Organization : African Bank Limited
Facility : Apply For Credit Life Insurance
Applicable For : African Bank Customers
Website : https://africanbank.co.za/en/home/product-credit-life/
African Bank Credit Life Insurance
YOU ARE COVERED! If you have been retrenched, put on short time or compulsory unpaid leave during this difficult time, we will cover your monthly loan instalments.
Related / Similar Service : African Bank Contact Information
When will your instalments or outstanding debt be covered?
Retrenchment :
Your repayments are covered for up to 12 months if you lose your job.
Short Time :
Your repayments are covered for up to 12 months if your work hours are reduced.
Compulsory Unpaid Leave :
Your repayments are covered for up to 12 months if you are forced to take leave without pay.
Temporary Disability :
Your repayments are covered for up to 12 months if you are disabled temporarily and can’t work.
Permanent Disability :
Your outstanding debt is settled in full if you are permanently disabled and can’t return to work.
Death :
Your outstanding debt is settled in full should you die.
Not Covered
Those who are self-employed or pensioners are only covered for death and disability on Loan and Credit Card debt. Any Credit Card transactions made after the date of an insurable event are not covered.
Retrenchment, short time and compulsory unpaid leave are not covered for the first 90 days after your Policy has been opened, or in cases where
** You were aware of your retrenchment before you opened the Policy
** You take voluntary retrenchment
** You resign or retire
** You are involved in strikes or lock-outs
** You voluntarily forfeit your salary
** You are dismissed because of misconduct, dishonesty or fraud
We don’t cover death or disability resulting from
** Pre-existing medical conditions that you knew about 12 months before you opened your Policy
** Willful, self-inflicted injury or suicide
** Use of nuclear, biological or chemical weapons
** Participation in crime
** Hazardous activities like warlike operations, rebellion or revolution
FAQs
1. Can I fund my notice deposit continuously?
There is no limit to the number of times you can fund your notice deposit. You can schedule a monthly payment for this account and add funds at any time should you have additional funds to invest in this account.
2. What happens when I do an additional payment for my Fixed Deposit after the first 7 days after funding?
Funds will not be allocated to the existing Fixed Deposit if funds are paid after the 7 day period from first funding, so please do not do this. You can opt to have it invested in a separate fixed deposit or choose a different account to invest in.
3. Can I withdraw funds that I have funded via a debit order?
Debit orders are subject to a 40 day clearing period. This is due to a PASA (Payments Association of South Africa) rule. Although you earn interest from the day debit order funds are received, these funds can only be accessed after the clearing period.
Due to this funds funded via debit will not be available while these funds are still within the clearing period.