Are you interested in the Absa death insurance in South Africa? Check out this short guide.
Did you know you can insure your death or that of a loved one?
Beneficiaries get compensation in the event of the death of the policyholder.
We will first show you the requirements to apply for this cover.
Requirements For Absa Death Insurance
Below are some of the basic requirements for the debt insurance;
- You should be between 18 years and 70 years when your account is opened.
- Your Absa account must be active at all times.
- Transact at least three times per month on your account
- Maintain a minimum balance of R50 in your Flexi account or the Flexi Value Bundle.
These are the primary requirements to get death insurance in South Africa.
What Absa Accounts Have This Insurance
Below are the Absa accounts that benefit from the insurance:
- A Flexi account with a lump sum benefit of R15 000
- Flexi Value Bundle with a lump sum of R15 000
- Gold Value Bundle with a lump sum benefit of R20 000
- Premium banking with a benefit of R25 000
Below are the Islamic accounts with the lump sum death benefit:
- Islamic Flexi Value with a death benefit of R15 000
- Islamic Gold Value Bundle with a benefit of R20 000
- Islamic premium banking with a benefit of R25 00
These are the Absa accounts that come with the death insurance in South Africa.
Absa Death Insurance
The cover becomes active from the first day of the month after you open your account.
The benefits are deposited in your Absa account, but first, all the fees and outstanding overdraft will be deducted.
After all the account debits are cleared, the remaining amount will be paid to your deceased estate.
The benefit is not paid if the death resulted from suicide, attempted suicide, or natural causes within the first months of account opening.
The cover will not also compensate you if your death results from involvement in criminal activity or due to active participation in the war, invasion, acts of foreign enemy, civil war, revolution, or military power.
This is how the Absa death insurance works in South Africa.
How To Claim Your Policy
The person on behalf of your estate should notify Absa insurance of your death through 0860 227 253 within 180 days of the death.
Fill out a claim form and email it to firstname.lastname@example.org for review.
The claim is paid within 48 hours if it’s proved valid.
This is how you claim the Absa death insurance in South Africa.