African Bank Credit Life insurance claims

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This is another post in our guidelines series during the lockdown crisis. In this one, we tell you about how to submit a credit life insurance claim on an account with African Bank.

This information is for all African Bank clients, whether under debt review or not. The only difference is that clients under debt review will submit their claims through their Debt Counsellor, not directly.

While the information that we received does not specifically say that your account must be up-to-date, we must assume that this is the case. If your account is not up to date, your insurance premium may also not be up-to-date. This will mean that a claim will be declined. However, we still recommend that you submit a claim anyway and leave it to the insurance department at the bank to make the call on whether they will assist or not.

A successful claim could see your African Bank loan installment being paid for up to 12 months while you receive reduced or zero income. This is well worth the effort to gather your documents and submit a claim.

For a claim to be valid, you must be able to prove a reduction in income or a loss of income due to being retrenched or a layoff.

Claims Process

The process is simple enough, gather your supporting documents and forward them, with your ID number to insuranceclaims@africanbank.co.za. If you are under debt review, submit these documents to your Debt Counsellor and they will submit your claim.

Reduction in income/short-time documents

  • A letter from your employer stating that you are on short-time.
  • Payslips from BEFORE the short-time started and all payslips during the short-time period.
  • If no payslips received from the employer, then a bank statement showing the full salary and the short-time salary.

Layoff/Retrenchment documents

  • A letter from your employer stating that “layoff” or retrenchment and confirming that you are not receiving an income.
  • Bank statements from after the layoff/retrenchment.

In closing

The process is simple and there is an upside to going to the effort of gathering this info. The possibility of receiving up to 12 months of your installments paid by the insurance policy.

Bear in mind, the banks are extremely busy at this stage with additional workloads. They are also short-staffed and operating under the same type of lockdown conditions that we are. Be patient and they WILL get back to you as soon as possible.

if you have any questions on this post, ask them in the comments below and we will answer you.

Stay safe, stay healthy and stay locked down as much as possible!