If you’re 64 and older you can join the Group Funeral Insurance Scheme for Pensioners.
 

• The insured amount is R8 000 if a monthly premium of R150 is paid.
• The insured amount is R10 000 if a single once-off premium of R10 000 is paid.

This is a single life policy and the monthly premium is payable for life or you can choose the once-off single premium payment.

You can add two additional funeral benefits.  Each benefit has a value of R2 000 that will cost you only R30 per benefit per month or a single once-off  premium of R2 000 each. 

What’s more is that you as the policyholder qualify for the following FREE funeral benefits* which are over and above the value of the policy:

• FREE funeral arrangement services
• A coffin and hearse valued at R13 000
• R2 500 cash upfront
• FREE transport of the deceased anywhere in South Africa

The above FREE Funeral 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.

*Terms and Conditions apply.
 

If you pay the single once-off premium, there is no waiting period and you will have the full cover from the day the policy starts.

If you pay your premium monthly, there is a waiting period of 6 months from the start date of the policy.  If you die from natural causes like a heart attack during those 6 months, you will not be covered. 

If you die because of unnatural causes like a car accident, there no waiting period if you have paid the first premium and the policy has started.

If you choose to take the extra cover at a later date (after the policy has started) and you pay your premium monthly, there is a waiting period of 6 months for this extra cover if you die from natural causes.  If you pay the single once-off premium, there is no waiting period.
 

From 1 July 2016 a non-guaranteed special bonus, consisting of a 15% increase in the insured amount, is added to policies older than 2 years.  In the unfortunate event of the forced retrenchment of the premium payer, this 15% special bonus can be converted into a premium holiday* that will take care of your premium for 6 months, provided that the premium is payable monthly.  If the policyholder claimed the Premium Holiday* then the 15% increase in the insured amount will not be applicable at death.