What is a grocery benefit and how does it work?

By TymeBank - 16 October, 2020

This benefit pays a monthly cover amount for a period of 3 months following the death of the policyholder only. The monthly amount payable is equal to the average spend at Pick n Pay across all of the policyholder TymeBank cards over the 3 calendar months prior to the death of the policyholder. The monthly benefit amount payable is subject to a minimum of 5% and a maximum of 10% of the Individual Funeral Benefit amount as stated in the policy schedule.

In the event that the policyholder does not have any active TymeBank accounts and still continues with the policy, the benefit will pay 3 monthly amounts each equal to the minimum benefit amount applicable at the time of the policyholder’s death. This benefit is automatically added when the Individual Funeral Benefit is taken out at no additional premium.