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