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 December 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 31 January 2021 with the 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

    Mobile phone
  • 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 

    webpage
  • 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”

    Transaction history
  • 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

    Pricing

What do I qualify for?

covid-19
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

  • I am unable to earn an income. Can I claim under my Credit Protection Policy’s Retrenchment Benefit?

    Ordinarily, you would only be able to claim if you had been retrenched due to the operational requirements of your employer and had been employed full-time. However, during these extraordinary times, we have enhanced our Retrenchment Benefit to include the inability to earn an income and cover customers who are part-time employed, self-employed, contract workers or employed in a family-owned business.

     

    So, if you become unable to earn an income from 27 March 2020 to 31 December 2020, subject to the terms and conditions of your Credit Protection Policy, you can submit a claim.

     

    However, if you qualify for the Standard Retrenchment Benefit, it will be more beneficial to claim under this benefit as it is more comprehensive than the Enhanced Retrenchment Benefit.

  • How much will you pay if I have a valid claim?

    If you have a valid claim under the Enhanced Retrenchment Benefit, Absa Life will pay the minimum instalment on your credit agreement for three months. If you subsequently have a valid claim on the Retrenchment Benefit in line with your policy’s terms and conditions, the maximum benefit payment of that policy will be reduced by the three instalments paid under the Enhanced Retrenchment Benefit.

  • When can I submit a claim?

    You will have until 31 January 2021 to submit a claim for the inability to earn an income.

  • How can I submit a claim?

    To claim, contact Absa Life on 0860 227 253 or creditlifeclaims@absa.co.za and submit the following documents before 31 January 2021.

     

    • 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 are unable to earn an income; and
    • If self-employed: your business’s last three months’ bank statements and proof of business registration.
  • If I qualify for payment relief on my credit agreements and I can also make a claim on my Credit Protection Policy, which one should I choose?

    It will be better to claim on your Credit Protection Policy, since it will reduce your outstanding capital and interest payable on your credit agreement. You can apply for both the payment relief on your credit agreement and submit a claim on your Credit Protection Policy.

  • Can I claim if I am permanently or part-time employed, self-employed, a contract worker, or employed in a family-owned business?

    Yes, you can. As long as you become unable to earn an income from 27 March 2020 to 31 December 2020. For example, if you are permanently employed and are not receiving an income, or if you are forced to take unpaid leave indefinitely, or if you are unable to earn an income because you are unable to fulfil your duties, you can submit a claim. If you are a contract worker and your fixed-term contract has not come to an end, you can submit a claim.

    You may not claim if you are unable to earn an income because of the expiry of a fixed-term contract or the completion of the job that you were specifically employed to do.

  • Can I claim if my income has been reduced?

    No, you cannot. You may only claim if you are unable to earn an income for at least 30 days from any work, occupation, job or business for any reason other than disability.

  • Have I been charged for the Enhanced Retrenchment Benefit?

    No, you have not. We are paying these extraordinary claims for a limited period.

  • Can I only claim if I am unable to earn an income because of the COVID-19 pandemic?

    You may claim if you are unable to earn an income. It does not matter if it is the direct or indirect result of the COVID-19, or if you are unable to earn an income for other reasons.

  • What happens after 31 December 2020?

    You may no longer claim under the Enhanced Retrenchment Benefit of your Credit Protection Policy if you are unable to earn an income. The terms and conditions of your Credit Protection Policy, and any subsequent amendments thereto, will continue to apply.

  • What happens after 31 January 2021?

    If you were unable to earn an income from 27 March 2020 to 31 December 2020, you may submit a claim for the benefit until 31 January 2021. After this, you will not be able to lodge a claim under the Enhanced Retrenchment Benefit.

How do I claim?

To claim, email creditlifeclaims@absa.co.za before 31 January 2021, 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:
 

Hospital

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.

Disable sign

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.

Flowers

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