AVBOB LIFE INSURANCE
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Avbob Life Insurance
AVBOB Mutual Assurance Company is a mutual assurance society serving the South African market for over 90 years. AVBOB Life products allow you to take care of your family’s financial future and aim to ensure that it remains secure in the event of your death or disability.
- AVBOB Cashback Life Policy
Cashback Life Policy
- This is a unique product that pays back 20% of premiums in cash every five years
- The product is available to individuals from 18 to 80 years of age
- When the insured dies or becomes disabled, the Cashback will pay out a benefit within the first 6 months of the date your policy began
- The pay-out percentage depends on how long the policy has been in place
- For accidental death, 100% will be paid out for valid claims without a waiting period
Payment of the Sum Assured
- Payment of the sum assured is three-pronged and comprises of the following:
- The Funeral Accelerator
- The Lump Sum Benefit, and
- The Survivor Benefit
- Funeral Accelerator – the beneficiaries will receive 10% of their life cover within 48 hours after submission of the necessary documentation
- Lump Sum Benefit – the beneficiaries will receive a lump sum of 70% of the life cover once the claim assessment has been completed
- Survivor Benefit – the beneficiaries will receive a lump sum benefit of 5% of the sum assured as survivor income for each of the 4 months following the date on which the claim is approved
Additional Benefits for AVBOB Life
- Core Critical Illness Benefit – this is an option available at an amount equal to the sum assured or 50% thereof
- Debility or Disability Benefit – this option permits an amount equal to the sum assured or 50% of the sum assured
- Savings Benefit – this optional benefit is available to policyholders at an amount of R100 a month
AVBOB Mutual Assurance Company Ltd is a mutual assurance society, therefore, clients are the owners and benefit from the profits made by the society. There are no external shareholders.
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