Protect your business and your assets with Absa's insurance solutions

Benefits

• Group Life policies provide a payout if the insured staff member either dies, becomes disabled or suffers certain critical illness. 
• Premium for such policies depend on the amount required as a payout on death/disability (based on a multiple of annual salary) and on age and gender of the staff.
• Premium is paid on annual basis.
• Only certain members of staff will need to undergo medical testing to get full cover. Such requirement is imposed based on the free cover Limit determined by the insurance company.
• The payout from a group life policy can be paid to the employer or the beneficiaries as selected by the staff. This is usually agreed upfront during the time of signing an agreement with the insurer.
• Employers prefer to buy Group Life Insurance policies to lessen the financial burden left by the staff to their families and dependents. It creates a fair method of compensation to every employee and gives an ability to finance teams to predict a determined cash outflow for management purposes.

What is covered

• Death (included as a standard)
• Permanent total disability (included as a standard)
• Temporary total disability (optional add-on)
• Partial permanent disability (optional add-on)
• Critical illness (optional add-on)
• Funeral (optional add-on for member only or extended to family members)
• Education benefit (usually a complimentary benefit)
• Life insurance can also be secured for some key staff/select group of individuals within the company through Key Man Insurance

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