Credit insurance 

Our credit insurance premium is charged monthly at a Rand amount for every R1 000 of your outstanding balance. This means that the longer you pay (and the less you owe), the lower your monthly credit insurance premium will become. Other policy features that make our cover unique:

• Our insurance contract is available immediately for death and disability claims
• You don’t need to fill in paperwork when you apply
• The claims process is simple 
• It’s available up to the age of 65

To claim from your credit insurance policy, you must notify us within 12 months of the event* and supply relevant documents within three months.

You can file the claim at any branch by calling our collection services or emailing us. You can find more information about the application process here.

The payout benefits below apply to policies from 10 May 2020. If you took out a policy before 10 May 2020, click here for your policy details in the credit insurance section.

*Events covered by credit insurance policy. 

When signing any contractual agreement, understanding what would prevent you from being paid your claim is in your best interest.

If you become unemployed or can’t earn an income for a reason other than temporary or permanent disability, no benefit will be paid as a result of:

• Lawful dismissal, including dismissal as a result of wilful misconduct that is a violation of some established, definite rule of conduct, a forbidden act or wilful dereliction of duty, or
• Voluntary forfeiture of salary, wages, or other employment income; or  o Voluntary retrenchment or termination of employment; or 
• Resignation; or 
• Retirement; or 
• Participation in an unprotected strike; or 
• Retrenchment of which you were aware of or received notice of within the waiting period

If you die or become disabled, no benefit will be payable if such death or disability is a result of:

• Active participation in war, invasion, acts of foreign enemies, hostilities, warlike operations (whether war be declared or not), civil war, insurrection, rebellion, revolution, civil commotion or uprisings, military power 
• The use of nuclear, biological or chemical weapons or any radioactive contamination
• Participation in criminal activities
• Participation in hazardous activities

While clients have the right to refrain from taking a Capitec credit insurance policy underwritten by Capitec Life, when presenting us with an existing credit insurance policy, you have to provide us with a suitable alternate policy of your choice. 

The minimum requirements for an alternate credit insurance policy are:

• The alternate policy must be ceded to Capitec, and the interest of Capitec must be noted by the insurer of the alternate policy
• The alternate policy must have at least the same benefits as referred to in Regulation 3 (2) of the Final Credit Life Insurance Regulations of 2017
• The alternate policy must be in force

If your current policy doesn’t meet these criteria, you might need to review a new option with us.

For those with a current Capitec policy, you should review it. 

If you want to see your credit insurance policy, please call our 24-hour Client Care Centre on 0860 10 20 43 or visit a branch.  

Our credit insurance is underwritten by Capitec Life Limited (Capitec Life), a licensed life insurer. Reg. No.: 2021/924456/06.