Absa insurance said it would drop car insurance premiums by 15% for two months to give its customers relief.
Absa said the reduction would be applied to June and July debit orders automatically.
The offer would apply to all Absa policyholders with vehicles insured on motor policies or personal lines packaged policies.
The programme had no turnover limits or income thresholds.
“We have also reviewed our credit life products’ retrenchment benefits to provide more comprehensive cover,” said Dushen Naidoo, the managing executive for insurance at Absa retail and business bank.
“During the three-month special relief period, we do cover temporary loss of income – for example, unpaid leave – provided that we obtain the supporting evidence.”
Absa said customers who were unable to pay premiums on funeral, life, disability, critical illness or hospitalisation products might get premium-payment relief for two additional months and still keep their cover.
“The missed premiums will be recovered from any future benefits payable,” Absa said.
MANIPULATION
Twnty-eight big banks, including five South African, are set to face the music at the Competition Tribunal over allegations of manipulating the dollar-rand (USD/ZAR) trades.
The Competition Commission yesterday filed a new charge sheet against the banks accused of manipulating the USD/ZAR currency pair trading after the Competition Appeal Court dismissed their failed appeal in February.
The commission found that the banks directly and indirectly manipulated trade of the USD/ZAR currency pair in relation to bids, offers, bid-offer spreads, the spot exchange rate and the terms and/or margin of executing client orders at the FIX.