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Category Life Insurance

Channel Life Prepaid Card alleviates funeral policyholders’ stress

02 February 2011 Sanlam

For the thousands of unbanked South Africans, claiming under a funeral policy has proven to be a difficult and time-consuming affair. Not only do they have to deal with the emotional stress of losing a loved one, they also need to manage the administrative stress of paying for the funeral. To alleviate this often unforeseen pressure, Channel Life - a division of the Sanlam group - has partnered with Absa to launch the Channel Life prepaid card to enable a more convenient and accessible claim payment process.

Awie Prinsloo, Senior Business Development Manager at Channel Life Group Benefits says, “Previously, in order to receive the benefit payout, policyholders had to either have an active bank account into which funds could be transferred or they could collect a cheque at any Channel Life branch. Now, by using the prepaid card, the process is more convenient, accessible and is safer than carrying cash.”

It works by loading the benefit payout funds onto the card, which claimants can then use to either withdraw funds from any Absa ATM or use at points of sale (tillpoints) in retail outlets to pay for goods or services. Moreover, as claimants no longer have to wait for a cheque payment to clear, they have access to the funds as soon as the claim has been approved. “For the unbanked this is significant as they can get their funeral arrangements underway quickly and lay their loved ones to rest.”

Hendus Venter, Head of Transactional Banking at Absa Business Bank, says, “The prepaid card is an innovative solution that we offer to our business clients. It enables them to make convenient, secure cash payments while easing the administrative burden of cash payouts to the clients. We are proud to be an enabler of such a service."

To receive their funds, a claimant must submit their claim form with all relevant supporting documents to their nearest Channel Life Group Benefits branch where they can then receive the prepaid card. “Once the claim has been approved, the policyholder will then receive an SMS notifying them that the card has been loaded with the funds,” concludes Prinsloo.

Approval takes between 24 and 48 hours. Thereafter the card can be used immediately.

For more information about the Channel Life Prepaid card, email abbprepaidcard@absa.co.za or awiep@sanlamsky.co.za

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