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Category Life Insurance

Channel Life funeral product is completely CAT compliant

13 November 2006 Channel Communications

The latest offering from Channel Life - the Ncedisanani Family Provider - meets all the requirements of the CAT standards as defined by the FSC, and while this is not yet legislation, Channel Life has taken the lead and developed a product that meets the required CAT standards. (CAT = fair Charges; easy Access; decent Terms.)

In terms of the Financial Services Charter, this means that the product features should comply to pre-set criteria for the product category.

The product should be appropriate to the identified needs of the target market, which address accessibility criteria and additional service support to clients with premium payments.  The product should also be affordable, provide value for money and offer fair terms. The Channel Life product meets these requirements and more.

Simplicity of documentation is also a key driver, which the Ncedisanani Family Provider ensures.  In essence, a simple summary of key policy terms will be available in various languages that will enable a simplified and broader understanding of the product features and benefits. 

As important is the whole issue of transactional access, and the opportunity to purchase the product, pay the premiums due, make amendments to the policy, and to lodge a claim and receive payment of the claim, easily.

The Product
The Ncedisanani Family Provider consists of funeral cover from R40 a month.
 
In the unfortunate event of death - whether accidental, natural or suicide - consumers and their immediate families are covered by the policy. Ncedisanani offers immediate cover from payment date of the first premium, flexible premium payment options and the Channel Life promise to pay valid claims within 48 hours from receipt of all required documentation.  

Consumers can change their beneficiaries at anytime after purchasing the policy, policies can be upgraded as needs may change and consumers are given a claim window period where claims may be submitted within six months from date of death.

The Ncedisanani Family Provider funeral policy offers two very affordable options for the whole family, with guaranteed acceptance and no medical examination.

 

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