0000003828 00000 n Retrenchment Cover Assessment The abovementioned person is a Capitec Bank client. I am unable to earn an income. I was retrenched in 2008 by Absa Bank. Capitec told me i have a retrenchment cover policy when i took out the loans. On Thursday, Capitec confirmed that its credit insurance covers a temporary loss of (or reduction in) income as a result of the lockdown and state of national disaster. The amount you get approved for depends on your credit risk and what you need to use the money for. Note that retrenchment insurance will not cover you if you are fired or you quit your job. 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. Receive retrospective payout. The best way to prepare is to ensure you limit the risk. Stay in control of your money by choosing funeral cover that suits you. Free retrenchment and death cover. 0000052548 00000 n Bear in mind that retrenchment cover does not apply in cases where the person insured is self employed. Capitec. You must be permanently employed for at least one year with the same employer before you can claim. Free retrenchment and death cover. trailer <]/Prev 61148>> startxref 0 %%EOF 52 0 obj <>stream 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. The plan covers your bond instalments for up to 12 months in the event of retrenchment (note this is available only where life cover is a condition of the loan) No medical assessment is required; Easily and conveniently managed from your home loan account; Call 0861 888 777 and talk to a consultant who’ll explain the product you. On top of that, you also get retrenchment and death cover, at no extra cost! I took a loan with capitec and I was told if I get retrenched the insurance will pay my loan. Capitec loan insurance is fraud. Many South Africans may not even be aware they are entitled to this cover. You can also choose a premium that suits your budget and Capitec will calculate the monthly amount, putting you in charge of your money. 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. We get to this point, they change tune and play tactical. Why Use Capitec Bank for Your Funeral Insurance Cover? 0000029523 00000 n They make sure that they score from this insurance cover. Home Owner's Cover. 0000019519 00000 n For added peace of mind, you could choose credit insurance, such as retrenchment or death cover Car loans . Capitec loans come with credit insurance to cover you in the case of retrenchment, sickness, disability, or death. This insurance product is underwritten by Guardrisk, but consumers can provide Capitec retrenchment insurance. 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 benefits of this credit insurance are that it is competitively priced and the cover does not depreciate over a period of time. Capitec Credit Insurance is required for credit terms from seven months and longer. 0000003066 00000 n 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? 0000002178 00000 n Made an arrangement to pay certain amount from november 2015 for 3 months.in february 2016 a consultant at capitec wonder park mall cal Home owner's cover will provide comprehensive cover should an unforeseen event cause loss or damage to your property. 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. It has also reviewed its credit life products’ retrenchment benefits to provide more comprehensive cover to its customers. Nedbank Retrenchment Insurance will help you pay any credit commitments you may have while you're unable to earn an income. 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. 0000053300 00000 n Capitec can grant you a loan of up to R250,000 in cash for repayments over 1 – 84 months. Capitec Product Details. My daughter HA Mienie ID 9010070055082 got a loan at Capitec. 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. 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. Other terms and conditions may include: A waiting period – this will vary between different insurers from one month to six months. Capitec can grant you a loan of up to R250,000 in cash for repayments over 1 – 84 months. At that time I did not think that my company will be closing down in a few months. 0000007426 00000 n We found the perfect cover through insurance.co.za with next to no work required on our behalf - various insurance quotes came directly to us! Now I have been retrenched and the staff at the capitec branch is not helpful at all. Credit insurance is compulsory for loans with terms of 7 months and longer to cover unemployment, retrenchment or the inability to earn an income other than as a result of disability, death, and permanent or temporary disability. Then today I receive an SMS saying R3000 will be deducted from my Bank account. ready to own your dream home? Courtesy #DStv403 Capitec advised me that my Retrenchment cover application has been approved. 0000052113 00000 n 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 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. Capitec Credit Insurance is required for credit terms from seven months and longer. And my account had Retrenchement cover which was approved by you. Monthly injury or illness payouts until you work again or turn 65. Home Owner's Cover Home owner's cover will provide comprehensive cover should an unforeseen event cause loss or damage to your property. Nobody can tell me exactly what is happening. Made an arrangement to pay certain amount from november 2015 for 3 months.in february 2016 a consultant at capitec … Retrenchment is often unexpected and unavoidable. How if Im Retrenched and not working? Being prepared is the responsible thing to do. 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. On 15th June 2016 I submitted all required documents except UI19 and retrenchment cover assessment. 0000019062 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. In a case of unemployment or job loss, Capitec will need from you, to fill a retrenchment Cover Assessment form, retrenchment letter; certification of service, your ID copy, latest payslip, and UIF UI19 form may be required. This event can threaten your financial security. I have banked with Capitec for over a decade and this kind of treatment is offensive to the core. 0000056376 00000 n Direct application process. 0000029851 00000 n Being prepared is the responsible thing to do. 0000008376 00000 n 0000002588 00000 n 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 0000019114 00000 n Capitec retrenchment cover is a scam!!! 0000022887 00000 n Apply Now. * Your details will be sent to one of the brands that we have partnered with, as can be seen on this page. Nobody can tell me exactly what is happening. 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. On top of that, you also get retrenchment and death cover, at no extra cost! 0000016436 00000 n 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. You will be covered for death, unemployment, involuntary retrenchment, permanent disability, temporary disability. 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. 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 … I got retrenched and went to capitec to apply that I got retrenched. 0000052794 00000 n 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. Key Features. Capitec Bank Global One Contact Details. 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. We have been informed that he/she was recently retrenched. 0000056651 00000 n 0000053890 00000 n Capitec Temporary Loan if offered by the best bank in South Africa as dubbed by Forbes Africa, the Capitec Bank Temporary Loan is very vital especially if you are in need of quick cash or emergency funds. Ordinarily, you would only be able to claim if you had been retrenched due to the operational requirements of your employer and had been employed full-time. It will also be compulsory to take out death cover and permanent or temporary disability cover. Capitec will calculate the premium. The best benefit of a Capitec Loan is that the money is available immediately in your account, after approval has been given. 0000051860 00000 n 0000054037 00000 n At that time I did not think that my company will be closing down in a few months. Capitec thrives in meeting the needs of a customer. For this reason, it's important to look out for yourself with our Retrenchment Protector. Retrenchment Cover is a way to safeguard your income. Regardless of whether you aren’t fired, however, put in unpaid leave, you ought to be covered. 0000022434 00000 n But some clients with outstanding debts can claim credit insurance, which will cover their instalments. Customer Support:+27 21 941 1377 Email: ClientCare@capitecbank.co.za I sent forms to claim for retrenchment cover I have't received any response. 0000009899 00000 n 0000019285 00000 n That's as it's reported a 20 percent jump in interim profits. 0000003294 00000 n You can create your own policy with Capitec’s Credit Insurance. 0000003733 00000 n 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. 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. 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. The best way to prepare is to ensure you limit the risk. Nedbank Retrenchment Cover. 0000001496 00000 n 0000003780 00000 n When I took out the loan, I was told that it will cover me for retrenchment. For added peace of mind, you could choose credit insurance, such as retrenchment or death cover; Car loans. Capitec Global One Credit Insurance is tailored for credit terms that exceeds 7 months and are designed to cover you in the event of death, permanent or temporary disability, retrenchment and so forth. 0000022804 00000 n Straightforward cover. Capitec Bank is considering charging for credit life insurance on its unsecured loans ... is cover you take out on a loan or credit agreement in the event of your death, disability or retrenchment. 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. 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