Capitec has launched its Life Cover, available on its app and in branches from 09 June 2024, offering various payout options. Customers will be able to pay for their children’s needs (an umbrella trust), a monthly income for a period of 24 months, a lump sum, or a combination of all 3 payout options. CEO Gerrie Fourie announced that the life product was piloted among employees, with a 15% uptake. Capitec, which obtained its long-term insurance licence in 2023, began issuing credit life insurance policies in May 2023. The transfer of approximately 550 000 credit life policies from Guardrisk to Capitec Life Limited is expected by mid-2025. Capitec will also write funeral policies under its own licence after ending a deal with Sanlam, covering 12 million people with a 35% market share of new customers. In its latest financial year ending 29 February 2024, Capitec’s insurance business profit after tax grew by 12% to R3.1 billion.
