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Financial services 6 April 2020

Insurance clients to receive 25% cashback

Standard Bank Insurance is implementing a 25% cash back relief on its car insurance premiums.

The cash back on premiums forms part of the range of insurance relief initiatives during these trying times. The cash back will be paid back 14 days after the lock down ends to clients who are up to date and continue to pay their car insurance premiums over this period.

“During these challenging times we are here to help protect our clients and what matters most to them. South Africa is under lockdown, as such our clients are staying at home and most are not using their vehicles. It made sense to find a way to provide them with some financial relief when xit comes to car insurance,” says Dr Nolwandle Mbalo, from Standard Bank Insurance.

Standard Bank Insurance will calculate the cashback at a rate of 25% per day on the premium that a client pays on their car insurance and the payments will be made into the same bank account from which Standard Bank collects the monthly car insurance premium from.

The cashback is applicable for the period of the Government announced lockdown which came into effect on 27 March and is currently set to end on 16 April 2020. This means that clients will be refunded at 25% per day over the lock down period of their car insurance premiums.

Should the lock down be extended, Standard Bank Insurance will adjust the client’s cashback and extend it to cover the full period of the lock down to ensure that they get the maximum cash back. The cashback for each month will be calculated separately.

Says Dr Mbalo; “We are all in this together and Standard Bank Insurance will continue to look for ways to provide relief to help our client’s protect what matters. We believe this is just one of the ways we can assist our loyal clients during these uncertain times. We encourage you to make use of our digital channels to manage your insurance portfolio, safely and conveniently. You can register and track your burst geyser, storms or burst pipe claims on our Banking App or through our Insurance Online site as well as access and manage some of your insurance policies on these platforms.”