Details

  • Risk life assurance policy on a group basis upon natural, accidental death or temporary/permanent disablement of an employee.
  • The life assurance cover can be taken on an embedded basis as part of the essential element of the employee package of the organisation (i.e. employer pays the premiums) or a voluntary basis paid by the employee through the employer (i.e. employee pays the premiums).
  • The lump sum benefit is payable to the employee's beneficiaries or nominated persons in the event of death of a member while still in active employment of an organization.
  • Maximum entry age of 64 years

Features

  • Active full-time employment of the employee with an organization who has not attained the termination age and who on first becoming eligible had not attained the maximum entry age are eligible for death cover and disability cover.
  • The benefit is normally in the form of a lump sum equivalent and upto a multiple of annual salary - four (4) times annual salary of the employee.

Benefits

  • Organisations offer employees greater opportunity to participate in the growth of their enterprises as well as a more personalized working environment.
  • Comprehensive and affordable employee benefits insurance solution will mean that your enterprise can start attracting skilled and high calibre employees.
  • Retain high calibre staff & motivate workforce by offering additional benefits.
  • Shows genuine concern for employees and their dependants.
  • Financial assistance in the event of a death of your employee and/or their family.
  • Tax benefits on premiums paid towards securing cover.
  • Tax benefits on some of the applicable benefits payable.
  • Financial assistance in the event of disability for the employee.
  • Optional Total and Permanent disability benefit or waiver of premium on Total and Permanent disability benefit.
  • Death Benefit (AIDS inclusive) Options of 2x, 3x & 4x Annual Salaries provided.
  • Trauma benefit – free based on benefit level chosen.
  • There is also an add-on occupational disability benefit option that can be chosen and attached to the group life assurance cover - total and permanent disablement as a result of an injury or illness of an insured employee such that the employee is not able to perform his or her "own or suited occupation."
  • Other benefits that can be attached to the group life assurance cover include:
    • Permanent Health Insurance / Income Continuation Benefit
    • Critical Illness Benefit / Dread Disease benefit
    • Funeral Cover
    • Extended Family Funeral Cover

Limitations

  • Free Cover Limit (FCL) is an actuarial calculation based on profile and size of the membership - the limit beyond which Botswana Life will not grant cover without satisfactory evidence of good health.
  • All claims i.e. death and disability should be notified within 6 months from date of occurrence.

Exclusions

  • Intentional contravention of any criminal law, whether legislative or at common-law, by the Insured, or by anyone acting on behalf of the Insured or with the Insured's permission or knowledge or by any person claiming any benefit under the policy.

Premium Rates & Cover Levels:

  • Minimum Free Cover Limit of BWP 50 000 provided to the employee.
  • Premiums rates vary and the rates are in the range of 0.7599% to 2.2989% of the (monthly or annual payroll) as a percentage of salary.
  • Factors that Influence pricing:
    • Main Life Assured
    • Size of the scheme
    • Age profile of the employees
    • Socio economic rating
    • Industry type/occupational loading
    • Geographic location
    • Claims experience if there is an existing scheme arrangement in place

Claims Requirements

To be submitted for all Bancassurance Solutions:
  • Claim paid within 48 hours of receiving the claim documents except for Group Life Assurance Claims which will be settled within 2 - 5 days from date of submission.
  • Death Certificate/notification
  • I.D. of claimant

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