Shoprite says it will offer an OUTbonus to customers, along with a host of insurance related product offerings following a partnership with OUTsurance.
Shoprite said it will offer a funeral policy as the first product under this new partnership, with numerous additional offerings in the pipeline.
“This collaboration is a natural fit,” said Jean Olivier, general manager: financial services for the Shoprite Group. “It sees Shoprite and OUTsurance combining its value propositions – lower prices you can trust and you always get something out – to offer consumers a highly competitive and accessible range of insurance products.”
The group will make these products available at the approximately 1,600 Money Market counters located in Shoprite, Usave, Checkers and Checkers Hyper stores nationally.
“We are confident that this partnership will give more South Africans access to financial services in the form of simple and easy to understand products,” said Danie Matthee, chief executive officer for OUTsurance.
Key features of the funeral policy include:
- An OUTbonus, which gives customers one month’s premium back for every 12 premiums paid;
- Pause and Play, a feature that allows cover to be paused for up to three months and resumed with no additional waiting period or cost;
- Immediate payment of a R1,000 Shoprite gift card in the event of a valid claim;
- An optional Accident Death policy that pays out double the sum assured for all lives in the event of accidental death;
- No waiting period for natural death when switching from any other registered insurer.