FAQs
You’ve probably seen a few exciting changes taking place and we are sure you have some questions. Here are some answers.
What is Sum Assured?
Sum Assured is the guaranteed amount that the beneficiary of your life insurance policy will receive in the event of death, disability or critical illness. The sum assured is also known as the coverage or the cover of your insurance policy. Terms and Conditions (Ts&Cs) apply.
Can I pay the premium in instalments?
Yes, you can pay in Monthly, Quarterly, bi-annual and annual instalments. Terms and Conditions (Ts&Cs) apply.
Can I reinstate my Policy?
Yes. In case of lapse due to missed payment, we allow reinstatement. Terms and Conditions (Ts&Cs) apply.
Can I Amend my Policy during its life?
Yes. You can amend premium payment frequency, direct debit date, nominated beneficiary details, personal details, bank account details. Terms and Conditions (Ts&Cs) apply.
What are the effects on non-payment of premiums?
Non – payment of premium will cause the policy to lapse after three subsequent missed premiums. Terms and Conditions (Ts&Cs) apply.
What is surrender value?
This is the monetary value of the policy one would receive upon cancellation of the policy at a given time. Terms and Conditions (Ts&Cs) apply.
| Inflation Protection | You’ve got the option to choose an annual inflation payment of 0%, 5% or 10%. You’ll be able to remove the inflation increase at a later date, should you choose to do so but you won’t be able to change the inflation rate chosen. |
|---|---|
| Maturity | At the end of the premium-paying term, the policy will pay you the maturity benefits. Maturity benefits comprise of the full sum assured plus maturity bonuses. |
| Surrender | Should you cancel your policy before the end of the premium-paying term (early-surrender), the policy will pay an immediate benefit depending on the time of cancellation. |
Will I get a refund if I don’t like the cover and decide to cancel?
Yes, you receive the surrender value of the policy. if the cancellation happens within cooling off (30 days from policy inception) you receive premium paid less admin costs. Terms and Conditions (Ts&Cs) apply.
When does my cover commence?
You cover will commence once Absa Life provides you with a formal acceptance letter, a policy schedule and the premium is fully paid and receipted. Terms and Conditions (Ts&Cs) apply.
How long will it take for my claims to be paid?
Funeral claims are paid within 48 hrs. Policy surrender payments are usually processed within 7 working days after the request has been made and all necessary documents are received at Absa life claims department. Terms and Conditions (Ts&Cs) apply.
Can I increase or decrease my premium?
Yes, you can amend premiums and sum assured. Terms and Conditions (Ts&Cs) apply.
What can I do in the event of a claim?
In the event of a Group Risk claim, please notify your Broker or Scheme Representative immediately and provide us with full information as soon as possible.
For any other claim, please visit your nearest Absa branch with a duly executed claim form and submit it together with:
- Both claimant's and deceased copy of ID/Passport
- Copy of death certificate
- Letter of appointment by the executor (if applicable)
Who can I speak to in the event I need any assistance, information, clarification or guidance?
For policy amendments, policy documents requests, general inquiries and complaints contact albclientservices@absa.africa or call +267 3625900
You can also reach us on telephone +267 3625900 or visit any Absa Bank branch near you.
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