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Tailored Group Life Cover for SMEs. At the speed of Life.

Article provided by Absa

Absa acknowledges the vital role that your employees play in the success of your business, particularly if you are a small and medium enterprise (SME). In the event of tragedy, businesses and employers often feel morally obliged, and rightly so, to support their employees’ and their families, which can put a financial and emotional strain on the business. By covering your employees for unforeseen events, you are not only insuring their financial futures if something happens but you are also covering your business too. As such, Absa developed the Employee Care Plan, an extremely affordable group life insurance offering for SME’s to address this need and is available only to Absa customers.

The Employee Care Plan affords you the opportunity to take care of your employees’ future if they are permanently disabled while performing their duties in the workplace, or when they pass away. The Employee Care Plan comprises of Life Cover (up to R2m), Occupational Disability Cover (up to R2m) and a Funeral Cover (up to R50k).   The Funeral Cover also covers the employees spouse and up to six children. Furthermore, when an employee passes away, their spouse and dependents continue to receive funeral cover for a further six months at no additional cost along with an additional R500 cash towards buying groceries every month for six months after the employee’s death under the Life Cover benefit.

Absa understands that affordability is very important you and as such, enables you to structure the payment of your premiums in such a way that it becomes part of your employees’ total remuneration package.  By taking out group life cover for your employees, they may actually end up saving money on a monthly basis as the need for individual policies may be reduced or not needed at all.

There is also no waiting period on death, funeral and accidental disability benefits but a six-month waiting period when an employee is disabled due natural causes does apply. You, as an employer in consultation with your employees, can choose any combination of the three products to suit your unique business needs.

You have the option to take out the Employee Care Plan through a simple online process by yourself or be assisted by a skilled and friendly call center agent. The process is very transparent, simple and takes no more than 20 minutes. Should you choose to take up the cover online, you can upload your employees’ details using a spreadsheet wizard, select any combination of benefits and cover amounts and get a real-time, itemized quote.

The Employee Care Plan covers all your employees who are:

  • 18 to 65 years old (current age)
  • “Actively at work” within the borders of South Africa
  • Working at least 20 hours a week
  • Foreigners as long as they remain legally able to live and work in South Africa

You can always count on Absa to cover your employees and ensure that your business financial future is secure.

For more information, please contact 021  045  1640  or

Absa is a proud Partner of the NSBC

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