https://www.africanbank.co.za/insurance/credit-life-insurance# | Have you got your personal loans and credit cards in order? Be sure to contact African Bank to find about Credit Life Insurance Cover. Read through the policy here.

1. AFRICAN BANK CREDIT LIFE
GROUP SCHEME POLICY
in respect of Consumers who are indebted to
African Bank in terms of Credit Agreements
THE STANDARD GENERAL INSURANCE COMPANY LIMITED
(Registration Number 1948/029011/06)
Head Office: 59 16th Road
Group Policy Number: ABL/GRP/08/12
Halfway House, Midrand, 1685

2. This Group Policy provides cover in respect of Consumers who have entered into Credit Agreements
with African Bank and who have elected to maintain credit life insurance proposed by African Bank
for the duration of the Credit Agreements in terms of this Group Policy, and who qualify as Assured
Lives in terms hereof.
The purpose of this Group Policy is to provide insurance cover in respect of the Assured Lives who
have entered into Credit Agreements with African Bank, to the extent of their outstanding liability
towards African Bank arising from the Credit Agreements from time to time.
All Benefits payable in terms of this Group Policy will be paid to African Bank as policyholder upon
the occurrence of an Insured Event in respect of the Assured Lives.
Signed at Midrand on 23 August 2012 for and on behalf of:
The Standard General Insurance Signed for and on behalf of
Company Limited African Bank Limited
This Applicable Master Policy was
signed by N Nalliah on 23 August 2012.
Copies of the version bearing such
signature are available for inspection at
the registered office of the Issuer.
This Applicable Master Policy was
signed by L Kirkinis on 23 August 2012.
Copies of the version bearing such
signature are available for inspection at
the registered office of the Issuer.
Name: Nithia Nalliah
Capacity: Chief Executive Officer
Who warrants his/her authority hereto
Name: Leon Kirkinis
Capacity: Managing Director
Who warrants his/her authority hereto

3. SCHEDULE 1
PARTIES, DEFINITIONS AND INTERPRETATION
1. Parties
1.1 The Parties to this Group Policy are -
1.1.1 African Bank Limited; and
1.1.2 The Standard General Insurance Company Limited.
1.2 The Parties agree as set out below.
2. Definitions
2.1 In this Group Policy, the following words and phrases shall have the meanings ascribed to them below, unless it is specifically
stated in this Group Policy that the word or phrase will have a different meaning or if the context indicates a different meaning:
2.1.1 African Bank / the Insured African Bank Limited (Registration number: 1975/002526/06), a company with
limited liability, duly incorporated in terms of the Companies Act, 71 of 2008
and registered as a bank in terms of the Banks Act, 94 of 1990;
2.1.2 Assured Life / Consumer A borrower to whom African Bank extended credit in terms of a Credit Agreement;
2.1.3 Basic Income The basic contractual salary or wage income earned by an Assured Life,
immediately prior to the occurrence of the Insured Event, excluding overtime or
any other additional income;
2.1.4 Benefits The Death, Disability and Retrenchment benefits payable by Stangen upon the
occurrence of an Insured Event in relation to an Assured Life, as set out in Schedule
5 below;
2.1.5 Compulsory Unpaid Leave The period during which an Assured Life is obliged by his/her Employer to take
unpaid leave for an agreed period of time without payment of any remuneration
or compensation during such period, resulting in the Assured Life’s monthly Basic
Income reducing by 20% (twenty percent) or more for the duration of such
period;
2.1.6 Commencement Date of The commencement date of insurance cover in respect of an Assured Life in terms
Insurance Cover of this Group Policy, being i) the date upon which such an Assured Life activates a
credit card or other device as required in terms of the Credit Agreement; or ii) the
date on which a loan is disbursed to the Assured Life provided that cover will in
both instances be suspended until Stangen receives payment of the first Premium
in respect of such Assured Life;
2.1.7 Credit Agreement A credit agreement concluded between a Consumer and African Bank in terms of
the National Credit Act;
2.1.8 Disability Temporary Disability or Permanent Disability, as the case may be;
2.1.9 Effective Date Means 1 September 2012, notwithstanding the date of signature of this Group Policy;
2.1.10 Employer The employer by whom the Assured Life is employed and who remunerates the
Assured Life for such employment;
2.1.11 Group Policy The insurance agreement constituted in terms of this document, as amended from
time to time in writing between the Parties in accordance with the terms hereof;
2.1.12 Instalment The regular payments that the Consumer is obliged to make in terms of the Credit
Agreement, which could be monthly, fortnightly or weekly;
2.1.13 Instalment Due Date The date of the month or week on which an Instalment is due and payable in
terms of the Credit Agreement;
2.1.14 Insured Event Any one of the following:
Death;
Disability;
and Retrenchment,
of an Assured Life;

4. 2.1.15 Long-term Insurance Act
2.1.16 Maximum Liability
2.1.17 Monthly Amount
2.1.18 National Credit Act
2.1.19 Parties
2.1.20 Permanent Disability
2.1.21 Premium
2.1.22 Retrenchment
2.1.23 Short Time
2.1.24 Stangen / the Insurer
2.1.25 Temporary Disability
2.2 In this Group Policy any reference to -
2.2.1 • the singular includes the plural and vice versa;
2.2.2 • natural persons includes legal persons and vice versa;
2.2.3 • one gender includes the other.
2.3 The clause headings have been inserted for convenience only and will not be taken into account when interpreting this
Group Policy.
2.4 If any provision in a definition clause is a substantive provision enforcing rights or imposing obligations on any Party, effect
shall be given to it as if it were a substantive clause in the body of the Group Policy, notwithstanding that it is only
contained in this definition clause.
2.5 This Group Policy shall be governed by, construed and interpreted in accordance with the laws of the Republic of South
Africa.
The Long-term Insurance Act, 52 of 1998;
The maximum Benefits that Stangen will pay to African Bank in terms of this Group
Policy in respect of an Assured Life upon the occurrence of an Insured Event, being
an amount equal to the outstanding balance in terms of the Credit Agreement,
including any interest, fees, and charges that are due and payable to African Bank
for a maximum period of 12 months subsequent to the date upon which the Insured
Event occurs;
An amount equal to the monthly Instalment or the total of all Instalments payable by
a Consumer in terms of a Credit Agreement during one month;
National Credit Act, 34 of 2005;
The parties to this Agreement and “Party” means either of them;
Medically certified total disability of an Assured Life as a result of sickness or
injury which is, in the opinion of Stangen, permanent, irremediable, irreversible or
incurable and renders the Assured Life totally and permanently unable to pursue
the occupation in which he was gainfully employed immediately prior to the
onset of such disability, or any other occupation capable of being undertaken for
remuneration or profit, on a part-time or full-time basis. The date on which such
Permanent Disability commenced shall be solely determined by Stangen;
The monthly premium payable for the cover granted in respect of an Assured Life
in terms of this Group Policy;
The involuntary unemployment of an Assured Life as a direct result of redundancy
or reorganisation in the organisation of the Employer, which are permissible in terms
of South African labour legislation, and which includes Compulsory Unpaid Leave
and Short Time;
A period during which the Assured Life is instructed by the Employer to work less
than the basic contractual hours, which results in a reduction of 20% (twenty
percent) or more of the monthly Basic Income of the Assured Life, for the duration
of such period;
The Standard General Insurance Company Limited (registration number:
1948/029011/06), a company with limited liability, duly incorporated and registered
as such in terms of the Companies Act, 71 of 2008 and registered as a Long-term
Insurer in terms of the Long-term Insurance Act; and
Medically certified total or partial disability of an Assured Life as a result of sickness
or injury which, in the opinion of Stangen, renders the Assured Life unable to pursue
the duties of the occupation in which the Assured Life was gainfully employed
immediately prior to the onset of such disability, provided that the disability endures
for an uninterrupted period of 30 (thirty) days or more and results in a reduction of
20% (twenty percent) or more of the monthly Basic Income of such Assured Life. The
date of such Temporary Disability shall be solely determined by Stangen.

5. SCHEDULE 2
RECORDAL
3. It is recorded that -
3.1 African Bank enters into Credit Agreements with Consumers;
3.2 This Group Policy provides cover in respect of such Consumers as Assured Lives to the extent of their indebtedness towards
African Bank arising from a Credit Agreement;
3.3 If an Insured Event occurs in respect of an Assured Life, Stangen shall pay the Benefits to African Bank, subject to the terms
and conditions of this Group Policy;
3.4 This Group Policy is an agreement between Stangen and African Bank (as policyholder) and the Consumers (as Assured
Lives) will not acquire any rights or entitlement to the Benefits payable in terms of this Group Policy towards Stangen.
Stangen shall be solely indebted towards African Bank and shall only pay the Benefits to African Bank as policyholder in
respect of an Assured Life if an Insured Event occurs. It is specifically recorded that this Group Policy does not constitute an
agreement for the benefit of the Consumer or any third party (stipulatio alteri) and solely binds Stangen and African Bank;
and
3.5 The Parties accordingly agree as set out below.
SCHEDULE 3
DURATION
4. This Group Policy commences on the Effective Date.
5. Either Party shall be entitled to cancel this Group Policy at any time by giving the other 3 (three) months prior written notice
of such cancellation.
6. Notwithstanding the provisions of clause 5 above, Stangen shall at all times be entitled to cancel this Group Policy by way of
a written notice to African Bank in the event that the claims in respect of the group scheme exceeds 80% (eighty percent)
of the net Premiums received by Stangen during a calculation period as determined by Stangen from time to time.
7. Notwithstanding the cancellation of this Group Policy by either Party, cover subject to and in terms of this Group Policy,
in respect of an existing Assured Life that is a party to a Credit Agreement that is not a credit facility as defined in the
National Credit Act, shall remain in force and effect for the remainder of the term of such Credit Agreement, provided that
such Credit Agreement was entered into prior to the cancellation of this Group Policy. Once this Group Policy is cancelled
and/or terminated, no further fees, commission or any other remuneration will be payable, save in respect of cover that
remains in force beyond the cancellation date.
SCHEDULE 4
INSURANCE COVER
8. Cover in respect of an Assured Life shall commence on the Commencement Date of Insurance Cover and shall come to an
end in respect of such Assured Life on the happening of any one of the following events, whichever occurs first:
8.1 The Consumer fully settling his/her obligations in terms of the Credit Agreement towards African Bank and the Credit
Agreement is consequently cancelled and/or terminated by African Bank; or
8.2 If the Assured Life fails to pay the Premium on the due date thereof, subject to the provisions of Schedule 6; or
8.3 In the event of Stangen paying the Benefits to African Bank in respect of the Assured Life upon the occurrence of an Insured
Event, equal to the Consumer’s debt with African Bank or paying the Maximum Liability to African Bank.
SCHEDULE 5
BENEFITS, EXCLUSIONS AND CONDITIONS
8.4 Stangen shall, subject to the terms and conditions stipulated herein and for the duration of the Group Policy, provide the
Benefits in respect of the Assured Lives to African Bank.
8.5 The Benefits shall be paid by Stangen to African Bank upon the occurrence of the Insured Event in respect of an Assured
Life.
8.6 Death Benefit
Stangen shall pay African Bank a lump sum amount equal to the value of the outstanding debt in terms of a Credit
Agreement in respect of an Assured Life, subject at all times to the Maximum Liability, in the event of the death of such
Assured Life.

6. 8.7 Permanent Disability Benefit
Stangen shall pay African Bank a lump sum equal to the value of the outstanding debt in terms of a Credit Agreement in
respect of an Assured Life, subject at all times to the Maximum Liability, in the event of the Permanent Disability of an
Assured Life, calculated with effect from the commencement date of the Permanent Disability, as determined by Stangen.
8.8 Temporary Disability Benefit
8.8.1 In the event of the Temporary Disability of an Assured Life, Stangen will pay African Bank the Monthly Amount on the
Instalment Due Date for a period not exceeding 6 (six) consecutive months with effect from the commencement date of the
Temporary Disability, as determined by Stangen, provided that the Temporary Disability endures for the period in respect of
which payment is made by Stangen.
8.8.2 If the Assured Life remains Temporarily Disabled after termination of the 6 (six) month period calculated from the
commencement date of the Temporary Disability, Stangen will pay African Bank a lump sum equal to the value of the
outstanding debt in terms of a Credit Agreement in respect of an Assured Life, provided that the amount shall at all times
be limited to the Maximum Liability.
8.9 Retrenchment Benefit
8.9.1 In the event of the Retrenchment of an Assured Life, Stangen shall pay African Bank the Monthly Amount on the Instalment
Due Date for a period not exceeding 3 (three) consecutive months with effect from the date of Retrenchment, subject to
clause 8.9.3 below.
8.9.2 If the Assured Life remains unemployed by virtue of Retrenchment after termination of the 3 (three) month period
calculated from the date of Retrenchment, Stangen will pay African Bank a lump sum equal to the value of the outstanding
debt in terms of a Credit Agreement in respect of an Assured Life, provided that the amount shall at all times be limited to
the Maximum Liability.
8.9.3 If the Assured Life resumes employment within the 3 (three) month period calculated from the date of Retrenchment,
Stangen will continue to pay the Monthly Amount to African Bank on the Instalment Due Date for a period of 2 (two)
consecutive months from the date upon which the Assured Life resumes employment.
8.10 Short Time Benefit
8.10.1 In the event of an Assured Life being instructed by its Employer to take Short Time, Stangen shall pay African Bank the
Monthly Amount on the Instalment Due Date for a period not exceeding 36 (thirty-six) consecutive months with effect
from the commencement date of the Short Time, provided that the Short Time persists for the entire duration of the 36
(thirty-six) month period.
8.10.2 If the Assured Life remains on Short Time after termination of the 36 thirty-six) month period, calculated from the
commencement date of the Short Time period, Stangen will pay African Bank a lump sum equal to the value of the
outstanding debt in terms of a Credit Agreement in respect of an Assured Life, provided that the amount shall at all times
be limited to the Maximum Liability.
8.11 Compulsory Unpaid Leave Benefit
8.11.1 In the event of an Assured Life being instructed by its Employer to take Compulsory Unpaid Leave, Stangen shall pay African
Bank the Monthly Amount on the Instalment Due Date for a period not exceeding 36 (thirty-six) consecutive months with
effect from the commencement date of the Compulsory Unpaid Leave, provided that the Compulsory Unpaid Leave persists
for the entire duration of the 36 (thirty-six) month period.
8.11.2 If the Assured Life remains on Compulsory Unpaid Leave after termination of the 36 (thirty-six) month period calculated
from the commencement date of the Compulsory Unpaid Leave period, Stangen will pay African Bank a lump sum equal to
the value of the outstanding debt in terms of a Credit Agreement in respect of an Assured Life provided that the amount
shall at all times be limited to the Maximum Liability.
8.12 Amendment of Benefits
Stangen shall be entitled, by way of a 2 (two) month written notice, to amend the Benefits payable in terms of this
Group Policy.
8.13 Exclusions and Limitations
8.13.1 Stangen will not provide additional benefits in relation to any purchase or increase of the Consumer’s indebtedness in terms
of a Credit Agreement, subsequent to the date upon which the Insured Event occurs, other than as a result of the levying of
interest, initiation fees, service fees, default administration charges, and collection costs.

7. 8.13.2 No insurance cover will be granted and no Benefits will be paid upon the occurrence of an Insured Event in respect of an
Assured Life arising directly or indirectly from, or which is attributable or traceable to war, invasion, acts of foreign enemy,
hostilities (whether war be declared or not), civil war, revolution, insurrection or military or usurped power, participation by
the Assured Life in any criminal act, or by ionising radiations or contamination by radioactivity from any nuclear fuel or
waste.
8.13.3 No Retrenchment Benefits will be paid -
8.13.3.1 • if the Assured Life is self-employed; or
8.13.3.2 • if the Assured Life is Retrenched within 30 (thirty) days from the Commencement Date of Insurance Cover.
8.13.4 No Short Time or Compulsory Unpaid Leave Benefits will be paid if -
8.13.4.1 • the Assured Life is self-employed: or
8.13.4.2 • the Short Time or Compulsory Unpaid Leave was in effect as at the Commencement Date of Insurance Cover.
SCHEDULE 6
PREMIUMS
9. The Premiums payable by an Assured Life will be calculated daily, as a percentage of such Assured Life’s daily outstanding
balance in terms of the Credit Agreement and/or a nominal fixed amount as set out in the Credit Agreement and/or the
disclosure letter issued to the Customer.
10. Premiums will be collected or advanced by African Bank and will be paid to Stangen monthly in arrears for the duration of
cover in respect of an Assured Life in terms of this Group Policy.
11. In the event that the Assured Life fails to pay the Premiums on the due date thereof, the cover in respect of such Assured
Life shall remain in force for a period of 30 (thirty) days, calculated from the due date of the Premium. If the
Premium payments are resumed at any stage within this 30 (thirty) day period, then the cover shall continue.
12. If the Assured Life fails to remedy such default within the 30 (thirty) day period, the cover in respect of such Assured Life
will remain in force, subject to Stangen having the right at any time, subsequent to the expiry of the 30 (thirty) day period,
to cancel the cover in respect of such Assured Life, by giving African Bank notice of cancellation.
13. In the event of the cover ceasing as provided for in clause 12 above, the Assured Life shall not be able to apply for
reinstatement of the cover and shall be obliged to re-apply for cover in terms of this Group Policy, subject to all restrictions,
exclusions and waiting periods beginning again.
14. Stangen shall be entitled from time to time to increase or decrease the Premiums payable, by way of a 2 (two) month
written notice.
SCHEDULE 7
FEES AND COMMISSION
15. Stangen shall pay the following consideration to African Bank in terms of this Group Policy, namely 22.5% (twenty two and a
half percent) commission per month plus Value Added TAX thereon.
SCHEDULE 8
CLAIM PROCEDURE
16. African Bank shall notify Stangen as soon as reasonably possible upon becoming aware of an incident which may give rise to
a claim for Benefits.
17. African Bank shall follow the claims procedure for notification of claims as may be prescribed by Stangen from time to time.
18. In the event of a claim, African Bank will provide Stangen with copies of the documents listed in the prescribed claim forms
as soon as reasonably possible after receipt thereof.
19. Stangen will not pay or be liable for a claim unless African Bank -
19.1 • complies with requirements for notification and lodgement of a claim for Benefits;
19.2 • notifies Stangen of a claim and institutes the claim with Stangen in the prescribed manner within 12 month(s) from the
date of the occurrence of the Insured Event. In the event that Stangen rejects a claim or disputes the amount of the
claim, African Bank may make representations to Stangen within a period of 90 (ninety) days after receipt of Stangen’s
notification of rejection or dispute of African Bank’s claim;

8. 19.3 • institutes legal action in a court of law or lodges a complaint against Stangen with the Long-term Insurance Ombudsman
or commences arbitration proceedings, within 12 (twelve) months of the date of the occurrence of the Insured Event,
provided that the 12 (twelve) month period will be suspended by the 90 (ninety) day period mentioned in 19.2 and
provided further that African Bank will at all times have at least 6 (six) months after the expiry of the 90 (ninety) day
period to institute legal action in a court of law, lodge a complaint with the Long-term Insurance Ombudsman against
the Insurer or commence arbitration proceedings with regards to African Bank’s claim.
20. Stangen shall be entitled to apply set-off between any Benefits payable in terms of the Group Policy and any outstanding
Premiums receivable in terms of the Group Policy or any other amounts due and payable to Stangen arising from
whatsoever cause. In the event that Stangen is not able to apply set-off, Stangen shall be entitled to deduct any such
amounts outstanding from the Benefits payable.
21. No claims of whatsoever nature instituted in terms of this Group Policy shall be entertained after the date of cancellation or
termination for any reason whatsoever of this Group Policy, unless the Insured Event occurred prior to the date of
cancellation or termination.
22. Notwithstanding the provisions of the Group Policy relating to claims, Stangen reserves the right to cancel the cover in
respect of an Assured Life and declare all Premiums paid in respect of that Assured Life forfeited, should there be evidence,
or an attempted submission of a fictional claim, of fraud or misrepresentation.
SCHEDULE 9
GENERAL CONDITIONS
23. General Conditions
23.1 This Group Policy does not accumulate a cash or surrender value.
23.2 All Benefits will be paid to African Bank into an account within South Africa, as nominated by it in writing from time to time.
23.3 The Parties may not, without the prior written approval of the other, cede, assign, delegate or in any manner make over or
alienate any of its rights or obligations in terms of this Group Policy.
24. Amendments to Group Policy
No amendment or cancellation of the Group Policy as a whole or of any term or condition thereof shall be of any force and
effect unless such amendment or cancellation is in writing and signed by Stangen.
25. Currency and Law
All payments under this policy shall be in South African currency and any question of law arising shall be decided according
to the law of the Republic of South Africa and in a competent South African Court.
26. Domicilia
Every notice and process to be delivered or communication to be made shall be addressed to:
26.1 Stangen: African Bank:
59 16th Road 59 16th Road
Halfway House Halfway House
Midrand Midrand
1685 1685
27. Right of Inspection Policy
27.1 A Consumer has the right to inspect this Group Policy and any endorsements or amendments thereto at either Party’s
offices during normal business hours upon making the necessary prior arrangements.
27.2 Stangen will have the right at all times to inspect any documents, in particular the Credit Agreement, for any purpose
relating to the cover provided under this Group Policy and all relevant medical treatment and employment records relating
to the Assured Lives.
28. Waiver
Stangen shall at its sole discretion have the right at any time during the duration of this Group Policy to waive or abandon
any of its rights in terms of this Group Policy.