Capitec Funeral Cover

Capitec is a South African retail bank that offers a wide range of financial services across the country.

The company was established in 2001 with the aim of providing affordable and accessible banking services to all South Africans.

Since then, it has grown to become one of the largest retail banks in the country, with a focus on simplicity, transparency, and affordability.

A short history of Capitec

Capitec was founded in 2001 by a group of entrepreneurs who saw a need for affordable and accessible banking services.

The company started with just two branches and a handful of employees, but it quickly grew as more and more customers signed up for its services.

Today, Capitec has over 15 million customers and more than 1,000 branches across South Africa.

Their core business and popular services

Capitec offers a wide range of financial services to its customers, including savings accounts, transactional accounts, personal loans, and insurance products.

The bank's services are designed to be simple and transparent, with no hidden fees or complicated terms and conditions. Capitec's savings and transactional accounts are particularly popular, as they offer competitive interest rates and low fees.

How they’re making a difference in the lives of South Africans

As a socially responsible company, Capitec is committed to making a positive impact on the communities it serves.

The bank has a number of CSI (Corporate Social Investment) initiatives in place, including the Capitec Foundation, which focuses on education and skills development. Capitec also supports various community development projects and has a strong focus on sustainability.

More than just a financial services provider

In addition to its banking services, Capitec also offers a range of insurance products to its customers.

These include car insurance, home insurance, and life insurance, as well as funeral cover.

Capitec's funeral cover is particularly popular, as it allows you to cover yourself and up to twenty-one family members under one plan, with no medical exams required.

Capitec offers funeral cover of R100,000 for you and you can also add cover for 21 family members, all under one plan.

The premium is calculated based on the chosen cover amount and can be adjusted to fit your budget.

Apply on the Capitec app, online, or in a branch

The Capitec funeral plan can be applied in two ways, either through their app for lower premiums or by visiting a branch. To add family members to the plan, only their birth dates are required.

If you switch from another funeral cover provider and the waiting period for natural death is over, Capitec will waive the waiting period for the same family members as you had on your other policy and related cover amounts. This does not apply in the event of accidental death. 

Accidental death benefits

If a family member dies due to an accident, the cover will be doubled with a maximum cover amount limited as per the relevant laws.

The plan also includes the option to pause the policy for up to six months without paying premiums and with no cover but this is subject to a two-year waiting period. 

Premium waivers for newborns and newly adopted children

Additionally, Capitec offers a premium waiver for up to six months for a newborn or adopted child when the unabridged birth certificate is provided within three months, after a waiting period of six months.

Maximum cover amounts for different classes of family member 

The Capitec Funeral Plan provides coverage for twenty-one people, including the policyholder's spouse, children, parents, and extended family members. 

The maximum coverage amount for the policyholder and spouse is R100,000, while the coverage for children ranges from R20,000 to R60,000 depending on their age. The coverage for parents and extended family members is also limited to R50,000 each. 

It’s important to note that the legal maximum child cover restricts the total amount that can be paid out for a child's death, regardless of the policy or insurer. Therefore, if the child covered by the policy reaches the maximum allowed amount, the payout will be restricted to the legal maximum amount