Short -Term
• Shortfall Protection
1. Credit Shortfall
Where the insured vehicle is involved in an accident and the extent of the damage results in the vehicle being written off, or if the vehicle is stolen or hijacked and not recovered, the relevant underlying comprehensive insurer will settle the claim. If a shortfall claim arises between the claim amount paid and the Statutory Settlement Balance (‘Outstanding Capital’) in terms of the Credit Agreement, the Credit Shortfall Protection will pay the Credit Shortfall difference.
2. Deposit Protector
Where the underlying insurer regards the insured’s vehicle as uneconomical to repair and writes off the vehicle, or if the insured vehicle is stolen or hijacked and not recovered by the claim settlement date, the Insurer will pay the insured a benefit of 10% of the principle debt towards the deposit for the purchase of a replacement vehicle. This benefit will only become payable when the underlying claim has been settled subject to the terms, conditions and exceptions stipulated in the policy.
Long –Term
• Finance Protection
1.ExecuLife
ExecuLife comprises:
o Immediate Full Cover
o Death Cover
o Disability Cover (permanent total or temporary total)
o Retrenchment Cover
o Personal Catastrophe Cover
o Hospitalisation Cover
o Funeral Cover
o Booster Cover
ExecuLife Benefits
o Immediate settlement on diagnosis of any one of the 15 dreaded diseases
o Funeral benefit pays out to the beneficiary to provide for funeral expenses
o Retrenchment benefit will pay your instalments for up to 6 months
o Hospitalisation benefit will pay your instalments if you are hospitalised for 7 consecutive days
o A 2nd life can be insured for 30% of the premium for the same benefits
Booster Benefits:
o 10% cash back on premiums after 3 years if no claim was made
o double payout on any settlement benefit after 24 months (excludes residuals)
o 10% discount on premium of future policy with Mercedes-Benz Financial Services or the underwriting insurer
2.ValueLife
ValueLife comprises
o Immediate Full Cover
o Death Cover
o Funeral Cover
ValueLife Benefits
o Upon death, the outstanding loan is settled. It will not be linked to the estate
o The Funeral benefits pays out the beneficiary to provide for funeral expenses.
A 2nd life can be insured for 30% of the premium for the same benefits