At the 73rd Annual General Meeting, AVBOB CEO Carl van der Riet announced the declaration of a R13,1 billion cash benefit for qualifying members. This substantial cash benefit is issued at the discretion of the AVBOB Board and marks the sixth special bonus declaration, following the special centenary bonus declared in 2018. The bonus, termed the “65Alive Cash Benefit”, will be linked to members’ policies, effective 15 January 2025.
The 65Alive Cash Benefit is designed to be withdrawn when the policyholder turns 65 (provided the policy has been in force for at least 10 years) anytime from 15 January 2025. The name “65Alive” reflects this eligibility condition. As a mutual society, AVBOB operates without external shareholders, meaning its members – AVBOB policyholders – share in the Society’s profits, which are distributed in addition to the standard policy benefits.
The sixth special bonus extends beyond funeral and life insurance. It encompasses AVBOB investment plans – both the five and 10-year plans. These investment plans qualify for the 65Alive Cash Benefit, which will become payable upon policy maturity, as confirmed by Van der Riet.
All existing policyholders will receive an annual communication letter via post, SMS or email, outlining their policy benefits and any applicable bonuses and/or 65Alive Cash Benefit. In order to guide this process, it is crucial that AVBOB has up-to-date contact details for its members. Therefore, policyholders are encouraged to review and update their information on the AVBOB self-service portal: https://selfservice.avbob.co.za/connect/home.
Membership in a mutual society provides valuable benefits through long-term membership offerings. Apart from the 65Alive Cash Benefit, AVBOB members can also benefit from Member Rewards and from FREE funeral benefits* valued at up to R22 500 (*Terms and conditions apply. FREE funeral benefits only apply if AVBOB Funeral Service conducts the funeral).
The Member Rewards programme presents a renewed opportunity for AVBOB members to receive value for their loyalty to AVBOB through a carefully selected network of benefit partners and a variety of rewards to meet the daily needs of AVBOB members.
Van der Riet said AVBOB’s mutual model represents a shared commitment to prosperity, ensuring that our members fully benefit from ownership and value creation. “By reinvesting our profits to enhance member services and policyholder benefits, we continue to prioritise their well-being. AVBOB is proud to announce this substantial cash benefit, reaffirming our dedication to sharing the Society’s success with those who matter most – our members,” he said.
For more details on the 65Alive Cash Benefit, visit: https://www.avbob.co.za/general/65alive or call the AVBOB Call Centre at 0861 28 26 21 for assistance.
About AVBOB Mutual Society
AVBOB is 106 years old. The AVBOB Group comprises AVBOB Mutual Assurance Society, which provides insurance products, and two subsidiaries – AVBOB Funeral Service and AVBOB Industries, which manufactures our coffins and funeralware. Being a mutual means that AVBOB has no external shareholders but instead has members who receive a share of AVBOB’s surplus profit. Our members are our policyholders, and our mutual status drives our purpose.
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