You can get the cover of your choice between R10 000 and R50 000. After this, you will not be able to lodge a claim under the Enhanced Retrenchment Benefit. We will ensure a single insurance claim process covering all your insurance products, making the process of claiming as simple as possible for you. Tell me more. Below is the information on the ABSA Bank Life Cover. If self-employed: your business’s last three months’ bank statements and proof of business registration. You don’t have to do anything to qualify for the premium payment relief. You will have until 31 January 2021 to submit a claim for the inability to earn an income. Absa Bank provides life insurance services to cover you throughout the stages in life and beyond. These products are available to you whether or not you an Absa banking customer. If I qualify for payment relief on my credit agreements and I can also make a claim on my Credit Protection Policy, which one should I choose? As long as you become unable to earn an income from 27 March 2020 to 31 December 2020. Have I been charged for the Enhanced Retrenchment Benefit? Anyone between the ages of 20 and 65 can apply. Each ABSA Life Insurance Policy Explained. Self-quarantine as a precautionary measure is not. These include funeral, life, disability, critical illness and hospitalisation products. About us Absa Life Botswana is a new-generation insurance provider that offers high quality insurance cover and products, whilst saving you money on your insurance costs.. Our paperless process isn't just a breeze for our clients; it makes us efficient. Our enanced life protection and education policies will keep your family’s future covered. You have the option for the policy to refund you 120% of your premiums after 15 years. If you can claim, you should. Absa is a financial benefactor who administers an assortment of insured coverage services including Instantlife gap insurance. We will send you an SMS to confirm the relief. No, you have not. All rights reserved | Authorised Financial Services Provider and a registered credit provider (NCRCP7), Find it in your Gold or Premium Value Bundles. Our customers that have either a Gold or Premium Value Bundle Account will be able to use their Retrenchment or Disability Cover to further improve their financial resilience. If you were unable to earn an income from 27 March 2020 to 31 December 2020, you may submit a claim for the benefit until 31 January 2021. Standard policy restrictions and limitations apply. We recommend that you read the privacy policies and terms of the other website. Can I claim if my income has been reduced? The ABSA InstantLife work disability product has the following benefits: Up to R4,5 million cover with no medical exams required. Please note that the content on this page is for informative purposes only. What you can expect. We use cookies to optimise the user experience. The life … She then indicated that it will be forwarded to the underwriters and will get back to me. It is automatically applied for up to two missed premiums during the relief period. This through offering sufficient life insurance cover, or allowing you to supplement your existing cover. We will pay all valid claims on Absa Cash Plans (previously known as Absa Hospital Cash Plans) for hospital stays that are longer than a day, including  hospitalisation due to COVID-19. Absa Life Insurance is for everyone, not just Absa customers. You may only claim if you are unable to earn an income for at least 30 days from any work, occupation, job or business for any reason other than disability. It covers the immediate expenses of the policyholder’s funeral, such as catering costs, burial, coffin and transport. A formal letter from your employer stating the effective date from which you were unable to earn an income. The ABSA Instant Life Cover offer 30% less in premiums to it affordable to ABSA clients. The requested site will open in a new window. Having large surpluses of capital has enabled Absa (and other banks) to fund a long-term insurance division not only to provide the basic life, dread disease and disability cover, but also a special extreme living insurance policy. Choose the family members and level of cover you wish to include in the funeral policy – ranging from KES50,000 to KES500,000. Your spouse can continue to maintain the policy in the event of your death. Can I only claim if I am unable to earn an income because of the COVID-19 pandemic? The client can cover whatever he or she wants to. The option is available to those who want to buy a new life policy or add to an existing one. Within your plan, you can provide protection for immediate family and extended relatives (up to 8 individuals). ABSA IDirect household contents and portable possessions insurance. Cover for your specific business requirements, For information about the SARS-CoV-2 virus and the disease it causes, plus statistics on its spread in SA and related government press releases go to https://sacoronavirus.co.za/, I can sleep soundly now, knowing that my family will be taken care of when I'm not around anymore. Whereas disability cover pays out a lump sum in the event that an insured is permanently disabled, an income protection policy pays out for lost income while the insured recovers from a temporary or permanent disability. Absa Life was a winner at the 13th Annual National Business Awards (NBA), walking away with the Innovation through Technology award at the ceremony held at Emperors Palace in Johannesburg recently. Absa is a life insurance provider that caters to your loved one's financial need by providing for them when you no longer can. Life, Your details will be sent to one of the brands that we have partnered with, as can be seen on. The missed premiums will be recovered from any future claim, surrender value, maturity value or cash-back payment. They told me it would be settled within 7-10 working days. Provides cash in the event that you become disabled and can no longer work. Your last three months’ bank statements, latest payslip, IRP5 or employment contract; A formal letter from your employer stating the effective date from which you are unable to earn an income; and. Get cover in your corner with our life insurance We all have dreams for our and our families’ future and a sudden change doesn’t have to change everything. Beneficiaries will receive payment as per signed-up benefits. You can choose to cover a spouse, children and extended family members (max 16 lives) Policy will pay the lump sum if you or any member you have insured dies during the period of cover a death benefit and total and permanent disability. We recommend that you read the privacy policies and terms of the other website. Absa Head Office: Absa Towers West, 15 Troye Street, Johannesburg, Gauteng, South Africa, 2000, Terms Of Use | Banking Regulations | Policy Statement | Security Centre | © Copyright. It does not matter if it is the direct or indirect result of the COVID-19, or if you are unable to earn an income for other reasons. ABSA Bank Life Cover. I wasted about 20 minutes of my time divulging all my personal details to her. Which products qualify for the Payment Relief Plan? How much will you pay if I have a valid claim? You may no longer claim under the Enhanced Retrenchment Benefit of your Credit Protection Policy if you are unable to earn an income. So, if you become unable to earn an income from 27 March 2020 to 31 December 2020, subject to the terms and conditions of your Credit Protection Policy, you can submit a claim. I contacted Absa to cancel my life insurance policy. No, you cannot. Get the best cover to suit your personal needs. If you also have a Credit Protection Plan and are unable to earn an income or are retrenched, you may be able to claim for the minimum instalment on your credit agreement, pay down your loan and pay less interest. The content of the website you are visiting is not controlled by Absa Botswana. A consultant by the name of Merial or Murial call me to give a quote for life cover. Work Disability. Absa Life Zambia offers group life … Alternatively, for some products, you can view your policy details online or on the Banking App. You can mix and match. Provides cash in the event of death from an accident. Do policyholders have to opt in to receive the premium payment relief? Authorised Financial Services Provider and a registered credit provider (NCRCP7). Income protection is a great addition to a disability insurance policy. ABSA is one of the banks that offer funeral cover in South Africa.Through ABSA Insurance, the bank offers a comprehensive suite of funeral insurance products suitable for many South Africans, and possibly including you and the rest of your extended family. Accidental Death Cover. In this example we're selecting a Credit Card Account, On the far right select the “Insurance” tab. For example, if you are permanently employed and are not receiving an income, or if you are forced to take unpaid leave indefinitely, or if you are unable to earn an income because you are unable to fulfil your duties, you can submit a claim. 20% Cash Back every 10 years. The requested site will open in a new window. The terms and conditions of your Credit Protection Policy, and any subsequent amendments thereto, will continue to apply. We will pay all valid claims on funeral plans and life cover policies. Contract work, unpaid leave and temporary absence from work are also covered. It will be better to claim on your Credit Protection Policy, since it will reduce your outstanding capital and interest payable on your credit agreement. Get cover for items such as furniture, clothing, appliances, electronics, jewellery and any other items you wish to cover. I am unable to earn an income. Who better than a bank to underwrite your life cover, right? Traditionally adrenaline junkies are considered too high an insurance risk to be covered and are therefore rejected after risk analysis. If you subsequently have a valid claim on the Retrenchment Benefit in line with your policy’s terms and conditions, the maximum benefit payment of that policy will be reduced by the three instalments paid under the Enhanced Retrenchment Benefit. Yes, you can. The policy pays out the amount within 48 hours after the death. To claim, email creditlifeclaims@absa.co.za before 31 January 2021, and be sure to submit the following documents: All policies where premiums are paid via debit order qualify for this relief. Mr Hamusonde said since 2012, Absa Life Zambia had provided cover to over 300,000 lives under various insurance products. What if something were to happen to you, who would take care of the financial aspects of the life you are living, who would cover outstanding debts, how will your family survive … This means that your insurance needs and those of your loved ones can be catered for with a single, comprehensive policy. If you have a valid claim under the Enhanced Retrenchment Benefit, Absa Life will pay the minimum instalment on your credit agreement for three months. Absa have decided to grab this bull by the horns with their Life Xtreme policy, which covers accidental death and serious injury for South Africans between the ages of 18 and 45 while still allowing them to bungee jump, scuba dive and mountain bike. Cover is to age 65. But, life is never that simple. You can apply for both the payment relief on your credit agreement and submit a claim on your Credit Protection Policy. And cannot work for a period longer than the waiting period which is typically 30 days, we will pay all temporary disability or disability income claims. Optional annual benefit increase of 5% to help keep pace with inflation. All valid claims will be paid. We also want to assure you that COVID-19 is not an exclusion on any of our life policies, so you are covered for COVID-19-related claims. If self-employed, your business’s last three months’ bank statements and proof of business registration. Work Disability. During this period, our customers who become unable to earn an income may be able to submit a claim on their Credit Protection Plan. However, if you qualify for the Standard Retrenchment Benefit, it will be more beneficial to claim under this benefit as it is more comprehensive than the Enhanced Retrenchment Benefit. * Your details will be sent to one of the brands that we have partnered with, as can be seen on this page. Get your Absa life policy or Nedbank funeral. COVID-19 and possible complications are covered. If you’re happy putting bank charges to good use take out Absa’s life insurance, alternatively compare life insurance from Insurance.co.za. Instant Life is an online life insurance distribution platform offering life, disability and critical illness cover to qualifying customers. This link is being offered for your convenience and Absa is not responsible for accuracy or security of the information provided. It was established in 2008 to address a growing market for pure-risk life … Convenient Life Cover A semi-underwritten Life Cover product that pays cash in the event of death from both natural and accidental causes. Absa Life offers funeral cover and Absa from Absa Funeral Cover. Critical Illness If you are struggling to pay the monthly premiums on your funeral, life, disability, critical illness or hospitalisation products, you may get premium payment relief for two additional months and still keep your cover. Can policyholders opt out of the premium payment relief? Critical Illness Report of the ABSA Life Statutory Actuary Cancer Cover Cancer Cover provides cash in the event of a diagnosis of cancer requiring major intervention and treatment. Absa Life @Ease Priding themselves on providing a single, comprehensive insurance policy which covers all your needs and is easy to understand, Absa’s Life @Ease includes a death benefit, accidental death benefit, functional impairment, physical impairment, critical illness benefit, and a range of others, most notable a final expenses benefit, catch all disability benefit and income … Absa Life will now also pay the minimum instalment on your credit agreement for three months if you become unable to earn an income between 27 March and 31 December 2020 and have a valid claim. What you get. Log in to internet banking. For a full list of Life @Ease benefits, visit the Absa website. Cover for retrenc hment and dread disease benefits ceases at age 60. While the functional impairment covers only total disability and physical impairments covers only corporeal damage (such as the loss of a limb or ability to walk), the “catch all” disability benefit covers both total and partial disability. So we pass our substantial cost savings on to you through low monthly payments and a unique cash back benefit. If you have an active Credit Protection Policy with a Retrenchment Benefit on your Absa Personal Loan, Credit Card, Overdraft, Revolving Loan, Vehicle Finance or Home Loan, you may be able to claim. … Absa Life will now also pay the minimum instalment on your credit agreement for three months if you become unable to earn an income between 27 March and 31 December 2020 and have a valid claim. Life Cover. The relief will apply to all debit orders from 27 March 2020. ABSA IDirect life insurance Absa Life Cover offers you digital solutions to help you get a quote, buy and amend your Life cover policy. This includes insurance for your life, possessions, vehicle, health and also gap coverage. Can I claim if I am permanently or part-time employed, self-employed, a contract worker, or employed in a family-owned business? Contract work, unpaid leave and temporary absence from work are also covered. Remember: only enter your password if the SurePhrase shown matches the one you set, After logging in select the “Accounts” tab in Absa Online. If you are a contract worker and your fixed-term contract has not come to an end, you can submit a claim. The final expenses benefit is essentially a funeral plan. The results of the annual research, which is … Your last three months’ bank statements or latest payslip or IRP5 or employment contract, A formal letter from your employer stating the effective date from which you are unable to earn an income. Policyholders are not required to opt in to receive the premium payment relief. You may claim if you are unable to earn an income. Optional annual benefit increase of 5% to help keep pace with inflation. Will policyholders be informed when a premium payment relief has been applied? FitLife Cover This … Pays out in the event of death from both natural and accidental causes. Absa Bank Limited (Absa) has created a streamlined and simple method to the credit insurance process. Provides cash in the event that you become disabled and can no longer work. You can even get a separate cover for any items that “High Risk” in order for you to get specialised cover. Yes, policyholders can make additional payments to bring premiums up to date to retain the full value of their benefits. It is a division of Absa Bank Kenya which is a subsidiary of South Africa-based Absa Group Limited. Extreme, right? You are about to leave the Absa website. Entry age 20 to 59. It's a moneyback policy, so there is an amount of money due to me. Have a look through your bank or credit agreement statements to see if there are premium deductions for Credit Protection insurance. You may qualify for our Payment Relief Plan if you are struggling to make the repayments on your credit products. Absa Life has emerged as a leader in the latest South African Customer Satisfaction Index (SA-csi) for Life Insurance (2019). You may not claim if you are unable to earn an income because of the expiry of a fixed-term contract or the completion of the job that you were specifically employed to do. To claim, contact Absa Life on 0860 227 253 or creditlifeclaims@absa.co.za and submit the following documents before 31 January 2021. Salesman for Life cover New rating for the number . In addition, our customers may continue to enjoy cover for up to two additional months if they are unable to pay premiums on time. Services – Absa. Need a quote for cancer cover? The transaction will give Absa a 75% stake in the business. If your profile defaults to Express Banking, select “Full Service” in the top right to go to Absa Online, On the Account tab select the desired credit product. In life, we often feel like we have everything in control. ABSA Credit Life Insurance will Cover your Debts when you're Gone. Absa Life Assurance, formerly Barclays Life Assurance, is one of the 56 licensed insurance companies in Kenya by the Insurance Regulatory Authority. The policy does not include dread disease or death of natural causes to limit Absa’s risk. Get a quick no-obligation quote now. Provides cash in the event of death from an accident. Instant Life offers simple, cost effective life cover solutions to protect your loved ones. Absa Bank Limited, Registration number 1986/004794/06. The insurance information for your product will be displayed, Look for and item with description: “CREDIT LIFE PREMIUM”, Look for and item with description: “YOUR PRICING PLAN: GOLD/PREMIUM VALUE BUNDLE. Priding themselves on providing a single, comprehensive insurance policy which covers all your needs and is easy to understand, Absa’s Life @Ease includes a death benefit, accidental death benefit, functional impairment, physical impairment, critical illness benefit, and a range of others, most notable a final expenses benefit, catch all disability benefit and income protection. We cover your Credit Card Facility if you: Have an Absa Credit Card with a limit less than R100 000; Are between the ages of 18 and 69; The benefits are: The outstanding amount on your credit card facility is paid out for death or permanent disability; If you become retrenched, the plan covers 10% of the average outstanding amount for a limited time We are paying these extraordinary claims for a limited period. The main benefit of the ABSA Life Cover option is that it prioritizes younger folk – adults between 18 and 45 years, who on average pay less for life insurance than their older counterparts. The ABSA InstantLife cancer cover product has the following benefits: Up to R3 million cover with no medical exams required. In fact, all our services are so simple to apply for, our clients are continuously commenting on how simple our solutions are. Will premiums for which the premium payment relief was applied, be recovered? ... Absa Life will not be liable to pay out any more claims once a lump sum payment (full sum insured) has pa id out, e.g. Email creditlifeclaims@absa.co.za before 31 January 2021 with the following documents: Claims are assessed as usual and are subject to policy terms and conditions. Can I claim under my Credit Protection Policy’s Retrenchment Benefit? Premiums will be recovered at the benefit stage, e.g. a claim, maturity, surrender or cash-back. Absa Life is offering qualifying Absa Bank clients life assurance without the inconvenience of filling in a lengthy questionnaire or going for a medical check-up. 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