Absa | Retrenchment Cover - We offer you peace of mind

Now added to your existing death benefit, your Gold Value Bundle and Premium Banking includes a Retrenchment and Disability benefit at no additional cost. You will have peace of mind knowing that some of your expenses will be taken care of in the unfortunate event that you get retrenched and/or disabled.

What you can expect

Gold Value Bundle customers

Death benefit of R20 000
Retrenchment Cover of R5 000 (R2 500 payable over two months), and
Disability Cover of R5 000 (R2 500 payable over two months)

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Premium Banking customers

Death benefit of R25 000
Retrenchment Cover of R10 000 (R5 000 payable over two months), and
Disability Cover of R10 000 (R5 000 payable over two months)

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Apply now

Retrenchment

Retrenchment is a harsh reality that every South African needs to be prepared for. We offer you peace of mind.

Retrenchment Benefit
You get a monthly payment of up to R5 000 for two consecutive months into your account should you become retrenched. This benefit is only payable if you were retrenched from full-time employment.

You may claim more than once subject to a waiting period of 6 months between claims.

The following accounts have the Retrenchment Benefit of R2 500 x 2 months:

Gold Value Bundle

Islamic Gold Value Bundle

Spouse Gold Value Bundle

Workplace Gold Value Bundle

The following accounts have the Retrenchment Benefit of R5 000 x 2 months:

Premium Value Bundle

Islamic Premium Value Bundle

Islamic Spouse Premium Value Bundle

Spouse Premium Value Bundle

Workplace Premium Value Bundle

Underwritten by Absa Life Limited Authorised Financial Services Provider FSP 36116, Terms and conditions apply
Terms & Conditions
This cover starts on the 1^st day of the month after your account is opened.

You get the monthly payment for two consecutive months into your account should you be retrenched. The amount depends on whether your account type is a Gold Value Bundle (R2 500 x 2 months) or Premium Banking (R5 000 x 2 months)

To qualify, you must:

Be younger than 63 years old when your account is opened; and

Have your income as declared when you opened your account (salary, wages or other income) deposited into your account for 3 consecutive months leading up to the retrenchment event; and

Be registered for the Absa Banking App or USSD or Absa Online Banking.

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 your retrenchment is from the same employer or the same event; or

If you have turned 65; or

If you are a contract worker, part-time/temporary employee, business owner, self-employed, pensioner, student or unemployed at the date of the 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 or loss of income 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 resignation or retirement
How to Claim

Should you get retrenched, you must call 0860 227 253 to notify us of your retrenchment and request the Absa Life retrenchment claim form. You must complete this form and email it to valuebundleclaims@absa.co.za along with the following documents:

1. Formal retrenchment letter from the employer on a company letterhead

2. A copy of your ID

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

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

Disability

We ease the financial burden of unexpected expenses should you become disabled.

Disability Benefit
You get a monthly payment of up to R5 000 for two consecutive months into your account should you become disabled.

You may claim more than once subject to a waiting period of 6 months between claims.

The following accounts have the Disability Benefit of R2 500 x 2 months:

Gold Value Bundle

Islamic Gold Value Bundle

Spouse Gold Value Bundle

Workplace Gold Value Bundle

The following accounts have the Disability Benefit of R5 000 x 2 months:

Premium Value Bundle

Islamic Premium Value Bundle

Islamic Spouse Premium Value Bundle

Spouse Premium Value Bundle

Workplace Premium Value Bundle

Underwritten by Absa Life Limited Authorised Financial Services Provider FSP 36116, Terms and conditions apply
Terms & Conditions
This cover starts on the 1^st day of the month after your account is opened.

You get the monthly payment for two consecutive months into your account should you be disabled. The amount depends on whether your account is the Gold Value Bundle (R2 500 x 2 months) or Premium Banking (R5 000 x 2 months)

To qualify, you must:

Be younger than 70 years old when your account is opened; and

Have your income, as declared when you opened your account (salary, wages or other income), deposited into your Absa bank account for at least 3 consecutive months leading up to the event; and

Be registered for the Absa Banking App or USSD or Absa Online Banking.

We may not pay:

If you make a claim due to natural causes (i.e. not due an accident or injury) within the first 6 months after your account was opened; or

If your disability resulted from attempted suicide or wilful self-inflicted injury within the first 6 months after your account was opened; or

If you make a claim due to an accident or injury within the first 3 months after your account was opened; or

If the last disability claim we paid was for an event that happened less than 6 months ago; or

If you recover from your disability within 30 consecutive days; or

If your claim is due to an event you have claimed for previously; or

If your disability resulted from an injury or accident that occurred more than 6 months after the date of the injury or accident; or

If you do not claim for the disability within 180 days of the event of your disability; 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 your claim is 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 your claim is due to use of nuclear, biological or chemical weapons or any radioactive contamination.
How to Claim

Should you get disabled, you must call 0860 227 253 to notify us of your disability and request the Absa Life disability claim form. You must complete this form and email it to valuebundleclaims@absa.co.za along with the following documents:

1.     A medical attendant’s note confirming the disability; or

2.     If you are full-time employed, a copy of your boarding document from your employer; and

3.     A copy of your ID.

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

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