Retrenchment Policy Wording
Retrenchment Policy Brochure
When you are involuntarily retrenched, this product will take care of you monthly vehicle installments, leaving you to focus on finding alternative employment and not worry about paying your monthly vehicle installments.
Important notes to remember:
- There is no cover for 3 (three) months after inception of this policy.
- The benefit is payable only in the event of an involuntary retrenchment.
- The first month after retrenchment you will be responsible for your finance installment. The policy will only start paying the monthly installment from the 2nd month after your retrenchment.
- The benefit is limited to 6 (six) months’ monthly installments after the first retrenchment, with a further three (3) months’ benefit left in the event of a second retrenchment. The total and maximum benefit is nine (9) months’ installments.
- Payment of the policy benefit will stop after re-employment or when the maximum benefit has been paid.
The following people are not eligible to purchase a Retrenchment Policy:
- Self-employed individuals
- Sole proprietors
- Partners in firms or associations
- Members of a close corporation
- If you are employed in a business owned by a member of your family
New and Used Cars
The Toyota Financial Services Retrenchment Policy is suitable for anybody purchasing a new or used Toyota, financed through Toyota Financial Services, and is conveniently available from any Toyota Dealer in South Africa.
This brief summary is for information and marketing purposes only. Please refer to the full policy wording available from Hollard Insurance for all the contractual terms and conditions.
Toyota Financial Services Retrenchment Policy is underwritten by The Hollard Insurance Company Limited, Reg. No. 1952/003004/06
* The information provided in this web site is for information and marketing purposes only. Toyota Financial Services accepts no responsibility or liability for damages resulting from the use of information displayed on this site.