creditlife

Credit life insurance covers your outstanding loan balances in the event of death, permanent disability or an inability to work.
You will pay a one-off premium for the term of your loan.

Credit life insurance includes: 

  • The plan covers all credit facilities in the event of the borrower's death or permanent total disability.
  • The entire outstanding debt will be fully paid.
  • We offer this benefit at no fee.
  • Your dependants and loved ones enjoy financial security.    

embeddedfuneralcover

Our funeral expenses insurance cover comes embedded with selected current and savings accounts and pays a benefit upon
the death of the account holder.

  • Benefit structure

    Type of account Age Funeral Cover
    (for account holder only)
    Ultimate Plus Account As required for account opening K2,500
    Prestige Current Account As required for account opening K12,000
    Prestige Plus Account As required for account opening K12,000
    Premier Current Accounts As required for account opening K20,000
    Premier Plus Account As required for account opening K20,000

  • Terms and conditions

     
    • Entitlement to insurance cover is based on one having any of the accounts listed above, and this will form the basis of the contract between the underwriter and the plan holder.
    • The insurance company will pay on all accounts held by any one person upon their death.
    • Membership ceases upon closure of an account.
    • The minimum age at entry is the legal age required for one to open an account and there is no maximum age.
    • All references to age mean the actual age reached.
    • No medical underwriting requirements will apply to any applicant under the policy.
    • This insurance cover will be for account holders only and cannot be extended to family members.
    • The underwriter will not accept or pay any claim for benefits under the policy if any person whom the policy covers, commits suicide within 2 years of the starting or restarting date of the plan.
    • The underwriter will not consider any claim if the cause of death, of any life insured under the plan, is because of that life insured having violated the criminal law of Zambia.

Download the Umoyo Family Protection Policy brochure

retrenchementcover

All customers with a Premier Plus, Prestige Plus or Ultimate Plus account will benefit from this cover.   

Retrenchment is defined as the termination of the account holder’s full-time, permanent employment contract (or a fixed-term employment, with a minimum term of 2 years) with the employer due to any of the following:

  • Change of business conditions of the employer that results in the loss of full-time permanent employees
  • Introduction of new technology
  • Reorganisation of the employer’s business
  • Company closure

premierandprestigeinsurance


The enhanced Premier offering comes with embedded insurance benefits for all Premier, Prestige and Ultimate Plus current account holders. These insurance benefits are travel insurance, hospitalisation cash plan, embedded funeral expenses insurance and retrenchment cover. 

NB: Embedded insurance benefits on this segment were introduced in March 2010 and claims arising before that date are not payable. Note also that claims are only payable on accounts that have not missed membership fees for three consecutive months.  

Compare the benefits
  Ultimate Plus Account Premier Prestige
 
Funeral Insurance
No extra fee

 Scope of cover

- A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder

Benefits:

- Account holder K2,500

 

Scope of cover:

- A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder

Benefits:

- Account holder: K20,000

- Spouse: K10.000

- Children (4) K2,500

Scope of cover:

- A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder

Benefits:

- Account holder: K12,000

- Spouse: K6,000

- Children (4) K2,000
Travel Insurance Cover
No extra fee

Scope of cover:

- A customer is entitled to various covers during their travels outside the country
- It covers various areas such as medical bills, loss of luggage, legal advice and death, etc.

Benefits:

- Medical expenses $20,000

Scope of cover:

- A customer is entitled to various covers during their travels outside the country
- It covers various areas such as medical bills, loss of luggage, legal advice and death, etc.

Benefits:

- 24/7 and whole year cover
- Medical expenses – up to $100,000
- No need for additional insurance for Visa application
- Follow up treatment in country of residence – $2,200
- Repatriation of mortal remains/burial expenses – $8,000
- Accompanying family member – $1,000
- Premature return due to death or imminent death of relative or business associate – $1,500
- Legal assistance – $500
- Loss/Theft of luggage – $2,200

 Scope of cover:

- A customer is entitled to various covers during their travels outside the country
- It covers various areas such as medical bills, loss of luggage, legal advice and death, etc.

Benefits:

- Medical expenses – up to $60,000
- Medical evacuation – $6,200
- Follow up treatment in country of residence – $1,600
- Repatriation of mortal remains/burial expenses – $6,200
- Accompanying family member – $1,000
- Premature return due to death or imminent death of  relative or business associate – $1,500
- Legal assistance – $500
- Loss/Theft of luggage – $500
Hospital Cash Plan
No extra fee		 Scope of cover:

- This policy will provide cash benefit in the event a member being confined to a hospital

Benefits:

- Cash Benefit – 		 Scope of cover:

- This policy will provide cash benefit in the event a member being confined to a hospital

Benefits:

- Cash Benefit – Account holder K300; spouse K200; children (4) K200 per day
- Benefits are payable to members only or their legal representatives and not extended to other family members
- Benefit payable for a minimum of 4 days and maximum of 180 days		 Scope of cover:

- This policy will provide cash benefit in the event a member being confined to a hospital

Benefits:

- Cash Benefit – Account holder K250; spouse K150; children (4) K150 per day
- Benefits are payable to members only or their legal representatives and not extended to other family members
- Benefit payable for a minimum of 4 days and maximum of 180 days
Retrenchment Cover
No extra fee

Scope of cover:

- This policy will provide cash benefit in the event that a member gets retrenched

Benefits:

- Cash Benefit - K8,000

 Scope of cover:

- This policy will provide cash benefit in the event that a member gets retrenched

Benefits:

- Cash Benefit – K30,000
- Benefits are payable to members only or their legal representatives
- Benefits are payable over a period of six months		 Scope of cover:

- This policy will provide cash benefit in the event that a member gets retrenched

Benefits:

- Cash Benefit – K15,000
- Benefits are payable to members only or their legal representatives
- Benefits are payable over a period of six months
Need more help?

Call us on:
+260 (211) 366100 (available Monday to Friday from 08:00-16:45)
5950 (Toll free)

Chat to Abby on WhatsApp:
+260 (762) 969 977

Email us:
customerservice.zm@absa.africa