BLIL new ‘premier’ range of insurance products hit the market
by Kabelo Seitshiro
Botswana Life Insurance Limited (BLIL) has introduced a new premier range of products aimed at ensuring that its offering remains relevant to changing times.
BLIL acting Chief Executive Officer, Lorato Mosetlhanyane, says the newly introduced Pinagare life cover, Motlamedi funeral plan and Bosa Hospital Cash Plan are the first in status and importance and first to exist.
Launching the products on Monday, Mosetlhanyane said Botswana Life understands that life is unpredictable and insurance is one of the few products in life created specifically to help individuals and families manage the unpredictable changes they will experience in the journey of life.
“Our Motlamedi Premier Funeral plan is based on real life experience that death is often followed by immediate and large expenses that a household may not have saved for,” she said.
BLIL Head of Clients Services and Business Support, Thomas Masifhi, said that with Pinagare premier life cover, the minimum cover is P100, 000 while the maximum cover is P500, 000. He stated that the product does not require medical underwriting, that 50 percent of the cover is available after 12 months and that it is a security for a loan and does not come with a requirement for an HIV test.
“Pinagare is a Setswana name that means ‘a central supporting pole to the roof of the house’. The pole supports the house for many years and our policy will do the same to the family once the breadwinner is deceased,” he said.
Masifhi further unveiled the Motlamedi Premier Funeral plan, which he said is based on the real life experience that death is often followed by immediate and large expenses that a household may not have saved for. He added that high financial demands with funerals being sometimes led by cultural requirements for mourning in a specific way can become a particularly heavy burden to bear when a household’s breadwinner passes away and there are no resources in the household to meet immediate expenses.
“This is a Funeral Policy that will pay a lump sum benefit in the event of death of the policyholder, spouse and up to six nominated children,” he stated.
He said that Motlamedi also does not require medical underwriting, has cash and funeral service components as well as a compound maximum cover of P270, 000 for the family which includes two parents and six children.
“Botswana Life has made continuous research into changing lifestyles a cornerstone of its product development and innovation,” said Masifhi.
On the other product, Bosa Hospital Cash Plan, he stated that it provides cover to the insured and his family not only in Botswana but wherever outside the country they may have travelled to. He added that it is informed by an important realization that Batswana lead increasingly mobile lifestyles and need cover regionally and internationally.
Its benefit include that the covered person can claim the daily benefit whilst in hospital and benefit can be used as supplementary income while hospitalized.
“This premier product allows for 100 days of continuous hospitalization and it allows for 150 days of hospitalization intermittently,” he said.