Your rights under the National Credit Act

Credit life insurance is regulated by both the National Credit Act and the Long-Term Insurance Act, giving you specific protections. You can substitute our policy with your own, the premium is capped at R4.50 per R1,000 of cover, the cover is VAT-exempt, you must receive the policy schedule in plain language, and you can complain to the Ombud if treated unfairly.

Your rights under the National Credit Act

Credit life insurance is regulated by both the National Credit Act and the Long-Term Insurance Act, so you have specific protections.

Your rights as a borrower

• You may never be forced to take credit life insurance as a condition of getting a loan if you already have equivalent cover.
• You can substitute our policy with one of your own at any time.
• The maximum premium is capped by regulation — currently R4.50 per R1 000 of deferred amount for short-term and unsecured credit. Anything more is illegal.
• You must be given the policy schedule and the full policy wording in plain language.
• Long-term insurance, including credit life, is VAT-exempt — no VAT can be added.
• You can claim against the policy at any time during its term, and you have at least 6 months to submit the full document pack after notifying the insurer.
• Your beneficiary (your family or estate) is entitled to any cover amount that exceeds your outstanding balance at the time of the claim.
• You have the right to a full breakdown of how the premium was calculated.
• You can lodge a complaint with the Ombud for Long-Term Insurance if you believe the insurer treated you unfairly. Contact details are on your policy schedule.

If you're ever unsure whether something is legal or fair, contact us — we'd rather over-explain than leave you in the dark.

Read more in You can choose your own Credit Life policy and the Credit Life FAQs.