Today’s article will focus on the Absa employee care plan in South Africa.
An employee care plan refers to a benefits program that assists employees with personal problems and work-related issues concerning their health, job performance, mental and wellbeing.
The Absa employee care plan affords you the opportunity to take care of your employees’ future and that of their loved ones.
We will first show you the requirements for the Absa care plan.
What Are The Requirements
Below are the requirements for employees to be covered under the plan:
- The employees should be aged between 18 to 65 years
- The employee should be actively at work within south Africa
- The employee should be working for at least 20 hours a week
- Foreign employees can be covered as long as they can live and work in South Africa.
These are the requirements for the Absa employee care plan in South Africa.
We will now show you what is covered by this plan.
Absa Employee Care Plan
Below are the covers under the employee care plan:
- Life cover
- Occupation disability cover
- Funeral cover
- Terminal illness
- Premium waiver
- Grocery benefits
With the life cover, cash is paid as a lump sum to your employees’ beneficiaries in the event of death.
Occupational disability cover insures employees against permanent occupational disability.
A funeral cover can be claimed if an employee or any family member covered under the policy dies.
The terminal illness cover ensures an employee diagnosed with a terminal illness is expected to die within 12 months.
The Premium waiver is a compulsory ridder to the funeral cover benefit. It ensures that the spouse or dependents continue to receive funeral cover for a further six months after the death of an employee.
The primary beneficiary of the Grocery benefit receives additional cash of R500 towards buying groceries for six months after the employee’s death.
This is what is covered under the employee care plan in South Africa.
We will show you exactly how this plan works.
How Does Absa Employee Care Plan Work In South Africa
Payments for the policy are made monthly.
You are given a grace period of up to 60 days if you miss a payment.
A six-month waiting period is applicable when an employee is disabled due to natural causes.
There is no waiting period for death, funeral, and accidental benefits.
You can apply for a six-month deferred period for the disability benefit.
This is how the Absa employee care plan works in South Africa.