Standard Bank confirms relief through Credit Life Insurance products

Standard Bank wishes to advise its customers on potential relief through its credit life insurance products. Credit life insurance protection is a solution to help ensure that consumers are protected and shielded from their personal or business credit exposure, when unforeseen events impacting on their ability to earn an income occur.

Examples of typical events that may be covered through credit life insurance policies include death, disability, critical illness and retrenchment.  It is important that customers understand their policies and terms, and the protection provided on their particular policy, to help them make the right decisions in these difficult times.

If the terms of the loan granted by Standard Bank required compulsory comprehensive credit life insurance cover, and the loan was granted after 9 August 2017, our comprehensive credit life insurance product will cover installments for up to 12 months in the event of you becoming unable to earn any income. Standard Bank lending products that require comprehensive compulsory credit life insurance include all Personal Term Loans and Home Loans to customers who have a combined income of less than R25 000.

The policy meets the requirements set out in the National Credit Act Credit Life Insurance Regulations that became effective during August 2017 and includes protection against your inability to earn any income. As per the Regulations certain exclusions may apply. 

For those customers who have received the applicable Housing Loans and Personal Term Loans prior to 9 August 2017, Standard Bank will provide discretionary relief in respect of such customer’s credit agreement installments for up to three months if a customer is unable to earn any income. This discretionary relief will be available in the period between 1 April 2020 to 30 June 2020 to assist our customers during these unprecedented times. These installment relief payments fall outside the credit life insurance policies.

Where a customer has chosen to purchase a voluntary Standard Bank credit life insurance policy linked to other lending products such as Home Loans, Credit Cards, Vehicle and Asset Finance, Student Loans and Revolving Personal Loans, they should review their policy terms to understand the events that they are covered for.

Standard Bank will issue direct communication to customers, helping to explain the terms and conditions of their individual credit life policies.

Customers are urged to apply for their qualifying credit protection relief as soon as possible. Where customers have difficulty in sourcing the relevant documentation in order to submit their claim, and to avoid any negative impacts of possible delays, they are urged to adopt Standard Banks’ lending relief options. Visit www.standardbank.co.za for more information. 

“The Credit Life Insurance policies are underwritten by Liberty Group Limited. The Standard Bank of South Africa Limited is a juristic representative of Standard Bank Insurance Brokers an authorised FSP (FAIS no. 224). Terms and Conditions apply.