If you are a First National Bank (FNB) Life customer with a life cover policy through the bank, you can now earn up to 15% on your monthly premiums back in eBucks. Some customers can also collect 1000 eBucks rewards level points each month.
Lee Bromfield, CEO of FNB Life said: “Our innovative approach and continuous effort to improve customer experience has led us to be the first life insurer to offer a rewards back benefit on premiums monthly, in this way. Unlike other life insurance rewards schemes, FNB Life rewards are based on the same behaviour that customers currently use to earn eBucks, making it simpler for them to engage and earn.”
According to Bromfield, following the expansion of the FNB comprehensive life cover product range, the bank “found it fitting to leverage FNB’s existing eBucks Rewards programme to give more value to policy holders.” The product range now includes death up to R100 million, disability up to R50 million and critical illness risks up to R5 million.
“We’ve spent a great deal of time studying market and consumer trends, and firmly believe that our expanded comprehensive Life Cover product range and rewards offering brings a new dimension into the life insurance space,” stated Bromfield.
The bank explained that the percentage of life cover premiums paid back in eBucks will be calculated on the customer’s total monthly premiums, as well as their eBucks reward level. The rewards based on the eBucks levels is calculated as follows: customers on reward level 1 will earn 1% back in eBucks; reward level 2 - 2.5%; reward level 3 – 5%; reward level 4 – 7.5% and reward level 5 – 15%.
For FNB customers that have more than one qualifying policy, the percentage of premiums earned back in eBucks will be calculated on the sum total of all the respective policy premiums.
FNB Premier, Private Clients, Private Wealth and RMB Private Bank eBucks members will also enjoy an additional 1000 rewards level points each month for all of the life cover policies that they hold.
To qualify, you need to be an eBucks member, and up to date with your monthly premiums, paid from withe your FNB cheque or RMB Private Bank account. Only the individual who is paying the premiums will earn eBucks.
Bromfield added: “Under the current economic conditions, consumers want to ensure that every cent counts, but still demand maximum value. This is why we have clearly defined the value-aspects of our offering while still retaining competitive pricing and industry-leading flexibility.”