Leave only good memories and not unforeseen debt. Life Cover goes towards any outstanding fees on your account and any excess funds will be paid to your estate.

How it works

  • Life Cover

    Lump sum Life Cover and Takaful lump sum Life Cover

    The following accounts have the lump sum Life Cover included: 

    • Transact Account: R5 000
    • Flexi Account: R15 000 
    • Flexi Value Bundle: R15 000
    • Platinum Classic: R20 000
    • Potentiate:  R 10 000 (accidental Life Cover)

    The following accounts have the Takaful lump sum Life Cover included: 

    • Islamic Flexi Value Bundle: R15 000

  • Terms and Conditions

    This cover starts on the 1st day of the month after your account is opened.

    The benefit is deposited into your Absa bank account. This will first settle any outstanding overdraft and account fees at that time. For Islamic accounts, the amount will only settle account fees. 

    After any amounts owing have been covered, any remaining amount of the benefit will be paid to your deceased estate.

    To qualify, you must:

    • Be older than 18 years and younger than 70 years when your account is opened;
    • Your account must remain active at all times
    • Transact at least 3 times per month on your account; and
    • Maintain a minimum balance of R50 if you have a Flexi Account or Flexi Value Bundle.

    We may not pay:

    • If your death resulted from suicide or attempted suicide within the first 6 months after your account was opened; or
    • If you die due to natural causes (i.e. not due to an accident) within the first 6 months after your account was opened; or
    • If you were involved in criminal activity which resulted in your death; or
    • Until the person who submits the claim gives us correct and complete information about the claim; or
    • If the person who submits the claim misrepresents any facts or commits a fraudulent act; or
    • If you die due to active participation in war, invasion, acts of foreign enemies, hostilities, warlike operations (whether war is declared or not), civil war, insurrection, rebellion, revolution, civil commotion or uprisings, military power; or
    • If you die due to use of nuclear, biological or chemical weapons or any radioactive contamination; or
    • If the person who submits the claim notifies us of a claim after 180 days of your death.

    You should inform your next of kin and the person authorized to claim on behalf of your estate about this Life Cover.

    Terms and conditions - Potentiate (accidental Life Cover)

    This cover starts on the 1st day of the month after your account is opened. This cover will end if we or you cancel your account or if you no longer qualify.

    To qualify, you must:

    • Be older than 18 years and younger than 70 years when your account is opened;
    • Your account must remain active at all times; and
    • Transact at least 3 times per month on your account.

    We may not pay:

    • If you were involved in criminal activity which resulted in your death; or
    • Until the person who submits the claim gives us correct and complete information about the claim; or
    • If the person who submits the claim misrepresents any facts or commits a fraudulent act; or
    • If you die due to active participation in war, invasion, acts of foreign enemies, hostilities, warlike operations (whether war is declared or not), civil war, insurrection, rebellion, revolution, civil commotion or uprisings, military power; or
    • If you die due to use of nuclear, biological or chemical weapons or any radioactive contamination; or
    • If the person who submits the claim notifies us of a claim after 180 days of your death. 

  • How to claim

     

    Should you die, the person authorised to claim on behalf of your estate must call 0860 227 253 to notify us of your death and request the Absa Life death claim form. They must complete this form and email it to valuebundleclaims@absa.co.za along with the following documents:

    1. The death certificate
    2. Your RSA ID
    3. The RSA ID of the person who submits the claim
    4. A letter of authority if the account is closed when the claim is submitted

    Alternatively, they may visit the nearest Absa branch with the documents listed above.

    The claim will be paid into your account within 48 hours if it’s valid and if all the above documents are provided.

    The claim should be submitted within 180 days from the date of your death

  • Salary Protector

    Salary protector

    Potentiate – R10 000

    Terms and Conditions

    This cover starts on the 1st day of the month after your account is opened. This cover will end if we or you cancel your account or if you no longer qualify.

    To qualify, you must be younger than 63 years old when your account is opened.

    We may not pay:

    • If retrenchment happens within the first 6 months from the date when your account was opened; or
    • If the last retrenchment claim we paid was for an event that happened less than 6 months ago; or
    • If you have turned 65; or
    • If you are not in fulltime employment at the date of claim; or
    • Until you or the person who submits the claim on your behalf provides us with correct and complete information about the claim; or
    • If you or the person claiming on your behalf misrepresents any facts or commits a fraudulent act; or
    • If you do not claim within 180 days of the event of your retrenchment; or
    • If unemployment is because of lawful dismissal, including dismissal because of wilful conduct that is a violation of some established, definite rule of conduct, a forbidden act, wilful dereliction of duty or misconduct; or
    • If forfeiture of salary, wages or other employment income is voluntary; or
    • If retrenchment or termination of employment is voluntary; or
    • If you claim is due to resignation or retirement.

    How to claim:

    To claim, email valuebundleclaims@absa.co.za, call 0860 227 253 or visit any Absa branch with the following:

    1. Formal retrenchment letter from the employer on a company letterhead
    2.  A copy of your ID

    You will be given the Absa Retrenchment Claim Form to complete and submit.