In a statement, Telkom noted: “Telkom customers on the Sim-Sonke and Telkom More prepaid plans will qualify for the R10 000 funeral cover by simply recharging with R100 or more airtime, through single or multiple recharges amounting to R100 in one calendar month, opting in and nominating a beneficiary. The loyalty funeral cover will start at the beginning of the following month and will be valid until the end of that particular month.”
Sipho Maseko, CEO of Telkom, said: “This innovative offer is a South African first. While competitors may offer paid premium insurance to their customers, Telkom will be rewarding customers for their airtime spend with funeral cover at no additional cost from one of the leading insurers in the country, Old Mutual.”
Dave Macready, CEO of Old Mutual South Africa, elaborated: “I am excited about this partnership which is a great example of the effective digitalisation of financial services. Giving South Africans easy access to insurance products through their mobile devices not only reduces cost, it accelerates financial inclusion, which is critical to reducing poverty and inequality which contributes to boosting our nation’s development and future financial wellbeing.”
How do you qualify?
In order to qualify for the loyalty funeral from Telkom, Old Mutual revealed that customers need to meet the following criteria:
- Be an existing or new Telkom pre-paid customer on either the Sim-Sonke or Telkom More pre-paid plans.
- Be a South African resident between the ages of 16 and 75 and have a South African green barcoded ID.
- You must recharge with R100 or more pre-paid Telkom airtime in a single or multiple recharges in any one calendar You have to opt-in for this deal and nominate a beneficiary.
Telkom explained: “Qualifying customers will be required to opt-in for the funeral cover. Their personal details, as well as a nominated beneficiary will be captured, and the customer will then be eligible for the cover for as long as they maintain a monthly airtime spend of R100. In the event that customers fall short of the R100 airtime spend for a particular calendar month, they will not be eligible for the funeral cover during the following month. Once the required spend is met again, cover will be reinstated for the subsequent calendar month.”