Calculating your AVBOB cash back is easy when you know what you're doing. AVBOB is one of the largest mutual assurance society in South Africa. Its primary function is to offer policyholders protection and support during difficult times. AVBOB's cashback policy allows you to get a portion of your premiums back, depending on the length of time you've been with them and the type of policy you have.
The Calculation Process
It is essential to know that calculating your AVBOB cash back is not a standard procedure. The calculations differ based on the type of policy you have, so it is best to contact your financial advisor or AVBOB office for clarity.
Factors to consider
Generally, AVBOB calculates your cash back according to the following factors:
- The type of policy, i.e., Funeral, Life, or other.
- The length of the considering period, usually 5 or 10 years, which is when you are eligible to claim your cashback.
- The total premiums paid during this time.
- Your claims history and any policies loans.
Steps To Calculate Your AVBOB Cash Back :
- The first step is to request a cashback statement from AVBOB.
- Check the statement for accuracy and ensure it matches the records you have.
- Next, consider the loyalty bonus accumulated over the years as it impacts your cashback positively.
- Deduct any penalties, loans or claims paid out during the period under review.
- Multiply your total premiums by the percentage offered in your policy.
- Finally, deduct anything owed to AVBOB, and you will have your cashback amount.
Your AVBOB cashback policy can be a great way to save money, and it is essential to know how it works. It is advisable to keep your policy in good standing, so you can maximize its benefits. Remember to contact AVBOB if you have any queries, or reach out to a financial advisor for guidance.