Group Life Cover (SME)
Safeguard your wellbeing and that of your employees with our group life cover
Provides necessary financial relief in the face of natural or accidental risk occurrences.
What is group life cover?
The cover is based on predetermined benefit limits and their corresponding annual premiums. A group may only select a single benefit option from amongst the available options for all the members in that group. The risk events covered are death, disability, and critical illness. All benefits are paid in cash to the policyholder on behalf of the deceased member’s dependants.
What are the benefits?
Death Benefit
Pays a lump sum on death of the life assured.
Permanent Total Disablement (PTD)
Covers for the loss of income from total and absolute disablement.
Critical Illness
Payable on 1st ever diagnosis of most of the critical illness.
Funeral Cover
A cash lump sum to cater for the burial expenses and is payable within 48 hours of notification of death.
Premium rates
- Accelerated benefits means that the pay-out of the death benefit is proportionately reduced by the amount paid for critical illness and funeral benefits.
- Standalone benefits Standalone benefits means that the pay-out of critical illness and funeral benefits does not reduce the death benefit.
To know more about this plan:
Write us at - ALAKCorporate@absa.africa
For more details on our Group Life Cover (SME) please download the product brochure as a PDF from here.
