The funeral cover offered by ABSA’s most affordable cheque account, the Flexi Value Bundle, will increase from R5 000 to R15 000, starting 1 September, 2017.
READ: The most affordable cheque accounts
After conducting a primary research study on Flexi banking customers earlier this year, ABSA realised that their customers are interested in more affordable funeral cover.
They found that customers often wanted to know what else their bank can offer them besides the functional benefits and pricing on their accounts.
“We spent a considerable amount of time trying to understand our customers and their ecosystems. We wanted to understand how best to respond to their non-banking needs in a meaningful way,” said an ABSA spokesperson.
“We therefore realised that most customers wanted to take care of their basic, but important needs. Most customers indicated that a funeral cover at a discounted price would provide the necessary relief for them so that they are able to worry about other things,” the spokesperson added.
ABSA found that R5 000 funeral cover was not enough to give their customers peace of mind, so they decided to increase it by 200%. They also decided to implement this increase at no additional cost to their customers.
The Flexi Value Bundle is aimed at customers who earn between R3 000 and R10 000 per month, and it comes at a single, bundle price of R55 per month.
At the moment Nedbank offers R2 000 funeral cover with their Ke Yona Bundle cheque account at R50 per month, and Standard Bank offers the same amount with their AccessAccount Plus at R59 per month (but this is not a cheque account).
To get a competitive quote on general funeral cover, fill in the form over here.