FNB customers now get free insurance cover for online purchases via the bank’s Virtual Card

FNB customers have more reasons to buy items using their virtual cards, as the bank is now providing free insurance cover on online purchases made with FNB and RMB Private Bank Virtual Cards. The insurance, aptly named ‘Purchase Protect,’ will cover customers’ purchases for 30 days after purchase, up to R15,000.

Jonathan Havemann, FNB Short-Term CEO, says, “This is a great example of our commitment to improving the platform experience for customers. This free cover provides customers with peace of mind when shopping with their FNB Virtual Cards as one of the safest methods of payments, or when using Apple Pay. We are not a typical insurer, but one that is constantly looking for new ways to support and protect our customers without them having to do anything.  We want to provide our customers with peace of mind as well as the confidence to shop knowing that the items they purchase with their FNB or RMB Private Bank Virtual Cards and Apple Pay are covered from the moment they conclude their transaction.”

Chris Labuschagne, FNB Card CEO, says, “We are excited for the collaboration with short-term insurance to provide our customers with Purchase Protect when purchasing using their FNB Virtual Cards and Apple Pay. Our Virtual Card solution has been incredibly useful to providing an extra layer of security for those shopping online. The enablement of Purchase Protect demonstrates our continued investment in payments capabilities that empowers both the consumer and business to process safer and convenient transactions.”

Purchase Protect insurance covers tangible items like furniture and personal items like clothing, jewellery, handbags, cell phones, and mobile devices.

In the event of an accident, the insurance will cover the cost of repairs or the purchase price of the insured item, depending on the circumstances. For example, if it is a total loss, the bank will reimburse the customer for the purchase price. However, if it is a partial loss, such as a broken screen on an electronic device, FNB will either pay for the repair; repair the item on their account; reimburse the customer the full amount; or replace the item with a new one. The policy also protects the product’s purchase price in the event of theft.

“Theft or loss of the item as well as accidental damage and the other standard causes are all covered. There is a limit of one claim per item and a maximum pay-out of up to R15 000 for private wealth customers,” Havemann adds.

FNB recently announced the launch of FNB Short-Term Insurance for cars and homes, expanding its insurance business.

“We are really excited about FNB’s short term insurance offerings which will complement our incredibly strong life insurance business. We believe customers will get the best value from insuring with us including competitive pricing solutions with up to 15% back in eBucks on their premiums. Customers can take up any insurance solutions by going to the FNB App and clicking on insurance,” concludes Havemann.