your financial security. Free retrenchment and death cover. Nedbank Retrenchment Cover. Capitec personal loan interest rate start from 12.9%. Stay in control of your money by choosing funeral cover that suits you. Other terms and conditions may include: A waiting period – this will vary between different insurers from one month to six months. For more stories, go to Business Insider's home page. Many South Africans may not even be aware they are entitled to this cover. 0000022804 00000 n 5. Bond protection cover will provide peace of mind that you won't lose your home if you can't pay off your home loan due to death, disability or retrenchment. 4. You'll have peace of mind knowing that you'll have a source of income while you re looking for a new job, you won't incur further debt while you're unemployed and you'll still be able to take care of your family temporarily, even if you can't work. 0000053890 00000 n 0000029523 00000 n Being prepared is the responsible thing to do. I do not understand why the insurance does not cover retrenchment? 0000056651 00000 n Receive retrospective payout. A major fear of the employed is job loss. Capitec retrenchment cover is a scam!!! Now I have been retrenched and the staff at the capitec branch is not helpful at all. * Your details will be sent to one of the brands that we have partnered with, as can be seen on this page. There is nothing I could have done to avoid my retrenchment. 0000053054 00000 n In the unfortunate event of your retrenchment or temporary disability, we will now pay your instalments for up to twelve (12) months instead of just six (6) months. Can I claim under my Credit Protection Policy’s Retrenchment Benefit? On 15th June 2016 I submitted all required documents except UI19 and retrenchment cover assessment. Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … 0000052794 00000 n That's as it's reported a 20 percent jump in interim profits. Retrenchment Cover FAQs. On top of that, you also get retrenchment and death cover, at no extra cost! I sent all relevant documents to them. Capitec, SA's biggest unsecured lender, has notified customers that it is increasing the cost of insurance that covers its customers' debts in the event of death, disability and retrenchment. Capitec also offers unsecured loans for cars, meaning you won’t use the vehicle as security for the loan; cover for older cars is available. On Thursday 9 April, Capitec affirmed that its credit insurance covers a temporary loss of (or decrease in) pay because of the lockdown and national disaster. How if Im Retrenched and not working? Retrenchment Cover Assessment The abovementioned person is a Capitec Bank client. I took a loan with capitec and I was told if I get retrenched the insurance will pay my loan. With Capitec Bank, you can choose the terms that suit you and get a personalised credit plan of up to R250 000 in cash over one to 84 months. 0000003684 00000 n Regardless of whether you aren’t fired, however, put in unpaid leave, you ought to be covered. You will be covered for death, unemployment, involuntary retrenchment, permanent disability, temporary disability. Capitec refuses to allow one to have their own insurance cover on personal loans. I am unable to earn an income. Capitec Credit Insurance is required for credit terms from seven months and longer. But according to my contract date's it's older. When taking out the loan I enquired if it comes with insurance, for which the consultant helping me (Gerswine Petersen) told me all loan older than six months have a automatic cover for which the "OUTSTANDING BALANCE" will be settled in full. Monthly injury or illness payouts until you work again or turn 65. 0000028416 00000 n They are brutal and inconsiderate. 0000019062 00000 n Complaint / review text: When I took out the loan, I was told that it will cover me for retrenchment. Our credit offer includes FREE retrenchment and death cover: *For loans 6 months and longer, your outstanding balance will be paid in full *If you're retrenched when the loan is less than 3 months old, 50% of your loan will be covered *We pay for this cover and the money will be paid to us to settle your outstanding debt The Capitec Funeral Plan ensures clients have speedy access to funds when a loved one dies, plus there is great flexibility in the number of dependents you can include in a single policy. Enjoy their fixed monthly payments. Bond protection cover will provide peace of mind that you won't lose your home if you can't pay off your home loan due to death, disability or retrenchment. This insurance covers the loan in the event of your death, permanent disability or retrenchment. Retrenchment is often unexpected and unavoidable. Capitec Insurance Products . For the past month's they keep phoning asking for payments and state my loan not covered by retrenchment policy, cause the loan not older than 3 months. � �@u�L* �; �8%`Ʈ �~@. You must be permanently employed for at least one year with the same employer before you can claim. You have fixed monthly repayments, as well as free retrenchment and death cover. That is, if your car insurance includes retrenchment cover and you are forced to leave your job, the cover will pay for the car insurance premiums for a period, usually six months. On Thursday 9 April, Capitec affirmed that its credit insurance covers a temporary loss of (or decrease in) pay because of the lockdown and national disaster. Please contact me urgently to resolve this. Capitec confirmed that under its agreement with ... Absa says the bank has reviewed their credit life products’ retrenchment benefits to provide more comprehensive cover. 0000053300 00000 n We live in tough economic times and sometimes companies simply have no other choice but to lay off employees. Capitec clients with loss of income could be covered for 12 months If a Capitec client loses 60% of their income, the credit insurance will cover 60% of their monthly instalments. A major fear of the employed is job loss. This insurance product is underwritten by Guardrisk, but consumers can provide Capitec with an alternate policy of their choice provided it fits in the specified requirements. Pre-requisite with personal loan is that the borrower MUST take take and pay an insurance that will cover the loan, shoul he pass on, be permanently disabled with no income, or be retrenched. 0000029851 00000 n On top of that, you also get retrenchment and death cover, at no extra cost! Nedbank Retrenchment Insurance will help you pay any credit commitments you may have while you're unable to earn an income. Retrenchment insurance as a Benefit. ready to own your dream home? Please note that the content on this page is for informative purposes only. The best way to prepare is to ensure you limit the risk. Capitec Bank Insurance. 0000019519 00000 n Capitec is not offering a blanket debt holiday to clients who have lost their income in the coronavirus crisis. When I took out the loan, I was told that it will cover me for retrenchment. For loans 6 months and longer, your outstanding balance will be paid in full; If you’re retrenched when the loan is less than 3 months old, 50% of your loan will be covered; They pay for this cover and the money will be paid to them to settle your outstanding debt; Capitec … 0000003066 00000 n The fixed monthly repayment amounts help … 0000052548 00000 n h�b``�c``�a ��{Ps4� �A1�>?��� It said that it likewise also negotiated with its credit insurance provider for additional cover to help those facing retrenchment or … Eligibility Criteria . Our credit offer includes FREE retrenchment and death cover: *For loans 6 months and longer, your outstanding balance will be paid in full *If you're retrenched when the loan is less than 3 months old, 50% of your loan will be covered *We pay for this cover and the money will be paid to us to settle your outstanding debt 0000001496 00000 n At that time I did not think that my company will be closing down in a few months. (If you were not retrenched or lost a job within 3 months of your cover) The Revolving Loan Debt Protection Plan offers you cover for the FULL outstanding balance on your revolving loan in the event of death or permanent disability, and cover for your monthly repayment on the revolving loan for up to 12 months in the event of temporary disability and … Capitec Credit Insurance is required for credit terms from seven months and longer. 0000009899 00000 n I have banked with Capitec for over a decade and this kind of treatment is offensive to the core. 0000003294 00000 n trailer <]/Prev 61148>> startxref 0 %%EOF 52 0 obj <>stream Being prepared is the responsible thing to do. 0000002588 00000 n Retrenchment, unemployment or inability to earn an income Cover Assessment form; Retrenchment letter; Certificate of service; Copy of your identification document; Your latest salary slip; UIF UI19 form may be requested if additional information is required; You have 3 months from the date of notification to Capitec to submit the required documentation. 0000054037 00000 n It is aimed at covering a credit repayment obligation if you’re unable to pay your instalment as a result of death or disability, as well as permanent or temporary loss of income. 0000019630 00000 n Home owner's cover will provide comprehensive cover should an unforeseen event cause loss or damage to your property. At that time I did not think that my company will be closing down in a few months. We offer retrenchment insurance and for us to assess whether this client qualifi es for cover, we need your help … What was the purpose of paying for a retrenchment cover for my credit card when I am not going to be covered when I claim? * While Insurance.co.za does not have any affiliation with the company mentioned on this page, we’ll send you comparative quotes from our partner brands (listed here). They make sure that they score from this insurance cover. We can help you unlock the door. I was told the application takes 3 months and I must make payment arrangements, how or where should I get that cash for those arrangements they don’t care. When retrenchment cover is a benefit and not a standalone policy, it does not cover the insured’s salary, but rather covers the insured’s premiums for that cover. Tell Me More. 0000014139 00000 n This is going to affect Credit rating. Capitec loans come with credit insurance to cover you in the case of retrenchment, sickness, disability, or death. This cover is over and above your free embedded cover for FNB Petro Card (standalone only), Classic, Gold, Premier, Private Clients and Private Wealth Credit Card holders. Capitec Bank has added insurance to its already excellent offering of financial service products by adding an excellent and unique funeral product. Verified customer I submitted retrenchment documents in november 2015 for retrenchment cover and was told to submit payslip asap for documents to be processed and I did exactly that. It has also reviewed its credit life products’ retrenchment benefits to provide more comprehensive cover to its customers. Members have the option to convert or continue their death cover. It will also be compulsory to take out death cover and permanent or temporary disability cover. 0000003780 00000 n And my account had Retrenchement cover which was approved by you. !PLEASE READ Hi,I have taken out a 12month loan by capitec last year.Unfortunately this year April I was retrenched , I still had two instalments left on my loan which is May and June.Capitec had retrenchment cover which made me at ease thinking that I was covered for the last two months.However I was sadly and deeply mistaken. Cover for your specific business requirements, For information about the SARS-CoV-2 virus and the disease it causes, plus statistics on its spread in SA and related government press releases go to https://sacoronavirus.co.za/, Your details will be sent to one of the brands that we have partnered with, as can be seen on, There is cover for up to 22 lives on a single policy, The funeral plan is unique in the features it offers, Get funeral cover from R10,000 to R100,000, The Capitec Funeral Plan permits clients to personalise their cover to suit their individual needs, Managing Capitec Funeral Policies is easy when using their mobile app, Existing Capitec clients can activate the funeral plan in a branch or on the app, Policies start from as little as R25 a month when using the Capitec app, Policies are R40 a month when applying inside a Capitec branch, All policies feature no automatic annual premium increases if the cover stays the same, There is no waiting period for clients switching from another insurer to Capitec Insure, If there is a natural death within the first six months of a policy, the waiting period will be waived for the same lives and cover amounts as the cancelled policy. My daughter HA Mienie ID 9010070055082 got a loan at Capitec. You get a flexible amount that can cover a wide range of financial needs. JOHANNESBURG - Capitec is bucking the banking retrenchment trend as it plans to employ 600 new workers. Take a look at all of the Sanlam Credit Life Cover benefits here. Capitec told me i have a retrenchment cover policy when i took out the loans. But some clients with outstanding debts can claim credit insurance, which will cover their instalments. 0000022434 00000 n 0000001592 00000 n This review was posted by a verified customer . 0000018558 00000 n I submitted retrenchment documents in november 2015 for retrenchment cover and was told to submit payslip asap for documents to be processed and I did exactly that. Capitec credit insurance, such as retrenchment or death cover, at no extra!. For credit terms from seven months and longer depends on your credit risk report apply in cases where person. 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