Today is day 20 of the lockdown announced by President Ramaphosa. As we are in the 3rd week of lockdown, many people and businesses are affected, as people are not working and businesses are closed to operations. This leads to lost revenue and income. As a result, individuals and businesses are struggling financially during and beyond the lockdown period. In response to the government's call to action, most financial institutions have announced measures to provide financial relief. As the situation evolves from day to day, financial institutions continue to work with the government to reassess the situation, and further relief measures can be expected. We have gathered below links to financial relief measures provided by financial institutions, we hope these can assist you during this difficult period. Note that the information may not be complete or the most up to date. Please speak to the bank, the insurance company, your broker or financial advisor to confirm. Banks Covid-19 debt assistance: https://www.nedbank.co.za/content/nedbank/desktop/gt/en/personal/covid-19-debt-relief.html?cmpid=dis:ned:ret:debtrelief:banner:ned Nedbank's relief measures for individual and small-business clients, including information on payment holidays, the newly announced SA Future Trust Fund for SMMEs, and other Nedbank debt relief actions, can be found on https://www.nedbank.co.za/content/nedbank/desktop/gt/en/info/campaigns/nedbank-covid19-page.html Select 'Business' then 'Covid-19 Relief'. Nedbank remains committed to meeting your banking needs through this challenging period. Standard Bank: https://www.standardbank.co.za/southafrica/personal/campaigns/covid-19 FNB: https://www.fnb.co.za/press-office/index.html ABSA: https://www.absa.co.za/personal/covid-19/ Capitec: https://www.capitecbank.co.za/global-one/banking_during_the_covid_19_lockdown/ • If you're worried about your income or your ability to make your Capitec loan repayments, talk to us – we can help. To make a payment arrangement, dial 0860 66 77 18 to speak to an agent Life insurance companies (Do consult your financial advisor on the best option for your personal circumstances) Discovery Life discovery_premium_relief.pdf Option 1 – Premium relief option: Qualification rules: The premium payer must be self-employed, a business owner or an employee of such businesses facing severely reduced income themselves, in an industry that is not an essential service as defined in the Labour Relations Act. This applies to small and medium enterprises (SMEs) that meet the definition of a Small Enterprise in South Africa as per the Department of Small Business Development. The policy must have been in force for at least two years. The client must not have received a credit control letter in the past two years. The policy must have Comprehensive Integration with the PayBack benefit. At the moment, the policy's accumulated Surplus PayBack fund or Five-yearly PayBack fund has at least enough funds for two months’ worth of premiums. Policies that are in claim or have a claim registered that is being assessed do not qualify. Option 2 – Suspended cover option (Cover-pause): Qualification Rules: The premium payer must be self-employed, a business owner or an employee of such businesses facing severely reduced income themselves, in an industry that is not an essential service as defined in the Labour Relations Act. This applies to small and medium enterprises (SMEs) that meet the definition of a Small Enterprise in South Africa as per the Department of Small Business Development. The policy must have been in force for at least six months. The client must not have received a credit control letter in the past six months. Policies that are ceded (given as security for a loan) do not qualify. Policies that are in claim or have had claims submitted do not apply Option 3 – Underwriting-free servicing option: • A completed servicing quote is required (reduction) • Removal of benefits will not form part of the offer when up-servicing after three months, free of underwriting Important: • The form for options 1 and 2 must be completed by the policy owner and sent from his or her email address on record. A policy owner is able to contact the Call Centre, be verified and update their email address – 0860 00 54 33. Old Mutual helping_your_customers_during_lockdown_-_rsa_2.pdf Sanlam Liberty life insurance policies riskpremiumbreak_final_.pdf Investment policies investmentpremiumbreak_1pager_.pdf Momentum momentum_myriad_covid19_ppo_information_leaflet.pdf momentum_myriad_covid19_ppo_faq.pdf PPS pps_option_1.png pps_option_2.png Short-term insurance companies Discovery Insure discovery_premium_relief.pdf Santam Premium relief is only available once a client has lapsed their premium. We support all actions being done with clients to restructure their existing cover and reduce their premiums such that they do not have to lapse their policies.
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