Cashback Lifestyle
Whether you are 18 or 80 (age next birthday),
AVBOB has a whole-life insurance policy for you. With the
AVBOB Cashback Lifestyle product, benefits are payable in the event of death, disability and/or critical illness.
At the end of every five (5) years, a total of 20% of all the premiums paid over the previous five (5) years is given back to you in cash!
What’s more is that all lives insured under the policy qualify for the following
FREE funeral benefits* which are provided by
AVBOB Funeral Service. The benefits are
over and above the full value of the policy:
- 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 above benefits are based on policies that have been in force for 24 months or longer and are subject to
AVBOB being appointed to conduct the funeral. To find out more about the benefits for policies that have been in force for less than 24 months, visit your nearest
AVBOB office or contact us on
0861 28 26 21.
MEMBER BENEFITS*
- A 6-month premium holiday in the event of retrenchment of the policy premium payer.
Valid on policies that have been in-fore for 24 months and more.
Insured Amount
Insured amounts range between the following minimum and maximum values:
Minimum : R30 000
Maximum : R500 000
Death cover pays in three steps
- Funeral accelerator: 10% of the insured amount on death.
- Lump sum benefit: 70% of the insured amount after underwriting has been done.
- Survivor benefit: 20% of the insured amount payable over four (4) months after payment of the lump sum benefit.
Waiting Period
The policy has a stepped waiting period for death resulting from natural causes.
The full insured amount will be paid after the policy was in force for twenty four (24) months or longer.
The waiting period for suicide is twenty four (24) months.
How the insured amount will be paid
| Duration of policy |
% of insured amount to be paid |
| Less than six (6) months |
0% |
| Six (6) months or more but less than 12 months |
25% |
| Twelve (12) months or more but less than 18 months |
50% |
| Eighteen (18) months or more but less than 24 months |
75% |
| Twenty four (24) months or more |
100% |
Product Features
Disability Benefit
What qualifies as disability:
Total loss of vision: Total and permanent loss of sight in both eyes, with sharpness of vision of 3/60 or worse in the better eye when measured with the use of visual aids. An ophthalmologist must perform the test.
Total loss of speech: A neurologist must diagnose total, permanent and irrecoverable loss of the ability to speak.
Amputation: Complete physical severance of either both legs, both arms or an arm and a leg. An arm is defined as from the wrist and higher and a leg is defined as from the ankle joint and higher.
Quadriplegia: Total, permanent and irrecoverable loss of function of all four limbs.
Paraplegia: Total, permanent and irrecoverable loss of function of both lower limbs, with or without loss of bowel and bladder function.
|
The benefit is an accelerated benefit. This means that should the insured amount under the benefit be paid out, the insured amount of the death benefit will reduce with the amount that was paid out under the benefit.
The benefit can be taken as 50% or 100% of the insured amount of the death benefit. If the disability benefit was taken as 100% of the death benefit, the policy will stop after payment of the disability benefit because 100% of the insured amount has been paid out.
| Duration of policy |
% of cover to be paid |
| Less than six (6) months |
0% |
| Six (6) months or more but less than twelve (12) months |
25% |
| Twelve (12) months or more but less than eighteen (18) months |
50% |
| Eighteen (18) months or more but less than twenty-four (24) months |
75% |
| Twenty-four (24) months or more |
100% |
|
Core Critical Illness Benefit
Benefit events covered:
Heart attack: Death of a portion of the heart muscle arising from inadequate blood supply to the relevant area. More detail will be included in the policy document.
Stroke causing permanent damage: Death of brain tissue due to inadequate blood supply or haemorrhage within the skull resulting in neurological deficit lasting longer than 24 hours, confirmed by neuro-imaging investigation and appropriate clinical findings by a specialist neurologist.
Coronary artery bypass graft: The undergoing of surgery to correct the narrowing of or blockage to one or more coronary arteries by means of by-pass graft(s).
Invasive cancer: A malignant tumour characterised by the uncontrolled growth and spread of malignant cell invasion and destruction of normal tissue. The cancer must require treatment by surgery, radiotherapy or chemotherapy.
|
The benefit is also an accelerated benefit. This means that should the insured amount under the benefit be paid out, the insured amount of the death benefit will reduce with the amount that was paid out under the benefit.
The benefit can be taken as 50% or 100% of the insured amount of the death benefit. If the core critical illness benefit was taken as 100% of the death benefit, the policy will stop after payment of the core critical illness benefit because 100% of the insured amount has been paid out.
|
Interested in an AVBOB Cashback Lifestyle Policy?
Submit your details via the “Quote” tab on the top of this page and one of our representatives will call you back.
Or
Visit your nearest AVBOB branch.
Or
Call us on 0861 28 26 21.
Terms and conditions apply.
FREE funeral benefits* only apply if AVBOB is appointed to conduct the funeral.
E&OE
