TymeBank has partnered with short-term insurance provider Hollard to offer funeral cover to South Africans at Pick n Pay stores countrywide.
The two companies announced in a statement on Thursday that they will offer Family Protect, which “provides a three-month income benefit for living expenses, with no delay or paperwork.”
For new TymeBank clients
“This innovative cover is available for new TymeBank clients and can be accessed at TymeBank’s self-service kiosks in over 400 Pick n Pay stores nationwide. Existing TymeBank customers will be able to access the solution at a later stage,” TymeBank and Hollard said.
Billionaire Patrice Motsepe’s company, African Rainbow Capital (ARC), owns a 66.5 percent majority stake in TymeBank acquired in 2018.
Interested applicants will be able to sign up at TymeBank kiosks “within minutes” using biometric identity verification and choose their preferred cover. They can also sign up to cover their children, spouse and parents.
“The monthly pay-out income benefit is directly linked to the monthly deposits made by the customers into their TymeBank account, as well as the average amount that the customer spends on grocery purchases. This money is deposited directly into the customer’s TymeBank account for their use as they see fit,” Hollard explained.
In the event of loss of their income-earning loved ones, beneficiaries will receive a payout for three months for living expenses, such as groceries or payment of bills, after taking care of funeral costs.
Family Protect will be available as from October 2020. “Our partnerships with Hollard and Pick n Pay demonstrates the value that can be unlocked when corporate citizens come together to the benefit of individual citizens,” TymeBank CEO Tauriq Keraan said.
TymeBank and Pick n Pay
TymeBank already has an ongoing partnership with Pick n Pay that offers low-cost banking services to customers. For instance, customers using the TymeBank Visa debit card will earn Smart Shopper points everywhere they use it, not just inside Pick n Pay.
“Swipe your TymeBank card at the till to earn Smart Shopper points and to pay for purchases. The points you’ve already earned on your old blue Smart Shopper card are automatically linked to your TymeBank card and any new bonus points you earn for using the card as a Smart Shopper card are added to your balance at the end of every month,” Pick n Pay said in July.
Customers can get a personalised TymeBank visa debit card at a TymeBank kiosk inside Pick n Pay stores.
TymeBank’s aggressive expansion has seen it acquiring 1.9 million customers by the end of June 2020, according to its latest audited financial statements released earlier this week.
It expects to sign up even more customers once its partnership with the Zion Christian Church (ZCC), which has been delayed by the lockdown, gets underway.