Frequently Asked Questions

How do I become an Iemas member?

To have access to the full range of Iemas’ products and services, an individual must belong to a participating employer group/company where Iemas has a salary deduction facility agreement. Certain products are however available to the general public, these include: Short-term insurance and the Iemas Purchase Card. Currently over 600 employer groups offer Iemas’ products and services to their employees. When any of these employees use an Iemas product/service, they automatically become Iemas members.

An individual can also apply for private membership. They should earn a minimum basic salary of R40 000 per month gross, and have a clean credit profile.

If you would like to schedule a meeting with us or if you need more information regarding how your company can get access to Iemas’ full product range and share in the member rewards, please contact one of our New Business Development Managers for more information.

On which products do I earn rewards and in which way is it paid to me?

After the end of every financial year, the Iemas Board decides on the percentages that are allocated for each product line, the allocation is also based on Iemas’ financial performance. Click here to view the 2018 member rewards percentages and allocation process per product as decided by the Iemas Board.

What is the DBPF?

The monetary reserves, or DBPF (Deferred Benefit Payment Fund), form an important part of Iemas’ financing strategy. A portion of members’ annual member rewards payment is paid into a special savings account by Iemas on behalf of the member. These savings are used by Iemas to continuously optimise business processes, operations etc. A member’s accumulated DBPF is paid out to the member when they terminate their membership or reach retirement age. The benefits to the member include:

  • The member builds up a nest egg without having to do anything – all they need to do is to make use of Iemas’ products/services
  • This nest egg is tax free (tax only applicable on interest received)
  • The member receives interest on the fund at a competitive rate
  • Can serve as security for loans where Iemas requires security

How much is my DBPF?

Every year, active members receive a detailed statement with the following information: the reward percentage, the reward amount per product, the amount paid to the member, the amount paid into the member’s reserve fund as well as the interest received for the year and the total amount of the reserve fund after the latest allocations.

When is my member reward paid out?

It’s paid out in November every year.

If I cancel my membership from Iemas, when does my reserve fund pay out?

If you cancel before 31 August i.e. 31 August 2019 (Iemas’ financial year-end), the fund will be paid out on a date set by the Board, in the following financial year i.e. after 31 August 2019, but before 31 August 2020. If you cancel after 31 August (i.e. 31 August 2019), your final interest and dividends on your reserve fund will only be calculated at the end of the next financial year (i.e. 31 August 2020) and paid out in the year after that. Members are required to complete and submit an application form for reserve fund pay-out.

Why is there a last deduction when I’ve already settled my account?

If you settle your account after the salary deduction schedule was sent to your employer, there will be a last deduction. Iemas will effect a refund for this amount.

Send an email request with a completed refund request form to

If I resign from my employer group, do I have to terminate my membership?

No, you can complete an application form for continued membership, along with the completed debit order form and attach the following source documents:

  • Proof of income (appointment letter, latest payslip)
  • Proof of short-term insurance (if you have a vehicle financed with Iemas)

Email the completed forms to

What must I do if I am not receiving a monthly member account statement?

Contact your nearest Iemas branch to update your details or send an email request to

Can I view my statement online?

Yes, you can contact your nearest Iemas branch to update your details or send an email request to
Once you have registered, click here to access the online statement portal. Your username and password will be the first 7 digits of your Iemas member number.

What documents do I need to submit to apply for vehicle finance?

Vehicle finance applications require the following documentation:

  • Identity Document / Certified copy of Identity Document, Passport or Identity Card
  • A valid driver’s licence
  • Three latest payslips
  • One month’s bank statement
  • Most recent proof of residential address (not older than 3 months)
  • Quotation or Offer To Purchase (OTP)

Speak to one of our Vehicle Finance consultants on 0861 043 627 | SMS “Wheels” to 32297 (SMS cost R1) |

What is credit life insurance?

Credit life insurance is an assurance product, which covers outstanding debt on a loan product such as vehicle financing, a personal loan or a housing loan. The benefit of this product (subject to Terms and Conditions) is that, if you should pass away, become disabled (fully or partially) or are retrenched before you have repaid the full amount owed, this insurance will settle the outstanding debt on your behalf, and will not be claimed from your estate.

How to apply for credit life insurance?

When you apply for financing, Iemas will offer the credit life insurance product to you and advise you of the cost, cover and most important, the Terms and Conditions, applicable. You may be asked to complete a simple application form. Please ensure that you read and understand the few health related questions and answer them truthfully. Acceptance is guaranteed in most cases. However, should you require comprehensive long-term financial planning, ask to speak to one of Iemas’ Financial Advisors. Please note that in some instances credit life insurance is compulsory and would be a condition when finance is done with Iemas.

Why does Iemas keep my NaTIS document?

In terms of the National Road Traffic Act of 1996, every vehicle that is under a contractual agreement (i.e vehicle finance), must be registered with the financial institution as the registered title holder, and the person who has the right to use the vehicle, as the owner. During the term of the contractual agreement, the original NaTIS document must be kept by the financial institution and in this case, by Iemas.

When do I get my NaTIS document?

Only when the vehicle finance agreement is paid in full. The vehicle owner must then request the NaTIS document from Iemas at

Do I have to re-register my vehicle after I received my NaTIS document from Iemas?

Yes. First, the vehicle owner must request the NaTIS document from Iemas after the Iemas vehicle loan was paid in full/settled. Thereafter, the owner should register him/herself as the title holder and owner of the vehicle within 21 days of receipt of the NaTIS document.

What happens to my NaTIS document when my vehicle is written off or stolen?

The insurance company will send a request to Iemas, who must de-register the vehicle in their capacity as the registered title holder of the vehicle at the local authorities.

If I settle my vehicle loan, when will I receive my NaTIS document?

If the account is settled by a private individual, the NaTIS document can be requested after 10 working days after receiving the full settlement. If it is a cash payment and proof is supplied, the Natis can be issued immediately.

How much paperwork is involved when I sign up for a policy?

Iemas Short-term insurance is offered through Iemas Insurance Brokers, a wholly owned subsidiary of Iemas Financial Services (FSP 47563). You do not have to complete any paperwork as all our calls are voice-recorded to ensure that both parties are protected. You can take out a policy, make amendments to your policy and submit claims via the channel of your choice: telephone, email, online self-service functionality, Iemas Short-term insurance App or via a face to face meeting with an Iemas Insurance Brokers consultant

My debit order premium payment was returned, can I pay it into Iemas’ account?

If your premium has been returned, you can leave the money in your account and as a service to you, we will debit your account double the next month. If a second debit order premium payment is returned, please contact our call centre to assist you on 0860 102 383. You can also contact our contact centre if you want to make an arrangement for payment outside of the normal monthly deduction.

How do I calculate the replacement value of my buildings?

Buildings are covered on a new for old basis. This means that old, damaged items will be replaced with new ones when you claim (e.g. a burst geyser will be replaced with a new one). Thus, when calculating the replacement value of your building it includes the actual cost for materials and labour for the garages, domestic outbuildings, walls, tennis court, driveway and swimming pool. These costs, like many others, are determined by the building industry. You should also take into consideration the cost to demolish damaged structures, remove the debris, payment to professionals and municipal services, as well as other similar charges before any new construction can start. You should not include the value of the land.

Underinsurance is a potential risk for any home owner and can cause problems and losses, especially with the insurance of buildings and household goods. Underinsurance basically means that, in the event of a claim, the insured amount is deemed to be less than the actual value of the property or possessions.

The following is an example of how underinsurance is calculated:

Insured amount of building R800,000
Actual value of building R1,000,000
Amount of claim R50,000
Sum insured
X Claim amount = Settlement amount
Actual value
R 800 000
R 1 000 000
X R50 000 = R40 000

In other words, due to underinsurance, only 80% of the claim amount will be payable to the client or, in this example, R40 000.
We advise that you review your property’s insured value to establish whether your cover is sufficient. In order to make this evaluation process easier for you, your Iemas policy provides for an automatic increase to the insured amount of your building. This increase takes effect on the anniversary (the renewal date) of your policy in order to protect you from underinsurance. However, this increase may not be adequate, as replacement values etc., are constantly changing. It is your responsibility to make sure that the insured amounts are adequate at all times. Contact us for assistance on 086 0102 383.

How do I calculate the value of my contents?

The contents include items and personal belongings that are kept in a private residence of which you are the owner. This also includes the outbuildings and the garages at your street address. The amount for which you insure your belongings must be equal to its replacement value. The replacement value is what it will cost you, at the time of a claim, to replace all your belongings with similar new ones. We can provide you with an inventory template to assist you in itemising the contents and determining their values.

What happens when I undervalue my contents?

You will be underinsured and the principle of average will be applied. This means that you carry part of the risk should there be a loss.

Value of your property R24,000
Sum Insured R18,000
Difference R6,000

In the event of a claim of R12,000 the insurance company will only pay you as follows:
R18,000/R24,000 X R12,000/1 = R9,000

Remember, you insure your belongings against burglary or theft, but also against natural elements. Can you afford to be covered for only part of your loss when your house burns down or is flooded during a storm?

Which factors influence my house content and building premium?

The area you live in, the security measures at your house, the construction of your walls and roof, your number of claim-free years and the excess you agree upfront to pay will influence your premium. It is therefore important to disclose the correct information when taking out a policy because paying the wrong premium amount as a result can cause the non-payment of a claim.

What is the difference between the retail and the market value of my vehicle?

The retail value is the average price a dealer would sell a vehicle for, taking into account factors to the likes of: the vehicle’s age, condition and mileage. If your vehicle is either a write-off, stolen or hijacked without being recovered, the settlement amount will be based on its retail value less the applicable excess. The maximum that will be paid for a claim is the value you insured your vehicle for. The amount for which you insure your vehicle must be the current retail value, according to the auto dealers’ digest or commercial dealers’ digest, duly adjusted for condition and should include the additional value of the improvements and accessories. The market value is a lesser value for which a discounted premium is charged and is the average between the trade value and retail value of your vehicle. Iemas requires you to be comprehensively insured in terms of its financing agreements.

Why do I need to install security devices in my vehicle?

Vehicle theft is an unfortunate, but a very real part of everyday life in South Africa. You can take a preventative approach to the problem by requesting the installation of a quality anti-theft device in order to minimise or prevent vehicle theft and hijacks. Remember that a VESA approved immobiliser is self-activating so you cannot forget to activate it, as is the case with a gear lock. A VESA approved immobiliser is also far more complicated for the average car thief to override than a gear lock.

Why do I need to take my vehicle for an inspection when I take out insurance?

The insurer needs to see if there is any existing damage to the vehicle and if the vehicle exists. During the inspection it is also confirmed whether the immobiliser is adequate and details of any non-standard accessories and sound equipment is obtained.

Which factors influence my vehicle insurance premium?

The following factors will influence your vehicle insurance premium: the vehicle type, the area you live in, where the vehicle will be kept overnight, regular driver’s age, number of claim free years, security devices installed in the vehicle, the use of the vehicle and the excess you agreed to pay upfront. It is therefore important to disclose the correct information when taking out a policy because paying the wrong premium as a result can constitute in a non-payment of a claim.

Why can’t we do our short-term insurance at your branches?

Iemas’ Short-term insurance is offered through Iemas Insurance Brokers, a wholly owned subsidiary of Iemas Financial Services (FSP 47563). You can not apply for short-term insurance at our branches due to the following reasons:

  • As there is no paperwork involved, the Contact Centre logs all calls which forms part of the contract.
  • Agents must be registered with the Financial Sector Conduct Authority (FSCA) in order to provide advice on any Short-term insurance products.
  • All our Short-term insurance Contact Centre Agents are registered and some are working under supervision.
  • For more information call us on: 086 0102 383.

Why do premiums increase every year?

Even though the value of your vehicle depreciates on an annual basis, the cost of parts, labour, paint and tow-in, increase every year. Insurance premiums then also need to increase to ensure that the best possible service, repairs and labour are utilised when something happens to your vehicle.

What is an excess?

In general there are 3 types of excesses:

  • Standard or basic excess: This excess is a specified amount or percentage that you are liable to pay in the event of any claim being settled, and is the uninsured portion of your loss.
  • Additional excess: This will be in addition to your basic excess for example when the driver is under the age of 25 years and the policy states you have to pay R1,000 for drivers under the age of 25. This excess is usually charged by the insurer to equalize higher risk circumstances.
  • Voluntary excess: This is an excess you choose. The voluntary excess is in addition to both basic excess and the additional excess of the policy.

Most companies ask flat excesses – why does Iemas charge additional excesses?

Iemas does offer a flat excess. Additional excesses are based on the risk the driver (at the time of claim) poses. The insurer must mitigate for the risk in unknown circumstances e.g. when someone drives the vehicle that is unknown to the insurer.

Why can’t I pay for my son’s insurance via my own salary deduction?

Insurers choose to insure a client on their own policy as soon as there is independence (i.e. earning your own salary, being the registered owner of the vehicle, living at your own address).

I need home content insurance, however Iemas won’t help me because it is worth only R80,000. Why?

According to Insurers, the minimum insurable amount is R150 000. The suggestion would be to increase the contents to the said minimum amount as the premiums would be exactly the same as for an amount less than the minimum.

How does Iemas calculate its insurance premiums?

Insurance premiums are calculated by Insurers, based on a variety of information provided, and is different for each insurer. Just some of these include:

  • Age of the regular driver
  • Type of licence
  • Type of vehicle
  • Area the client lives in
  • Previous insurance history
  • Claims history

How long does Iemas take to pay claims?

Iemas’ Short-term insurance is offered through Iemas Insurance Brokers, a wholly owned subsidiary of Iemas Financial Services (FSP 47563). As a broker, Iemas Insurance Brokers deals with a variety of insurance companies, thus each claim’s circumstance differs. This also depends on whether it is a vehicle, contents or an all-risk claim. With Iemas doing the First Notice of Loss, the initial registration of the claim is almost immediate. Thereafter, it depends on how fast we can get the outstanding documents from the client and the assessor. In addition, we also have to consider the availability of parts as well as the availability of service providers, the value of the claim and the type of claim. Claims are paid by the insurer not Iemas. Therefore, depending on the insurer processes, the claim will be finalised by the different insurers.

Why can’t I just take theft cover for my financed vehicle – I rarely drive it anyway?

By law, any vehicle that is financed through a financial institution must have full comprehensive insurance. This is to guarantee that the financial institution’s “asset” is covered in full.

If I select a higher voluntary excess do I benefit?

Yes, this will give you the benefit of a reduced monthly premium.

If I am not at fault in an accident, why must I pay an excess?

Blame is not a criterion in order to determine whether you need to pay an excess or not and therefore you are always liable for the excess payable on your insured vehicle. As part of our service, the insurer does however immediately initiate the excess recovery process from the guilty party and will refund your excess if they are successful with the recovery.

Will my premium increase after a claim?

Claim free years are one of the factors that have an influence on your premium. When you do have a claim, your claim free years are adjusted accordingly and therefore your premium will be increased.

What is insurable interest?

The basic requirement for all types of insurance is that the person with the policy must have insurable interest. This is one of the many factors that cause claims not to be paid, you thus must stand to suffer direct financial loss if there is a claim. You need to be the owner of the property. An insurance company might not wish to insure your property if you are not directly responsible for it.

What is a no claim bonus?

This is a bonus that you receive as a discount on your premium after every year you have no claims. It is also referred to as a claim free group. Some policies are sold with the no claim bonus whilst others do not include this and are therefore not sold with a no claim bonus.

Why are premium increases necessary?

Here are some of the reasons why premiums increase:

  • A very big increase (much more than inflation) in the cost of repairing vehicles occurred in the last few years. Because a lot more money is now paid out per claim for damage that would be of a lesser cost than it is now.
  • The roads and infrastructure in our country have suffered as a result of the big increase in the number of vehicles on our roads. This has led to more accidents.
  • Premium increases are directly linked to the price of home content items and vehicle parts, paint and labour cost.

Why do my premiums increase even if I didn’t claim?

A premium increase takes into account increasing costs to the insurer, and these are not limited to clients who claim, it involves the whole client base. Vehicle repairs become more expensive as parts and paint are imported. Household items also become more expensive every year and increases are therefore adjusted accordingly.

What options do I have to pay less on my insurance premium?

The first step would be to analyse the current cover you have and ascertain whether there are items currently covered which is not necessary anymore.

Iemas Insurance Brokers is a wholly owned subsidiary of Iemas Financial Services (FSP 47563), and as a broker have different products available through different insurers that we can offer to clients. Please call our contact centre for more information on 0860 102 383.

What is a scientific rating model and why was it not used in the past?

The scientific rating model is used by insurers and relies on a lot more information before it calculates a premium. It is constantly being refined and will eventually not only differentiate based on a vehicle’s manufacturer, but even on what time of day a person normally drives, how far the person stays from work, etc.

It was not used in the past because technology was limited in terms of gathering sufficient amounts of data. The rating model was also extensively tested for accuracy over a period of years. Insurers have reached a stage where they can very accurately determine exactly what percentage any individual should be paying into the premium pool to make it fair to everyone.

What documents do I need to submit when I apply for an unsecured loan?

Unsecured loan applications require the following documentation:

  • ID
  • 3 months’ bank statements
  • 3 months’ payslips
  • Proof of residence (not older than 3 months)

When will my approved loan amount reflect in my bank account?

The loan amount will be available in your account approximately two working days after approval. This is because the Iemas system makes payments via EFT (Electronic Fund Transfer) the day after your application was activated and the amount is available the next day as it takes +- 24 hrs to reflect after the file was sent to the bank.

Can Iemas consolidate my debt without me taking a loan?

Unfortunately this cannot be done. In order to consolidate debt a loan must be taken.

How does Iemas calculate interest?

Interest is calculated daily on the outstanding balance as at beginning of the month plus the previous day’s interest.

Interest calculations is regulated by the National Credit Act.

What does the credit life insurance on my loan cover?

In the case of death or when you are declared 100% medically unfit to work, this policy will pay out to settle the outstanding balance of your loan. This policy does not provide cover for retrenchment.

Can I provide my own security in the place of Iemas credit life insurance?

Yes, you can provide your own policy with the same cash value as the outstanding debt.

Do I have cover if I was medically boarded with Iemas credit life insurance?

Yes, but only in the case of total disability.

Is it possible to get a loan when I am under debt review?

The short answer is unfortunately not. If you are currently under debt review (Debt Counselling) you will not be able to apply for credit from any of the mainstream banks or lending institutions as it is against the law.

What is a debt consolidation loan?

Debt consolidation is a loan for the sum of all/or some of your unsecured loans and credit, like personal loans and credit card debt, from various credit providers. If you consolidate your debt, you are able to settle all your high-interest debts and close these accounts, leaving you with only one debt repayment per month to the credit provider who granted you the consolidation loan.

What documents do I need to submit to apply for a consolidation loan?

Consolidation loan applications requires the following documentation:

  • ID
  • 3 months’ bank statements
  • 3 months’ payslips
  • Proof of residence (not older than 3 months) e.g. property rates statement
  • Settlement letter of the creditors you wish to settle/consolidate