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Mr Price takes on life insurers with new entry-level cover, but can it win?

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Mr Price Money has launched an entry-level life insurance product.
Its customers can get up to R200 000 life cover with no waiting period.
Mr Price Money has launched an entry-level life insurance product. Its customers can get up to R200 000 life cover with no waiting period.
Mr Price Money

Mr Price Money has partnered with a Cape Town-based fintech, Root, to sell life insurance to its customer base. The insurance product is underwritten by Guardrisk and offers between R100 000 and R200 000 worth of cover with no waiting period.

The retailer says this has designed with Mr Price's existing customers in mind, and it's pitching it as an "entry-level life cover" as it looks to grow another revenue stream within its financial services portfolio.

Mr Price Money MD Praneel Nundkumar says the firm is targeting the under-served segment of the market, and its experience playing in the financial services space in the past 10 years has given it more insights into how to design relevant products.

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