Leave only good memories and not unforeseen debt. The benefit goes towards any outstanding fees on your account and any excess funds will be paid to your estate.
How it works
Lump sum death benefit and Takaful lump sum death benefit
The following accounts have the lump sum death benefit included:
- Flexi Account: R15 000
- Flexi Value Bundle: R15 000
- Gold Value Bundle: R20 000
- Premium Banking: R25 000
The following accounts have the Takaful lump sum death benefit included:
- Islamic Flexi Value Bundle: R15 000
- Islamic Gold Value Bundle: R20 000
- Islamic Premium Banking: R25 000
Underwritten by Absa Life Limited Authorised Financial Services Provider FSP 36116, Terms and conditions apply.
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 death benefit.
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 firstname.lastname@example.org along with the following documents:
- The death certificate
- Your RSA ID
- The RSA ID of the person who submits the claim
- 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