Instalment  Protection

Cover your debt and have peace of mind in a difficult situation.

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Home Loan Protection

Covers the payments of your home loan in the event of death or permanent disability.

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Instalment protection

  • What you get

    Insurance Coverage:

    • Death and Disability:
      In the event of death or total permanent disability, the policy covers the outstanding balance of your Personal Loan.
    •  
    • Temporary Disability and Retrenchment:
      Provides coverage for monthly loan obligations for a specified period in cases of total temporary disability or involuntary unemployment (retrenchment).
    •  
    • Emergency Cash Benefit: An additional cash payout to the beneficiary in the event of the policyholder's death.

  • What you need to know

    Eligibility Criteria:

    • Age Limit: The policyholder must be aged between 18 and 65 years at the time of policy initiation.
       

    Cancellation and Refund Policy:

    • Initial Period: Full premium refund available if canceled within 30 days of policy commencement and no claim has been made.
    • After 30 Days: Eligible for a pro-rata premium refund.
       

    Premium Payments:

    • A one-time upfront premium is required.
    • Premium rates are subject to change with prior notice.
       

    Coverage Exclusions:

    • Exclusions include certain pre-existing conditions, suicide within the first 2 years of the policy, substance abuse, criminal activity, etc.
    • Specific exclusions apply for retrenchment coverage.

    Claim Process:

    • Claims should be filed within 12 months following the insured event.

     

    Policy Termination:

    • The policy may be terminated under various conditions, such as claim payment, loan settlement, voluntary cancellation, policy lapse, suspected fraud, or regulatory changes.

  • What to bring when you apply

    Personal Information:
    Necessary for risk assessment and underwriting of the policy.
     

    Employment Details: Crucial for determining eligibility and coverage extent, especially in the context of retrenchment.
     

    Loan Information: Details of the Personal Loan with Absa Bank Mozambique, as applicable to the policy.

     
Homeloan protection cover

  • What you get

    Insurance Coverage:

    • Death and Disability: Outstanding Homeloan balance covered in the event of death or total permanent disability.
    • Temporary Disability and Retrenchment: Monthly loan obligations covered during periods of total temporary disability or involuntary unemployment.

  • What you need to know

    Eligibility Criteria:

    • Age Limit: Coverage for individuals aged 18 to 65 at the time of policy initiation.


    Cancellation and Refund Policy:

    • Initial Period: Full premium refund within 30 days of policy starts if no claim is made.
    • After 30 Days: Pro-rata premium refund applicable.


    Premium Payments:

    • Payment Frequency: Options include annual, bi-annual, or quarterly payments.
    • Due Date: Premiums paid in advance.


    Coverage Exclusions:

    • General Exclusions: Alcohol influence, travel restrictions, professional sports, mental disorders, riots, radioactive contamination, and war.
    • Death Only Exclusions: Suicide within the first year.
    • Permanent Disability Exclusions: Pre-existing conditions excluded for the first year.
    • Retrenchment Exclusions: Voluntary retrenchment and knowledge of impending unemployment excluded.


    Claim Process:

    • Notification: Must be within 365 days of the insured event.
    • Required Documents: Death certificate, identity document, loan agreement, and proof of debt, among others.


    Policy Termination:

    • Conditions include claim payment, loan settlement, voluntary cancellation, policy lapse, or suspected fraud.
     

  • What to bring when you apply

    Personal Information: 
    For risk assessment and underwriting.

     

    Employment Details:
    To determine eligibility and coverage extent.
     

    Loan Information:
    Details of the Homeloan with Absa Bank Mozambique.

     

Need more help?

Call us on:
+258 21 344 400

Email us:
linhacliente@absa.africa