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Assupol pays millions to clients in 100% Cashback benefits

08 February 2021 Assupol

Over 1,500 Assupol clients are projected to receive an average of R27,000 each in pay-outs, as part of the almost R42 million in Cashback benefits that Assupol intends to pay to clients between 1 January and 1 June 2021.

The 100% Cashback benefit enables clients to have all of their premiums reimbursed every 10 or 15 years, provided that no claim had been submitted against the life of the policyholder during that period. The first tranche of 100% Cashback pay-outs for the Progress 4Sure life cover product comes at a time when consumers are seeking much needed financial relief during this second wave of the Covid-19 pandemic.

Cashback options encourage client loyalty and may be viewed as an alternative means of consumers supplementing their savings efforts.

“South Africans are increasingly interested in long-term insurance products that provide something back if they don’t claim over a certain period of time. The 100% Cashback benefit on Assupol’s Progress 4Sure and Progress 4Life policies rewards clients every 10 or 15 years respectively, for their discipline in keeping their life cover and cashback benefit active,” said Edward Mngoma, Group Executive Director of Sales at Assupol.

Financial advisors play a crucial role in educating clients about the options available to them where life cover is concerned. Many policy benefits are optional and may require further explanation to enable clients to make informed decisions.

“We encourage clients to take the time to understand the benefits available to them and to consider how their decisions today can benefit their future life stages,” concludes Mngoma.

Assupol currently pays approximately R50 million per year in funeral cover cashbacks, where clients receive six premiums back every four years, for every active funeral policy. Assupol continues to take an innovative approach in the tailored solutions it develops for its clients and remains relentless in its clarion call of serving South Africans.

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Healthcare brokers have long complained about inflation-plus medical scheme contribution increases; but pandemic may have changed things. What will pandemic-induced changes in hospital utilisation do to medical scheme contribution increase patterns?

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Below inflation increase for 2022, then back to inflation-plus
Long-term trend of below inflation increases
Inflation-linked hikes for 2022, then back to inflation-plus
This is a 2-year hiccup, inflation-plus increase trend remains in place
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