FNB Short Term Insurance is underwritten by RMB Structured Insurance Limited and issued, brokered and administered by Mutual and Federal.
The offering (which includes car, home or personal goods cover) won’t be offered to the market, but only to FNB customers and Nagel believes that it offers very competitive pricing as FNB has unique data on its customers that can provide targeted and precise risk-pricing.
The rewards come in the form of eBucks. If you don’t claim in a certain month you get 5% of your premium in eBucks back the next month. For a premium of R1 000 per month that is a possible total of eB6 000 per year (R600) and puts you on Level 1 for earning rewards. If you don’t claim for a consecutive period of 12 months you get another eB6 000 (Level 2) and if you already earn fuel or airtime rewards you get another eB6 000 (Level 3). This brings your total savings (in rand terms) to R1 800 for the year, or 15%. FNB lists other benefits of the offering as an affordable premium, a fixed excess, retrenchment premium waiver, free international SOS cover and the functionality to view your policy online.
Earning the maximum amount of eBucks can become quite complicated if one looks at the latest set of rules from FNB, but Nagel said that for the insurance product it is very easy and simple to earn with the basic three levels as set out.
Last updated byat .