AVBOB DECLARES A R13,1 BILLION CASH BONUS TO MEMBERS - 65ALIVE CASH BENEFIT

The 65Alive Cash Benefit, previously known as the AVBOB Reward Account, launched in January 2025. As a mutual society with no external shareholders, AVBOB ensures that its policyholders and members share in the profits of the business. These exclusive member benefits are offered in addition to standard policy benefits.

With the 65Alive Cash Benefit, members may request payment on or after the first policy anniversary following the main insured person's 65th birthday, provided the policy has been active for a minimum term of 10 years. All special bonuses associated with the benefit are classified as non-vesting bonuses and benefits.

*Disclaimer: The AVBOB Reward Account Centenary Bonus will be incorporated into the 65Alive Cash Benefit.

65Alive Cash Benefit Calculator

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Since AVBOB is a Mutual Assurance Society and does not have external shareholders, members of AVBOB share in the profits of the business in the form of member benefits, which are available over and above the policy benefits.

In 2018, when AVBOB declared the special centenary bonus (i.e. the fifth special bonus), the bonus value was added to an AVBOB Reward Account (ARA).

The AVBOB Reward Account has now been renamed the 65Alive Cash Benefit, and the value of the 2025 special bonus (i.e. the sixth special bonus) will be added to the 65Alive Cash Benefit with the value of the 2018 fifth special bonus. The total balance may be withdrawn when the main insured person turns 65 years old AND the policy has been in force for at least 10 years.

Yes, the five-year and ten-year Investment Plan policies qualify for the sixth special bonus, which becomes payable when the policy matures.

The 2025 sixth special bonus will be added to the 65Alive Cash Benefit of all qualifying policies on 15 January 2025.

No, payment from the 65Alive Cash Benefit can only be requested once the main insured person has turned 65 years old and the policy has been in force for 10 years or longer.

Examples:
Example 1: If the main insured person is already 65 on 15 January 2025 and the policy has been in force for more than 10 years, the total balance in the 65Alive cash benefit becomes payable on 15 January 2025.

Example 2: If the main insured person turns 65 on 24 May 2025 and the policy has been in force for at least 10 years, the 65Alive Cash Benefit becomes payable on 1 June 2025.

Example 3: If the main insured person is 65 on 15 January 2025 or turns 65 after 15 January 2025 but the policy has not been in force for 10 years, the projected date that the balance in the 65Alive Cash Benefit becomes payable is the first day of the month after the policy has been in force for 10 years.

The centenary fifth special bonus, however, is paid out on the death of the main insured person should this be before or after age 65.

All existing policyholders will receive an annual communication letter through post/SMS/email. This letter sets out your policy benefits as well as any bonuses and/or 65Alive Cash Benefit for which you qualify. It is therefore very important that we have your current address and correct contact details on record. To update your details, please use the self-service portal:
https://selfservice.avbob.co.za/connect/home

The 2025 special bonus is only paid as part of a valid claim on the main insured person if the main insured person is at least 65 years old at the time of death and the policy has been in force for at least 10 years.

Unfortunately, you will lose all special bonuses, including the 65Alive Cash Benefit, that have been declared over the years as well as the FREE funeral benefits. If, however, you are eligible to request a payment from the 65Alive Cash Benefit when you surrender or cancel your policy (i.e. the main insured person is 65 years or older and your policy has been in force for 10 years), you will be able to request the payment of the 65Alive Cash Benefit, which will be paid to you before the policy is cancelled or surrendered.

Every life covered under an AVBOB policy qualifies for FREE funeral benefits if the funeral is conducted by AVBOB Funeral Service and the policy has been in force for 24 months. That is over and above the special bonuses and 65Alive Cash Benefit that have been declared. The FREE funeral benefits depend on the duration of the cover, type of policy, cause of death, and the age of the deceased. The FREE funeral benefits can be a discount on the cost of the funeral, a FREE basic funeral, and, in some instances, include FREE transportation of the deceased within the borders of South Africa (refer to Circular 5040 for details).

Some policy types enjoy a FREE basic funeral, to the value of up to R14 000 for adults and children older than 14 years covered on the policy for 24 months or longer. The FREE basic funeral includes:

  • An option of a R3 000 discount on a tombstone if the funeral service and burial are conducted by AVBOB Funeral Service (valid for 18 months) or a R3 000 discount on the cremation/Aquamation fees if the cremation/Aquamation is conducted by AVBOB Funeral Service.
  • The person responsible for arranging the funeral receives an upfront cash benefit of R3 000 to assist with additional costs.
  • These amounts are only available if the deceased was covered for 24 months or longer under the policy and the policy qualifies for a FREE basic funeral to the value of up to R14 000.

No, you are not eligible for any FREE funeral benefits if you do not use AVBOB Funeral Service to conduct the funeral.

Although eligibility for the payment of the 65Alive Cash Benefit is determined by the age of the main insured person on the policy, the 65Alive Cash Benefit is always payable to the applicant or premium payer of the policy.

The age of the main insured person on the policy is used to determine whether the 65Alive Cash Benefit is payable.

If you are eligible to request payments from your 65Alive Cash Benefit and you have at least R5 000 in your 65Alive Cash Benefit, you may request multiple withdrawals from the 65Alive Cash Benefit at any time – subject to a minimum of R50 per withdrawal request. One may withdraw from the 65Alive Cash Benefit as many times as possible until the funds are depleted.

Example:
If you have R10 000 in the 65Alive Cash Benefit and you make the first withdrawal of R6 000 (leaving a balance of R4 000), the second withdrawal will have to be the full R4 000, since the balance was less than R5 000 after the first withdrawal.

Unfortunately, you will lose the balance in the 65Alive Cash Benefit. If you reinstate the policy within the regular reinstatement period, the balance in the 65Alive Cash Benefit will be restored.

Unfortunately, not, but if your policy is three premiums in arrears, the main insured is 65 years old, and the policy has been in force for 10 years, we will take an amount equal to the arrear premiums from the 65Alive Cash Benefit to keep the policy active. The balance of the 65Alive Cash Benefit will reduce accordingly.

No, interest is not added to the 65Alive Cash Benefit. However, at the discretion of the AVBOB Board of Directors, future special bonus allocations may be made.

Although the 65Alive Cash Benefit is always payable to the applicant or premium payer of the policy, the applicant or premium payer of the policy can request AVBOB to pay the 65Alive Cash Benefit to someone else, provided the nomination form is duly completed and signed by the applicant or premium payer of the policy.

Yes, you can log in to AVBOB Self Service or go to the AVBOB website to view the balance and other relevant details of your 65Alive Cash Benefit.

No, the 65Alive Cash Benefit is specific to the policy under which it was allocated and cannot be transferred to another policy.

If you are eligible to request payment of the 65Alive Cash Benefit, you need to submit a copy of your ID and your bank statement (not older than three months) in one of the following ways:

  • Email these documents to info@avbob.co.za, include your policy number in the email and request the payment of your 65Alive Cash Benefit in the email.
  • Submit these documents at your nearest AVBOB branch and request the branch for payment of your 65Alive Cash Benefit.
  • Request payment of the 65Alive Cash Benefit at AVBOB Self Service (https://selfservice.avbob.co.za/connect/home) at CLAIM MY SPECIAL BONUS under the My Special Bonus tab.
  • Call the Contact Centre on 0861 28 26 21 and request payment of the 65Alive Cash Benefit.

The turnaround time for payment is five working days from the date you submit clear copies of your ID document and bank statement to AVBOB.