Telkom has announced that it will enter the financial services sector by launching a life insurance business.

Telkom Financial Services, which will initially only sell funeral insurance, seeks to address the needs of over 11 million South Africans who do not have bank accounts.

To do this, the company said it will also use its network and extensive customer base to expand its mobile payment apps into a variety of ecommerce platforms.

This new financial services business will be underwritten by cell captive insurance and risk solutions provider Guardrisk, which is a part of Momentum.

“In recent years Telkom has made a strategic shift to digital distribution, which puts it in an ideal position to distribute insurance products using its considerable digital structure and intellectual property,” said managing executive for Telkom Financial Services Sibusiso Ngwenya.

Details and pricing

Telkom has provided pricing and details about its funeral cover products on its website.

It notes the following:

  • Cover levels given are the maximum benefit amounts paid for each cause of death.
  • Customers can only sign up one spouse, up to eight children, and up to 14 extended family members on the products that allow for each of these beneficiaries.
  • Premiums are paid monthly and are guaranteed for the first 12 months.
  • The main member and spouse must be between the ages of 18 and 64.
  • Children must be 21 years old or younger.
  • Extended family members must be 74 or younger.

The options and pricing for Telkom’s funeral cover are outlined below.

Telkom Funeral Cover
Maximum Benefits and Premiums – Main Member Only
OptionOption AOption BOption COption DOption E
Natural DeathR10,000R20,000R30,000R50,000R70,000
Accidental DeathR20,000R40,000R60,000R100,000R100,000
Customer PremiumR32R64R96R160R180
Maximum Benefits and Premiums – Main Member and Spouse
OptionOption AOption BOption COption DOption E
Natural DeathR10,000R20,000R30,000R50,000R70,000
Accidental DeathR20,000R40,000R60,000R100,000R100,000
Customer PremiumR50R99R149R248R270
Maximum Benefits and Premiums – Main Member and Children
OptionOption AOption BOption COption DOption E
Main MemberR10,000R20,000R30,000R50,000R70,000
Children 14-21R10,000R20,000R30,000R50,000R70,000
Children 6-13R5,000R10,000R15,000R25,000R50,000
Children 0-5R2,500R5,000R7,500R10,000R20,000
StillbornR1,250R2,500R3,750R5,000R5,000
Accidental DeathR20,000R40,000R60,000R100,000R100,000
Customer PremiumR36R72R108R180R204
Family Funeral Cover
OptionOption AOption BOption COption DOption E
Main MemberR10,000R20,000R30,000R50,000R70,000
Children 14-21R10,000R20,000R30,000R50,000R70,000
Children 6-13R5,000R10,000R15,000R25,000R50,000
Children 0-5R2,500R5,000R7,500R10,000R20,000
StillbornR1,250R2,500R3,750R5,000R5,000
Customer PremiumR54R107R161R268R292
Extended Family Option
BenefitOption AOption BOption COption DOption E
Life Assured (0-74)R5,000R10,000R15,000R25,000R35,000
Accidental DeathR10,000R20,000R30,000R50,000R70,000
Customer Premium (0-64)R30R70R90R140R195
Customer Premium (65 – 74)R95R180R255R390R585

source : https://bit.ly/3gwrZnd

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