FAQs
You’ve probably seen a few exciting changes taking place and we are sure you have some questions. Here are some answers.
What is Sum Assured?
Sum Assured is the guaranteed amount that the beneficiary of your life insurance policy will receive in case of your death. The sum assured is also known as the coverage or the cover of your insurance policy.
Can I pay the premium in instalments?
Yes, you can pay in Monthly, Quarterly, bi-annual, and annual instalments, but refer to the terms and conditions as this may differ for each product.
Can I reinstate my Policy?
Yes. In case of lapse due to missed payment, we allow reinstatement, but refer to the terms and conditions as this may differ for each product.
Can I Amend my Policy during its life?
Yes. You can amend premium payment frequency, direct debit date, nominated beneficiary details, personal details, bank account details and cessions, were applicable.
What are the effects on non-payment of premiums?
Non–payment of premium will cause the policy to lapse but refer to the terms and conditions as this may differ for each product.
What is surrender value?
This is the monetary value of the policy one would receive upon cancellation of the policy at a given time (applicable to the only the Umoyo Family Protection product and the Umoyo-Airtel Family protection product).
| Inflation Protection | You’ve got the option to choose an annual inflation payment of 0%, 5% or 10%. You’ll be able to remove the inflation increase at a later date, should you choose to do so, but you won’t be able to change the inflation rate chosen. |
|---|---|
| Maturity | At the end of the premium-paying term, the policy will pay you the maturity benefits. Maturity benefits comprise of the full sum assured plus maturity bonuses. |
| Surrender | Should you cancel your policy before the end of the premium-paying term (early-surrender), the policy will pay an immediate benefit depending on the time of cancellation. |
Will I get a refund if I don’t like the cover and decide to cancel?
Yes, you receive the surrender value of the policy (applicable to only the Umoyo Family Protection product and the Umoyo-Airtel Family protection product) if the cancellation happens within the cooling off period, you receive premium paid less admin costs.
When does my cover commence?
Cover commences after successful collection of the first premium.
How long will it take for my claims to be paid?
Within 48hrs of submission and confirmation of all the requirements for funeral claims. Policy surrender payments are usually processed within 7 working days after the request has been made and all necessary documents are received.
Can I increase or decrease my premium?
Yes, you can increase or decrease cover, according to affordability.
What can I do in the event of a claim?
In the event of a Group Risk claim, please notify you Broker or Scheme Representative immediately and provide us with full information as soon as possible.
For any other claim, please visit your nearest Absa branch with a duly executed claim form and submit it together with:
- Both claimant's and deceased copy of ID/Passport
- Copy of death certificate
- Police abstract (If death is due to an accident)
- Letter of appointment by the executor (if applicable)
Who can I speak to in the event I need any assistance, information, clarification or guidance?
For policy amendments, policy documents requests, general inquiries and complaints contact us via email ALZMComplaints@absa.africa or call our client services department on +260 211 430910
You can also reach us by visiting any Absa Bank branch near you.
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