Insurance Lip Service

I was retrenched at the end of April and duly approached Capitec to take advantage of the insurance that covers my loan with them. I was informed by them that my claim had been approved but would take 30 -60 days to be settled. I thus complained about that and this is an excerpt from their reply " Kindly note that your claim has been approved. Be advised that approved claims are submitted in bulk and not individually, this is only accepted once a month by the insurer therefore we do not settle claims immediately. Due to this we advise that the payment process takes 30-60days"

Really ? What insurer only accepts bulk claims once a month ? I have made all of my required payments so far on time and have never defaulted. Also I app**** initially as an individual and not as part of a group so how is it now that I am treated as part of a crowd ? If my claim is approved it is acceptable to wait 7 -10 business days for settlement and not 30 -60. It appears that Capitec would be wanting to squeeze as much interest out of their clients as possible before settling, never mind that the client now has no income. I have been banking with Capitec since they first started because they were new and innovative, breaking the rules of traditional banking but this is archaic and at the very least Capitec is guilty of negotiating in bad faith. Come on Capitec get with it, this is simply just not acceptable in today' age, however let this be a warning to any other clients perhaps thinking of taking out a loan and utilising their insurance offers !!!