FNB is the first life insurer in South Africa to offer a monthly rewards back benefit on its premiums as part of an integrated bank rewards program.
The percentage of Life Cover premiums paid back in eBucks will be calculated on the customer's total monthly premiums and their eBucks reward level. Additionally, FNB Premier, Private Clients, Private Wealth and RMB Private Bank eBucks members will also be able to collect 1,000 reward level points each month for all of the Life Cover policies that they hold.
Lee Bromfield, CEO of FNB Life says "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.
Following the expansion of our comprehensive Life Cover product range that now takes care of death, disability and critical illness risks, up to R100 million, R50 million and R5 million respectively, we found it fitting to leverage FNB's existing eBucks Rewards programme to give more value to policy holders."
"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," adds Bromfield.
For customers who hold more than one qualifying policy that offers premiums back in eBucks, the percentage of premiums earned back will be calculated on the sum total of their respective policy premiums.
Premiums earned back in eBucks will depend on customers' eBucks rewards levels. For example, 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%.
In order to qualify, customers must be qualifying eBucks members and up to date with their monthly premium payments - made from their FNB Cheque or RMB Private Bank Account. Only the individual who pays the premiums will earn eBucks.
"eBucks Rewards is an integral part of the FNB ecosystem and brand value, and it was important to offer rewards on the back of our life insurance products," says Bromfield.
"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," he concludes.
For more information customers can contact FNB Life Centre on 087 736 7774 or email fnblife@fnb.co.za
