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Credit Protection Plan

Affordable credit insurance when you need it

You will be covered for

Untimely death

In the unfortunate event of your death, the outstanding balance of your loan will be paid off in full.

Disability or illness

Your loan will be fully paid if you experience permanent disability, terminal illness, or critical illness.

Loss of income

Your loan instalments will be covered temporarily if you can’t earn an income or are temporarily disabled.

Credit agreements that we cover

Personal or Revolving loans

Personal Loans

An Absa Personal Loan between R1 000 and R350 000 from the age of 18 years
If you become temporarily disabled or cannot earn an income, the plan covers the monthly instalment of your loan for a limited time
In the event of your death, permanent disability, critical illness or terminal illness, the outstanding balance on your loan will be paid.

Revolving Loan

An Absa Revolving Loan with a limit of up to R350 000 from the age of 18 years
If you become temporarily disabled or cannot earn an income, the plan will pay a monthly amount equal to 5% of the average outstanding balance on your facility
In the event of your death, permanent disability, critical illness or terminal illness, the outstanding balance on your facility will be paid.

Plan A	Plan B
Death	Death
Permanent Disability	Permanent Disability
Temporary Disability	Temporary Disability
Terminal Illness	Terminal Illness
Critical Illness	Critical Illness
Loss of income	-

Study loans

We cover your study loan if:

You are 18 years or older;
You have an Absa Study Loan of at least R15 000. The maximum sum assured is determined by the loan amount granted (subject to maximum limits); and
You are earning an income for Plan A. Otherwise, Plan B will be offered.

The benefits are:

If you become temporarily disabled or unable to earn an income, the plan covers the monthly instalment of your loan for a limited time
Multiple claims are allowed for temporary disability and loss of income
In the event of your death, permanent disability, critical illness or terminal illness, the outstanding balance on your loan will be paid
Only the sponsor can be covered.

Plan A	Plan B
Death	Death
Permanent Disability	Permanent Disability
Temporary Disability	Temporary Disability
Terminal Illness	Terminal Illness
Critical Illness	Critical Illness
Loss of income	-

Credit card

We cover your credit card if:

You are 18 years or older;
You have an Absa Personal Credit Card with a limit of up to R300 000; and
You are earning an income, are not older than 63 years and full-time employed for Plan Ax, otherwise Plan Bx will be offered to you if you are not earning an income.

The benefits are:

The outstanding balance on your personal credit card is paid out in the case of death, permanent disability, terminal illness or critical illness.
If you become temporarily disabled or cannot earn an income, the plan will pay 5% of the outstanding balance monthly for a limited time.
Multiple claims are allowed for both the Temporary Disability and Loss of Income Benefits.

Plan Ax	Plan Bx
Death	Death
Permanent Disability	Permanent Disability
Temporary Disability	Temporary Disability
Terminal Illness	Terminal Illness
Critical Illness	Critical Illness
Loss of income	-

Overdraft facilities

We cover your overdraft facility if:

You are 18 years or older;
You have an Absa Overdraft with a limit of up to R150 000; and
You are earning an income for Plan A. Otherwise, Plan B will be offered.

The benefits are:

If you become temporarily disabled or cannot earn an income, the plan will pay a monthly amount equal to 5% of the average outstanding balance on your facility
Multiple claims are allowed for both temporary disability and loss of income
In the event of your death, permanent disability, critical illness or terminal illness, the outstanding balance on your facility will be paid.

Plan A	Plan B
Death	Death
Permanent Disability	Permanent Disability
Temporary Disability	Temporary Disability
Terminal Illness	Terminal Illness
Critical Illness	Critical Illness
Loss of income	-

Vehicle and Asset Finance
The benefits are:

Your loan will be covered in the event of death, temporary and permanent disability, critical illness and loss of income, depending on the plan selected

In the event of your death, permanent disability, critical illness or terminal illness, the outstanding balance on your facility will be paid

If you become temporarily disabled or cannot earn an income, the plan covers the monthly instalment of your loan for a limited time.

Plan options:

Plan A: Death, Terminal Illness

Plan B: Death, Permanent and Temporary Disability, Terminal Illness

Plan C: Death, Permanent and Temporary Disability, Critical Illness and Terminal Illness

Plan D: Death, Permanent and Temporary Disability, Terminal Illness, Critical Illness and Loss of Income

Plan E: Death, Terminal Illness and Loss of Income.

Let one of our agents call you back to help you apply

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Home loans

We cover your home loan if:

You have a Home Loan with Absa;
You are 18 years or older;
The maximum sum assured is determined by the home loan amount granted up to a maximum of R2 million; and
You are earning an income for Plan A. Otherwise Plan B will be offered.

The benefits are:

If you become temporarily disabled or cannot earn an income, the plan covers the monthly instalment of your home loan for a limited time
In the event of your death, permanent disability or terminal illness, the outstanding balance on your home loan will be paid
Multiple claims are allowed for temporary disability and loss of income.

Plan A	Plan B
Death	Death
Permanent Disability	Permanent Disability
Temporary Disability	Temporary Disability
Terminal Illness	Terminal Illness
Critical Illness	Critical Illness
Loss of income	-

Note: Please be advised that while we have provided an overview of our general product features above, your individual product features and terms and conditions will take precedence where there are conflicts/variances.

Life insurance that listens to you

Absa Life wants to give you the best possible service for your life insurance needs. Your feedback on our products and services is vital to achieving this. Join our community and share your suggestions on how we can improve.

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