Avbob - Savings Plan Product

AVBOB Family Saver

Savings Plan

Saving is something we all should do! Whether it is for education, to accelerate your mortgage payment or for a dream holiday, start saving today.

With the AVBOB Family Saver, you can save as little as R200 per month and have the benefit of yearly bonuses, special bonuses and a discount of up to R4 000 on a funeral*.

AVBOB Family Saver premium options:
You can choose to save monthly, quarterly, half-yearly or yearly or put a single amount into the the savings account. To ensure that your saving is in line with inflation, you can choose to have the premium increase yearly by 6%, 10%, 15% or 20% (Civil servant payment system PERSAL only allows up to 15%)

Product Features

Costs recovered from investment account

For more information

* Terms and conditions apply.
FREE funeral benefits* only apply if AVBOB is appointed to conduct the funeral.
E&OE

Minimum Premium	Monthly: R200 Quarterly: R600 Half-yearly: R1 200 Yearly: R2 400 Single: R6 000
Policy Term	Ten (10) years.
Guaranteed Return	Money Market (before fees)
Savings Bonuses	The savings bonuses consist of: A guaranteed income bonus, paid into the savings account immediately; A non-guaranteed capital bonus, also paid into the savings account immediately but which may be removed at the discretion of AVBOB’s Board of Directors; and Non-vesting special bonuses that may be declared from time to time and become payable only at maturity of the policy or the earlier death of the insured person.
Surrender Value	At any time after there is a positive balance of more than R150.00 in the savings account you can ask AVBOB in writing to end the policy at no charge at all.
Cash Withdrawal	When the savings account balance is R150.00 or more, you are allowed to withdraw money from it once during the first 5 years. This withdrawal can be up to 75% of the amount in the savings account and is subject to any conditions set out by AVBOB from time to time. After 5 years, you are allowed to withdraw from the account once every year as long as you keep the policy in place and continue paying your premiums. Any savings amount withdrawn during the first 5 years of the policy is restricted according to Section 54 of the Long-term Insurance Act. Any withdrawals from your savings account before the maturity date will decrease the savings account balance at time of maturity.
Funeral Discount Where the AVBOB Family Saver holder has contributed for less than six (6) months and dies due to natural causes. Where the AVBOB Family Saver holder has contributed for less than six (6) months and dies due to unnatural causes. Where the AVBOB Family Saver holder has contributed six (6) months and more.	15% discount on specified funeral services up to a maximum of R4 000. R4 000 discount on a funeral and FREE* transport of the deceased within the borders of South Africa. R4 000 discount on a funeral and FREE* transport of the deceased within the borders of South Africa. The above benefits are subject to AVBOB*