Heard of Absa Bank Insurance? Some people think they can save enough money to replace their assets in case something happens to them, thus they do not need any type of insurance coverage.
Take into account, however, a scenario in which you are forced to spend everything you have ever saved to pay for medical expenses or a vehicle that is beyond repair. That’s where Absa Bank insurance comes in.
Here are the types of Absa bank insurance covers that you can buy.
Types of Absa bank insurance covers
Life and family insurance cover
Absa Life Cover will look after your loved ones if you are unable to. You can secure your family’s financial future by protecting yourself with life and family insurance today.
By preparing for unforeseen occurrences like death, disability, disease, and income loss, you can provide your family and yourself peace of mind.
Under the life and family insurance cover, they have an education policy and family protection cover.
Education policy
Prudential Uganda is the sponsor of Absa’s “Prudential EduSave Plan” education insurance coverage.
The Prudential EduSave Plan is a product that gives you the chance to create a fund for the education of your children as well as financial security for your loved ones in the event of your passing.
Features and Benefits
- The policy is purchased by a parent or grandparent to cover the cost of the child’s education.
- Select a flexible policy term between 5 and 20 years.
- Prudential will pay the maturity value (the sum assured plus accrued bonuses) at the end of the policy term in three equal annual payments with the option of a lump sum payment.
- Prudential will pay 50% of the amount assured for the child’s education in the event of an untimely death or permanent disability in addition to paying the full maturity value at the end of the term.
- Entry age: The Pru EduSave plan’s minimum and maximum entry ages, respectively, are 20 and 60 years old.
- Surrender value: After three years of being in effect, the plan has a cash value.
- Future premiums are not owed if the life assured becomes totally and permanently incapacitated due to an accident or passes away.
- Accepted currencies are UGX and USD
Family Protection Cover
Protecting the ones you value most is affordable with the Absa Family Protection Plan.
This solution is intended to assist families in preparing for the unforeseen financial difficulties brought on by the loss of a loved one (the primary or direct family member, such as the spouse and biological child).
Features and Benefits
- Select from monthly packages priced affordably at platinum (UGX20,000), gold (UGX10,000), and silver (UGX5,000).
- Coverage for daily living expenses and funeral expenditures is provided.
- In the case of your passing, the policy will pay a lump payment to the beneficiaries you have designated.
- From UGX6,000,000 to UGX500,000 in coverage, pick the family members and the amount of protection you want to include in the funeral policy.
- Beneficiaries will be paid for the benefits they have chosen.
- Should you pass away, your spouse could keep the policy active.
- Four children at most may be added as beneficiaries.
- When you apply, your parents and other immediate family members must be younger than 75.
Car Insurance
Protect your car today with Absa’s car insurance and you won’t have to worry about the costs of damage and repairs.
Your motor vehicle or motorcycle is protected by the Absa comprehensive car insurance in the event of an accident, fire, or theft. It also covers any claims if a third party who may not have insurance hits or is injured by your car.
Features and Benefits
- Take advantage of Home Drive, a designated driver service that guarantees you always return home safely following a night out.
- When you are on the road, roadside assistance provides aid for vehicle emergencies.
- Absa Insure Assist is a 24-hour emergency service that sends an armed security guard to your location in case of emergencies.
- Obtain details about border crossings and the condition of the roads.
- Learn about the weather so you can plan your trip accordingly.
With ABSA’s car insurance, you get accidental covers for
- Fire
- Theft
- Burglary
- Glass and windscreen replacement
- Liability to travelers
- Accessories and spare components while they are on the vehicle for any reason other than those that are expressly prohibited
- Riots and strikes
- Currency is in both UGX and USD
- Floods and water damage
- Overturning, head-on collision
Home Insurance
For all who value their homes, Absa Bank can make you feel from any unforeseen circumstances. All of your building insurance requirements can be handled for you.
Features and Benefits
You get protection against;
- Theft or attempted theft
- Malicious damage
- Fire or explosion
- Acts of nature
- The impact from vehicles, falling trees, or aircraft
- Loss of possessions you carry (policy extensions)
- Sprinkler system leaks or discharges, spontaneous combustion, fermentation, or self-heating are examples of fire extinguishing installations or equipment.
- It can be increased to include additional costs for alternate housing and lost rent
- Liability to other people (this includes domestic employees)
Conclusion
Your financial situation can be negatively impacted by an unforeseen incident in a matter of seconds, regardless of how much money you make or have saved.
Therefore, a good option would be to obtain any of the above Absa bank insurance covers for your belongings, your family, and yourself.
