Flexible funeral cover ‘in a box’ from Sanlam

Convenient, on-the-go, funeral cover ‘in a box’ will be launched by Sanlam Developing Markets (SDM), a division of the Sanlam Group, in November. Aimed at offering the lower-income market access to flexible funeral cover on a cash basis, icover from Sanlam has options tailored to families, single parents and individuals. The icover Funeral Starter Pack will be available at Shoprite, Checkers and Checkers Hyper stores countrywide.

According to Heinie Werth, chief executive of SDM, there is a strong demand among lower-income earners in South Africa for funeral cover, but they often face hurdles when applying. “Normally a funeral policy holder needs a bank account and debit order before they are considered for cover. icover policyholders can easily pay monthly premiums at the place where they shop. It is, therefore, perfectly suited for those who did not traditionally have access to insurance or bank accounts.”

Sandy Wilde, head of Sanlam icover says, once a client has bought the starter pack, they take it, with their ID book and cash for the premium, to register the policy they have selected at a Money Market counter (these service kiosks are located in all Shoprite, Checkers and Checkers Hyper stores). “An SMS confirms within seconds that the premium has been paid and that cover is in place. A monthly cash premium payment will ensure ongoing cover.”

The icover product suite offers three funeral plans in one ‘starter pack’. A pack costs R9.95, and can be bought at any Shoprite, Checkers or Checkers Hyper store across the country. Customers can decide which of the three options suit their needs, and discard the rest, or give them to family and friends.

1. The icover funeral plan from Sanlam offers a My Family Funeral Policy, which covers individuals, their spouses and children up to the age of 21 for up to R20 000, on a monthly premium of R64.95.

2. My Own Funeral Policy’ will also offer cover of up to R20 000 for an individual and his or her children, at a premium of R44.95. Policyholders need to pay these premiums monthly at Money Market counters in Shoprite and Checkers stores.

3. The third option available in the starter pack is the My Journey and Personal Accident Policy’ which offers accidental death cover of R30 000 for an individual for 30 days. The premium is R19.95 and works on an opt-in/opt-out basis every month. This product is ideal for commuters or people taking a trip and wanting some extra cover.

Wilde says the product is well-suited for children who live far away from their parents, but who pay their parent’s insurance premiums. Although parents would need to personally set up the cover in the Shoprite, Checkers or Checkers Hyper store, once this is done, payments can be made from any store in the country. It also allows elderly customers to send youngsters to pay their premiums. “For single parents, the ‘My own funeral policy’ option is ideal because the cover for their spouse is not priced in.”

She says if customers fall behind on payments, icover from Sanlam will communicate via SMS with the policyholder to inform them. Clients have 30 days’ grace to catch up on paying a premium.