New innovative insurance product allows you to pay when you can

Consumers simply buy the policy off the supermarket shelf in the same manner as they would buy cell phone starter packs and can top-up this insurance very affordably in the same way as they would do with airtime.

Pay-when-you-can is an insurance policy which provides accident and funeral cover for the whole family at an affordable rate. For only R9,95 consumers will get R5 000 Family Accident Cover for 60 days on registration which is done inside any Shoprite store. Once registered, the consumer will be able to top up the Accident Cover for a cost of only R6.95 for an additional R5000 for another 60 days.

After registration, the purchaser will also be able to buy Family Funeral Cover at Shoprite, which includes cover for death relating to natural causes but which is subject to terms and conditions. The purchaser can buy units of Family Funeral cover for one year. This means that unlike most insurance products the Funeral Cover does not expire if not paid every month. The purchaser can top up their cover at any time in store. Cover up to R20000 is available.

In announcing the product, Brian Weyers, the retail group's Marketing Director, said that the group recognised that consumers wanted convenience and affordability when buying accident cover, especially with the high incidence of road accidents in South Africa.

"This pioneering insurance product from Old Mutual enables our consumers to buy very affordable life cover at high risk periods such as when going on long-distance road trips during busy holiday periods. It gives them the assurance that their family will be financially secure in the event of an accident."

Marshall Rapiya, Managing Director of Retail at Old Mutual, added that pay-when-you-can provides consumers with accident cover and family funeral cover with no commitment or monthly fees or the need for a bank account, debit order or salary reduction. All payments can be made in cash conveniently at any store in the retail chain when the need arises or as one can afford it.

Rapiya said that Shoprite was a natural choice as retail partner to distribute the product. "Finding ways to provide South Africans with better access to financial services is a key focus for us. With the supermarket group's huge customer base and stores located in both urban and semi-urban areas, it is a valuable partner in this venture.

"Pay-when-you-can is yet another example of our efforts to provide access to financial products to low-income earners," he concluded.

Brochures with more information and registration packs are available in any Shoprite store.