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Income Protect

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Income Protect insurance covers you our customers when you lose your job due to retrenchment/redundancy. It also provides payout in the event of Death. The insurance pay-out is in two options of 3 and 6 months net salary that goes into the account depending on customer’s choice.

Some of the benefits

Affordable

Pay very low monthly premiums

Your terms

Choose whether you want 3 or 6 months cover

Flexibility

Pay on monthly basis or annually

Peace of mind

Gives you a salary post retrenchment or when you are in between jobs.
What you get
The insured person become redundant due to employer adopting a new way of doing business or the employer deciding that fewer workers are needed in the business he or she gets 3 to 6 months net salary pay-out. If the insured person dies whilst the policy is in force, the dependants will get 3 to 6 months net salary payout.
What it costs
  • 0.45% of net salary for 3 months cover
  • 0.9% of net salary for 6 months cover

Pricing guide

 

How to get it
Visit your nearest Standard Bank branch with your valid Identity Document.
How to claim

Retrenchment cover

  • Fully completed claim form
  • Certified copy of the identity of the claimant
  • Copy of retrenchment letter
  • Copy of payslip at the date of retrenchment

Death claims

  • Certified copy of Death Certificate/report
  • Copy of Police report if death was due to an accident
  • Completed claim form
  • Certified copy of identity of claimant
  • Certified copy of identity of deceased
  • Copy of payslip at the time of death
  • What you get
  • What it costs
  • How to get it
  • How to claim
The insured person become redundant due to employer adopting a new way of doing business or the employer deciding that fewer workers are needed in the business he or she gets 3 to 6 months net salary pay-out. If the insured person dies whilst the policy is in force, the dependants will get 3 to 6 months net salary payout.
  • 0.45% of net salary for 3 months cover
  • 0.9% of net salary for 6 months cover

Pricing guide

 

Visit your nearest Standard Bank branch with your valid Identity Document.

Retrenchment cover

  • Fully completed claim form
  • Certified copy of the identity of the claimant
  • Copy of retrenchment letter
  • Copy of payslip at the date of retrenchment

Death claims

  • Certified copy of Death Certificate/report
  • Copy of Police report if death was due to an accident
  • Completed claim form
  • Certified copy of identity of claimant
  • Certified copy of identity of deceased
  • Copy of payslip at the time of death