Did you know that there is an Absa funeral insurance in South Africa that will cover you and your loved ones in the event of death? Read through this guide to learn about it.
This is a product sold to families to cater for the funeral expenses in the event of the death of a family member.
This policy is sold together with Absa whole life insurance.
We will show you how the policy works in South Africa.
Absa Funeral Insurance
You can get this cover for your entire family, including cover for your immediate family and up to eight extended family members.
With this cover, you get double payouts for the accidental death of the main policyholder.
The cover is only for people between 16 to 65 years old, and you can choose a cover from as low as R10,000 to R60,000.
The cover will last your whole life, so you don’t need to keep renewing it, but instead, you already pay premiums for your cover.
You can select the suitable annual premiums you are comfortable paying, and the cover gives you the flexibility to increase the cover.
Absa also has digitized insurance, and you can therefore view your policy through Absa online banking.
Log in to your online banking or the Absa mobile app and select the insure tab to access your policies.
You can also get a quote from Absa or online if you are looking for insurance coverage.
How Much Is Covered By Absa Funeral Insurance
The Absa Flexi account gives a funeral cover of R15,000.
The Islamic Flexi value Bundle covers R15,000 takaful death benefits.
The Absa Flexi Value Bundle offers a lump-sum death benefit of R15,000.
The Gold Value Bundle offers a lump sum death benefit of R20,000, and the Islamic Gold Value Bundle offers a takaful death benefit of R20,000.
The premium banking and the Spouse Premium Banking offer a lump-sum death benefit of R20,000.
The Islamic Premium Banking and the Spouse Premium Banking offer a takaful death benefit of R 25,000.
This is the coverage of the Absa funeral insurance in South Africa.
How To Claim Your Policy In South Africa
We will now show you how to claim compensation for this policy.
In death, the beneficiary should inform Absa and request the Absa death life claim form.
Complete the form and email it to email@example.com for validation.
Please remember to attach the death certificate, the deceased ID, your ID, and a letter of authority if the account is closed when the claim is submitted.
This is how you claim for the Absa funeral insurance in South Africa.