AVBOB Mutual Assurance Company Ltd is a mutual assurance society that has been serving the South African market for more than 90 years. The company seeks to ensure that your family‘s financial future remains secure in the event of your death or disability. The Cashback Life Insurance policy is a unique product from AVBOB which pays back 20% of premiums in cash after every five years. What makes this product even more appealing is the fact that it is available to anyone between the ages of 18 and 80 years of age.
Cashback Life Policy
In the event of your death or disability, the Cashback Life Policy will pay out a benefit provided that you have not lodged a claim within the first 6 months of the effective date of your policy. The payout percentage depends on the period that the policy has been place. In the case of accidental death, 100% of cover will be paid out on all valid claims without the imposition of a waiting period.
Payment of the Sum Assured
- Payment of the sum assured is three-pronged- The Funeral Accelerator, Lump Sum Benefit and Survivor Benefit.
- Funeral Accelerator: The beneficiaries receive 10% of the life cover within a period of 48 hours of submission of the required documentation.
- Lump Sum Benefit: A lump sum benefit of 70% of the life cover is paid at the time when the claim assessment is finalised.
- Survivor Benefit: A lump sum benefit of 5% of the sum assured is paid as survivor income for each of the 4 months following the date of finalisation of the claim.
- Disability/Debility Benefit: This option allows you to choose an amount equal to the sum assured or 50% of the sum assured.
- Core Critical Illness Benefit- This option is available at an amount equal to the sum assured or 50% of the sum assured.
- Savings Benefit- This is an optional benefit available at a monthly premium of R100.00
AVBOB Mutual Assurance Company Ltd is a Mutual Assurance Society which means that clients are considered as the owners who not only come first but also benefit from the profits made by the society.
Avbob Life Contact details:
Tel: 086 11 28262