The free lump sum death benefit on our Premium Banking and Gold value bundle account means that if you pass away before the age of 75, you’ll leave only good memories and not unforeseen debt. The lump sum is paid into your account to settle your overdraft. Any excess funds will be paid to your estate.

How it works

Lump sum value and payout
  • Gold Value Bundle pricing option: R20 000
  • Premium Banking pricing option: R25 000
A brief summary of the terms and conditions:
  • Your account must remain active at all times
  • The benefit will not be paid if:
    • You commit or attempt to commit suicide within the first 12 months and this results in your death
    • You were involved or suspected to have been involved in an intentional crime that caused your death
    • The person submitting the claim on behalf of your estate submits incorrect or incomplete information
  • The benefit will be cancelled immediately if any fraud is committed in relation to a claim.
  • You should inform your next of kin of the benefit and any person authorised to claim it on behalf of your estate should contact an Absa branch.
  • This benefit is available from the first day of the month following the date on which the account is opened. 

For more information, contact the Benefits team on 0860 777 369 or Benefitsteam@absa.co.za

How to claim

A claimant can visit any Absa branch with the following documents:

  • The death certificate
  • The deceased’s ID
  • The claimant’s ID
  • A letter of authority, only if the account is closed when the claim is submitted

The claimant will be given a claim form to fill in and the documents will then be sent to Absa Life for assessment and payout within 48hrs if it’s valid.

The Absa Life call centre number is 0860 227 253.