After recently announcing a COVID-19 payment relief to small businesses, Standard Bank Insurance announced it will implement a 25% cash back relief on its car insurance premiums.
The company reveals this is to help clients during these challenging times and since the nation is on lockdown, most people are not using their vehicles.
The cash back will be paid back 14 days after the lock down ends to clients who are up to date and continue to pay their car insurance premiums over this period.
Standard Bank Insurance will calculate the cashback at a rate of 25% per day on the premium that a client pays on their car insurance and the payments will be made into the same bank account from which Standard Bank collects the monthly car insurance premium from.
The cashback is applicable for the period of the Government announced lockdown which came into effect on 27 March and is currently set to end on 16 April 2020. This means that clients will be refunded at 25% per day over the lock down period of their car insurance premiums.
Should the lock down be extended, Standard Bank Insurance will adjust the client’s cashback and extend it to cover the full period of the lock down to ensure that they get the maximum cash back. The cashback for each month will be calculated separately.
Via: Standard Bank