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AVBOB Funeral Cover For Pensioners. June 2022

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Hello welcome to our blog. SA Insider is South Africa’s top comprehensive platform where we all thigs bring South Africa to you on this amazing platform. In todays topic, we will  be giving you the full details of avbob funeral cover for pensioners. We will be telling you about avbob funeral cover for pensioners, their benefits and more in this article. Kindly stay with us.

About AVBOB Funeral

AVBOB understands that some members want to pay for funeral coverage over a set period of time. You have the option of purchasing a whole-life insurance or paying premiums for a period of ten (10), fifteen (15), twenty (20), or twenty-five (25) years with their Extended Family Insurance program.

You may insure your entire family, including your parents, in-laws, and extended family members, with the Extended Family Funeral Insurance program.

You can join the Group Funeral Insurance Scheme for Pensioners if you’re 64 or older.

Insured Amount and Premiums

  • The insured amount is R8 000 if a monthly premium of R150 is paid.
  • The insured amount is R10 000 if a single once-off premium of R10 000 is paid.
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This is a single-life insurance with a monthly premium payable for the rest of your life or a one-time single premium payment option.

Two extra funeral benefits are available. Each benefit has an R2 000 worth and will cost you only R30 per benefit per month or a single R2 000 once-off premium.

Furthermore, as the policyholder, you are eligible for the following FREE funeral benefits*, which are in addition to the policy’s value:

  • FREE funeral arrangement services
  • A coffin and hearse valued at R12 500
  • R2 500 cash upfront
  • FREE transport of the deceased anywhere in South Africa

The foregoing FREE Funeral Benefits* are based on policies in effect for at least 24 months and are contingent on AVBOB being appointed to conduct the funeral. Visit your local AVBOB office or call us at 0861 28 26 21 to learn more about the benefits for insurance that have been in place for less than 24 months.

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Terms and Conditions apply.

Entry Age

  • The minimum entry age is 64 years.
  • There is no maximum age, although persons older than 84 years can only get the cover by paying the single once-off premium.

Waiting Period

There is no waiting time if you pay a single premium, and you will have complete coverage from the day the policy begins.

If you pay your premium monthly, there is a 6-month waiting period from the policy’s commencement date. You will not be covered if you die from natural causes such as a heart attack during those six months.

If you have paid the initial premium and the policy has begun, there is no waiting period if you die due to unnatural causes such as a car accident.

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If you opt to add more coverage later (after the policy has begun) and pay your premium monthly, there is a 6-month waiting period for this coverage if you die from natural causes. There is no waiting period if you pay the one-time premium.

 

Non-guaranteed Special Bonus and Premium Holiday

On July 1, 2016, insurance older than two years will get a non-guaranteed special bonus consisting of a 15% increase in the insured amount. In the unfortunate case of a premium payer’s forced layoff, this 15% special incentive can be turned into a premium holiday, which will cover your premium for 6 months if the premium is paid monthly. The 15% increase in the insured amount will not be applied after death if the policyholder claimed the Premium Holiday.

Thank you for reading our post on avbob funeral cover for pensioners. Hope you enjoyed.

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