Everyone deserves a reward once in a while and First for Women offers one of the best cash-back rewards programs with Cash Back Plus.
It’s easy: all you need to do is remain claim-free for four uninterrupted years of cover, and you will get payback as either your first year’s premiums or 25% of all your premiums back, in cash. What to know more about it? Here’s all you need to know:
How to earn cash rewards with First for Women
First for Women believes that good things should come to those who wait. This is why Cash Back Plus is specifically designed for women who want to receive a lump-sum payout after four claim-free years of uninterrupted insurance cover.
The First for Women cash back insurance benefit can be added to any of its short-term insurance policies, like car insurance or home insurance, for a small fee. Then, if you haven’t made a claim, cancelled your policy or allowed it to lapse by the end of the four-year period, First for Women will give you either your first year’s full premiums or 25% of all of your premiums back in cash – tax-free. What’s more, First for Women automatically includes certain benefits to make reaching your savvy insurance goals easier.
The Death Premium Waiver and Retrenchment Premium Waiver benefits mean that your Cash Back Plus will be safe even if you cannot pay your premiums for up to six months.
And because First for Women wants to reward you for looking after the things you hold most dear, claims made through its Tyre & Rim Guard and Scratch & Dent Cover keep your car in tip-top condition and won’t affect your payout.
Most importantly, your Cash Back Plus won’t be affected if you use any of the Guardian Angels Lifestyle Assistance benefits or if you reach out to First for Women’s Guardian Angels on Call via the app. This means that you can feel safe and protected in any situation that may arise, 24 hours a day, 7 days a week. We automatically include certain premium waiver benefits with Cash Back Plus to ensure you’re prepared for almost any eventuality.
There’s also no need to worry that keeping your car in tip-top condition will cost you a cent because any repairs under the Scratch & Dent Cover don’t affect your Cash Back Plus bonus.
FAQs about the First for Women rewards program
- What is Cash Back Plus?
Because we know that a little help can go a long way, First for Women created Cash Back Plus to reward its clients for the time they’ve gone without submitting a claim. When you add this benefit to your home, vehicle, life or other short-term insurance policy, they’ll provide you with a cash rewards payout when you reach the end of four claim-free years of continuous cover.
At that stage, you’ll get the lesser of:
- the full value of your first year’s premiums; or
- 25% of all the premiums you paid over the four-year period.
You can use this money for whatever you please – whether that’s buying yourself a brand new pair of designer kicks, treating your family to a fancy dinner or even paying off your car.
- How does cash back work?
There are two main types of cash back benefits offered by South African insurers. The first are programmes that are automatically included in your policy. While these types of rewards often provide large kickbacks, you will likely need to wait a long time for them to pay out. Moreover, they might even push your premiums up, as insurers include an amount to defray the eventual cost.
Second, are cash back benefits that can be included for an additional premium.
- What do I need to do to get Cash Back Plus?
The qualification criteria for Cash Back Plus are simple. To be a part of the payback rewards programme, you must take out one of First for Women’s short-term insurance policies (that’s Household, Vehicle, Business, Buildings, Portable Possessions or Personal Insurance) and choose to add Cash Back Plus. From there, it’s easy: keep your policy for four years without making a claim and we’ll reward you with either your first year’s premiums or 25% of your total premiums – whichever is less.
- Are there any circumstances when I won’t get cash back?
Unfortunately, there are a few instances where First for Women won’t be able to give you cash back at the end of the four-year period.
Because Cash Back Plus is specifically designed for women who go claim-free for four years of uninterrupted cover, First for Women can’t pay out if you have made a claim. Of course, that excludes claims made under Tyre & Rim Insurance and Scratch & Dent Cover to repair your vehicle. There are other restrictions that apply. If you cancel your policy or it lapses, First for Women won’t be able to give you any payout.
- Will I be taxed on the Cash Back Plus payout?
No, at present, all Cash Back Plus payouts are tax-free. That means you will receive the entire lump sum that is paid out to you after holding one of our short-term insurance policies for four uninterrupted years without claiming. For example, if you pay R700 per month for all of your insurance premiums, you would receive R8 400 at the end of the four-year insurance period. The entire amount would be paid directly into your nominated bank account – no tax deducted.
Apply for the First for Women Cash Back Plus
Treat yourself to a great reward with the payback from Cash Back Plus. Simply add on the premium to any of your short-term insurance policies, and you can look forward to cash rewards in four years – should you remain claim-free. Contact First for Women to sign-up for the rewards program.
———————————————————————————————————————————-
Disclaimer: The information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice. First for Women is a licensed non-life Insurer and FSP. T’s & C’s online.
