[2008-08-07]  Standard Chartered Bank Launches Banc assurance

The Standard Chartered Bank Insurance Agency in collaboration with AON and Metropolitan Insurance last week officially launched Banc assurance products for individuals across Botswana. Banc assurance is a new concept in Botswana whereby a diverse portfolio of insurance products that cater for different family needs, are sold to the citizens of Botswana through the branches of Standard Chartered Bank. Mr. David Cutting, the Standard Chartered Chief Executive Officer, said initially the Bank’s Insurance Agency will offer three different products - Bokamoso Education Plan, Botshelo Funeral Plan and Kokelo Cash Plan. He said all the products are designed with the various needs of families across Botswana in mind and all three above products are available in three different packages i.e. silver, gold and platinum, with differing premiums and benefits based on the policy selected. The Botshelo Funeral Plan Cutting described as “the right partner in time of bereavement, providing a lump sum payment on the passing of loved ones”.For each of the policy options, the member and the spouse and up to 6 children are covered. “Additionally, the policy allows one to provide cover for one’s parents and parents-in-law. The Botshelo Funeral Plan also comes with a unique feature of premium waiver, that is, if a gold or silver policy is selected, then after the death of the principal member all other lives including the parents and parents-in-law remain covered without any further premium payments.” He said platinum customers also benefit from an automatic premium waiver facility when they reach the age of 65, i.e. all the lives remain covered without any further premium payment once the member reaches age of 65. The bank also launched the Bokamoso Education Plan, which assists in providing the best future for one’s children. According to Cutting, “the Bokamoso Education Plan offers the best investment-linked education insurance for one’s family. With the Plan one can choose from a period of 10, 15 or 20 years and receive a lump sum payment for the education of one’s children on the maturity of the plan. In addition the Plan allows the option of an annual withdrawal after the 6th year, which assists with the management of day to day educational expenditure such as uniforms or textbooks”. He said the Bokamoso Education Plan also comes with the premium waiver feature.Another product is the Kokelo Cash Plan, which is a hospital cash plan which provides a Daily Benefit Amount for each day spent in a hospital and Double Daily Benefit Amount for each day spent in ICU. “The Daily Benefit Amount can be used towards all medical and non-medical expenses arising due to admission to a hospital. The Kokelo Cash Plan has been specially designed for customers with or without medical aid and for both employed and self-employed customers. The Kokelo Cash Plan also provides clients with regular loyalty and no-claim bonuses,” said Cutting.

Source: standard