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The card helps unbanked South Africans to claim funeral policies when someone passes away. In the past, they have often struggled to claim the money as they don’t have bank accounts. But now they are given a prepaid card pre-loaded with the benefit payout funds instead.
Claimants won’t have to wait for a cheque to clear, nor will they lose out because they don’t have bank accounts into which the funds can be transferred.
Hendus Venter, head of transactional banking at Absa Business Bank, says the prepaid card will also ease the administrative burden of making cash payouts to clients. To receive funds, a claimant just has to submit his/her claim form with relevant documents to Channel Life Group Benefits and receive a prepaid card. Once the claim has been approved, the policyholder will receive an SMS to confirm the funds have been loaded on to the card.
Read the original story here: http://mg.co.za/article/2011-02-10-prepaid-card-will-assist-funeral-policyholders/