Insuring

 

Credit Protection Plan


Are you concerned about what would happen should you become unable to pay one or more of your loan, overdraft or financing agreements and the impact that could have on your dependants? If so, you should consider a Credit Protection Plan from Absa.

Absa is able to provide Credit Protection Plans that will ease the burden of your current loans, pay your credit card bills and ensure any vehicle or asset financing you’ve taken through Absa is paid off in the event that you become unable to.


A Credit Protection Plan from Absa could be the right choice if you:

  • Have multiple lines of credit and are concerned about the impact of not being able to pay any of them
  • Would like to know that in the event of death or permanent disability, your loan will be paid in full
  • Would like to have a grace period during periods of temporary disability or serious illness, where your credit amounts would be paid for a period of time
  • Are at least 18 years of age or older
Did You Know?
Absa was recently awarded the No. 1 Life Insurer in the Credit Life category of the PricewaterhouseCoopers’ 2012 Insurance Survey - confirming that Absa adds value to your life.
 


What you get?
  • Absa Credit Protection Plans are available for various Absa financial products. In the event of death, diagnosis of a dread disease or permanent disability:

    • Personal Loan
      If you have a personal loan between R3 000 and R250 000 and are between the ages of 18 and 64 years old, the outstanding amount on your personal loan will be paid out in the event of death, permanent disability or dread disease. If you become temporarily disabled or retrenched, the plan will cover the monthly repayment for a limited period of time.
    • Revolving Loan
      If you have a revolving loan facility below R150 000 and are between the ages of 18 and 64, an amount equal to your loan facility will be paid out in the event of death, permanent disability or dread disease. If you become temporarily disabled or retrenched, 3% of your approved loan facility will be paid for a limited time.
    • Overdraft
      If you have an overdraft below R150 000 and are between the ages of 18 and 64, an amount equal to your overdraft facility will be paid out in the event of death, permanent disability or dread disease. If you become temporarily disabled or retrenched, 3% of your approved loan facility will be paid for a limited time.
    • Credit Card
      If you have an Absa Credit Card and are between the ages of 18 and 69, the outstanding balance on your credit card will be paid in the event of death or total permanent disability up to a maximum of R100 000. If you become retrenched, 10% of your outstanding balance will be paid out at the time of the claim, for a maximum of 4 months. For MasterCard Electronic and Visa Classic Credit Cards, the maximum payable amount is R10 000 in the event of death or permanent disability and the retrenchment benefit is not applicable.
    • Vehicle or Asset Finance
      If you have approved financing of no more than R1 000 000.00 and are between the ages of 18 and 59 your loan will be covered in the event of death, temporary and permanent disability, dread disease and retrenchment, depending on the plan selected. The contract terms on a Credit Protection Plan for an Absa Loan and Vehicle and Asset Finance cannot exceed 84 months.
    • Pension supported Housing Loan
      If you have a pension supported housing loan facility and are between the ages of 18 and 64, an amount equal to your pension supported housing loan facility will be paid out in the event of death or disability. The maximum amount payable is R600 000. If you become temporary disabled, the plan will cover up to a maximum of 6 months limited to R10 000 per month. If you are retrenched, the maximum payable amount over the period is R28 000.
  • Your Credit Protection Plan is valid until it expires due to certain circumstances - as detailed in your policy document including age limitations, non payment and certain types of paid off loans.


Contact Credit Protection
                           


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