Aiming to capture a big slice
of the South African life insurance market, one of the country’s
big-four banks, First National Bank (FNB), has launched
aggressively-priced products to its customers. The products are
available online or through the bank’s call centre.
“To ensure that our customers
are getting the best possible value for money, we have stripped out
all unnecessary distribution costs, such as advertising and broker
fees, enabling us to pass the saving on to our customers,” said
Johan Nagel, CEO of FNB Insurance.
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Dependant on certain
criteria, such as an applicant’s age, income and gender, FNB will
offer up to ZAR1m ($125,000) life cover for up to 50% less than
competitor market offerings.
Customers applying for cover,
which encompasses death, incapacity and retrenchment benefits, are
required to complete a telephonic application and answer a few
medical questions.
According to FNB, only 3.8m
of South Africa’s 12.4m income earners currently have life
insurance cover.
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