In response to the COVID-19 pandemic we have already provided our customers with a payment relief plan for their credit products. In addition, our customers may continue to enjoy cover for up to two additional months if they are unable to pay premiums on time. During this period, our customers who become unable to earn an income may be able to submit a claim on their Credit Protection Plan. 

Our customers that have either a Gold or Premium Value Bundle Account will be able to use their Retrenchment or Disability Cover to further improve their financial resilience.

We will ensure a single insurance claim process covering all your insurance products, making the process of claiming as simple as possible for you. We also want to assure you that COVID-19 is not an exclusion on any of our life policies, so you are covered for COVID-19-related claims.

Get premium payment relief for up to two months while still enjoying cover

If you are struggling to pay the monthly premiums on your funeral, life, disability, critical illness or hospitalisation products, you may get premium payment relief for two additional months and still keep your cover. The relief will apply to all debit orders from 27 March 2020.

The missed premiums will be recovered from any future claim, surrender value, maturity value or cash- back payment.

You don’t have to do anything to qualify for the premium payment relief. It will apply automatically if you miss one or two payments. We will send you an SMS to confirm the relief.

Credit Protection for the inability to earn an income

If you have an active Credit Protection Policy with a Retrenchment Benefit on your Absa Personal Loan, Credit Card, Overdraft, Revolving Loan, Vehicle Finance or Home Loan, you may be able to claim. Absa Life will now also pay the minimum instalment on your credit agreement for three months if you become unable to earn an income between 27 March and 31 August 2020 and have a valid claim. Contract work, unpaid leave and temporary absence from work are also covered. If you have been retrenched, you may be able to claim for up to 12 months’ instalments.

Want to Submit a loss  of income claim

Email creditlifeclaims@absa.co.za before 30 September 2020 with following documents:

  • A completed claim form.
  • Your last three months’ bank statements, latest payslip, IRP5 or employment contract.
  • A formal letter from your employer stating the effective date from which you were unable to earn an income.
  • If self-employed, your business’s last three months’ bank statements and proof of business registration.

Claims are assessed as usual and are subject to policy terms and conditions. Standard policy restrictions and limitations apply. All valid claims will be paid.

How do I know if I have the Absa Credit Protection Policy?

Have a look through your bank or credit agreement statements to see if there are premium deductions for Credit Protection insurance. Alternatively, for some products, you can view your policy details online or on the Banking App.

  • Find it on the Absa Banking App

    Example: Credit Card Account

    Step 1

    Log in to your Absa Banking App

    Step 2

    Select your Credit Card Account

    Step 3

    Select the Insure Tab

  • Find it on Absa Online Banking

    Step 1

    Log in to internet banking.
    Remember: only enter your password if the SurePhrase shown matches the one you set

    Step 2

    After logging in select the “Accounts” tab in Absa Online.
    If your profile defaults to Express Banking, select “Full Service” in the top right to go to Absa Online

    Step 3

    On the Account tab select the desired credit product.
    In this example we're selecting a Credit Card Account

    Step 4

    On the far right select the “Insurance” tab.
    The insurance information for your product will be displayed 

  • Find it on your Bank Statement

    On your printed or digital statement

    Under the heading: Transaction

    Look for and item with description: “CREDIT LIFE PREMIUM”

    Web
  • Find it in your Gold or Premium Value Bundles

    On your printed or digital statement

    On the last page of your statement

    Look for and item with description: “YOUR PRICING PLAN: GOLD/PREMIUM VALUE BUNDLE

What do I qualify for?

Credit Life Illustration 04042020
What is the difference between the Payment Relief Plan and claiming on your Credit Protection Plan?

You may qualify for our Payment Relief Plan if you are struggling to make the repayments on your credit products. The Payment Relief Plan will delay payments, while interest and fees will continue to accrue. If you also have a Credit Protection Plan and are unable to earn an income or are retrenched, you may be able to claim for the minimum instalment on your credit agreement, pay down your loan and pay less interest. If you can claim, you should.

Retrenchment Cover FAQs

How do I claim?

To claim, email creditlifeclaims@absa.co.za before 30 September 2020, and be sure to submit the following documents:

  • A completed claim form
  • Your last three months’ bank statements or latest payslip or IRP5 or employment contract
  • A formal letter from your employer stating the effective date from which you are unable to earn an income
  • If self-employed: your business’s last three months’ bank statements and proof of business registration.

Claims are assessed as usual and are subject to policy terms and conditions. Standard policy restrictions and limitations apply. All valid claims will be paid.

Download Claim Form

Premium Payment Relief FAQs

Know that you are covered for COVID-19

COVID-19 is now included on Absa Life policies.

If you:
 

Are hospitalised

We will pay all valid claims on Absa Cash Plans (previously known as Absa Hospital Cash Plans) for hospital stays that are longer than a day, including  hospitalisation due to COVID-19.

Have a short-term disability

And cannot work for a period longer than the waiting period which is typically 30 days, we will pay all temporary disability or disability income claims. COVID-19 and possible complications are covered. Self-quarantine as a precautionary measure is not.

Pass away

We will pay all valid claims on funeral plans and life cover policies.

Would you like more information
about the following topics?

Need more help? 

Email us at: creditlifeclaims@absa.co.za