Insurance Scheme for Pensioners

Our pensioners’ group scheme insurance product is built on a simple promise – to put the needs of our members first. When you join this group scheme, you get the peace of mind in knowing AVBOB will take care of all your funeral cover needs.

COVER AMOUNTS

All senior citizens from the age of 55 years can join the Group Funeral Insurance Scheme for Pensioners. The minimum age of the main insured person at the start date of the policy is 55 years for a once-off single premium policy and 65 years for monthly premium policy. If you are older than 84 years, you have to make a once-off payment.

The payment options to choose from:

Monthly premiums

Age: 65 - 74

Monthly premium
Cover amount
R150
R8 000

Age: 75 - 79

Monthly premium
Cover amount
R180
R8 000

Age: 80 - 84

Monthly premium
Cover amount
R220
R8 000

Once-off payments

Age: 55 - 84

Once-off payment
Cover amount
R10 000
R10 000

Age: 85 and older

Once-off payment
Cover amount
R10 000
R10 000

EXTRA COVER

There are often extra costs involved in a funeral. With the added Extra cover benefit, the following expenses will be taken care of:

  • Municipal grave costs
  • The cost of removing/amending an existing tombstone (if a person buried next to/in the same grave as their loved one)
  • Cremation fees
  • Payments to church officials
  • Fresh flowers

Monthly premiums

Age: 65 - 74

Monthly premium
Cover amount
R30
R2 000

Age: 75 - 79

Monthly premium
Cover amount
R40
R2 000

Age: 80 - 84

Monthly premium
Cover amount
R50
R2 000

Once-off payments

Age: 55 - 84

Once-off payment
Cover amount
R2 000
R2 000

Age: 85 and older

Once-off payment
Cover amount
R2 000
R2 000

WAITING PERIODS

1

Monthly premiums
A six-month waiting period
  • applies to the benefit for the insured person
  • applies to the insured person who dies from natural causes
  • Starts from the issue date of the policy
The six-month waiting period may be waived in part or in full if you can prove that
  • you took out funeral cover with another insurer
  • policy lapsed or was cancelled within 31 days before the issue date of your new AVBOB policy
The waiting period will be waived in part or in full based on the following calculation:
  • the difference between the six-month waiting period that applies to all AVBOB policies and the waiting period already served with the previous insurer
  • if your new AVBOB policy provides the same, or a less, funeral cover for the same insured persons on your previous policy

2

Once-off payment
No waiting period applies. However, the policy must have been issued, and the single premium must have been received by AVBOB.

EXTRA COVER OPTION

1

Monthly premiums
A six-month waiting period for
extra cover will apply if you die of natural causes

2

Once-off payment
No waiting period for extra cover