Standard Bank Insurance has announced it will be implementing a 25 percent cash back relief on its car insurance premiums.
Nolwandle Mbalo from Standard Bank Insurance said "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 it comes to car insurance."
Standard Bank Insurance will calculate the cashback at a rate of 25 percent 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 March 27 and is currently set to end on April 16. This means that clients will be refunded at 25 percent per day over the lockdown period of their car insurance premiums.
Should the lockdown be extended, Standard Bank Insurance will adjust the client’s cashback and extend it to cover the full period of the lockdown to ensure they get the maximum cash back. The cashback for each month will be calculated separately.
The cashback for each month will be calculated separately.
Your car may be under lockdown, but your insurance premium shouldn’t be. Our Insurance clients will get 25% cash back on their car insurance premium. #FindingNewWays. Read more here: https://t.co/0Gwtu3cGuK pic.twitter.com/FOFr7hUeVY— StandardBankZA (@StandardBankZA) April 3, 2020