Botswana Life Insurance on Monday unveiled a new product offering ÔÇôLore Master Plan, which allows policyholders to have access to cash backs while they are still alive or when they pass on.
It also provides a tax free benefit of up to P4, 000 for 12 months for the beneficiaries after the policy holder has passed on.
Other benefits that are also included in the product are that it pays up to P50, 000 lump sum benefit.
The new product offers a cash back equivalent to 6 months premiums every 4 years .The policy cover includes the policy holder, spouse and a maximum of 6 children.
Other expenses to be catered for by the 12 months monthly benefit include hospital bills, mortgage, clearing of unsecured loan balances and rentals.
Botswana Life Head of Support Thomas Masifhi highlighted the need to extend more convenience to customers against the backdrop of current socio-economic realities.
Masifhi said that the product is a result of months of careful scrutiny of products which are currently available in the market. He further said that an assessment of what customers need was also put into consideration as well as the current economic situation.
Masifhi pointed out that as a business they respond to market dynamics and are mindful of the need for innovation hence the delivery of a product that enhances lives of policy holders and their beneficiaries.
The policy allows for clients to get cash back every four years equaling six months of their total premium and up to P50, 000 upon the death of the policy holder or their spouse. A double lump sum is paid out on accidental death, which means the amount doubles to P100, 000.
Botswana Life CEO Catherine Lesetedi-Letegele said due to the choking effects of the economy that is causing difficulty for personal finances and saving, customers are more likely to move to the new policy.
She said that people now more than ever need to have a plan that will allow them to prepare for the costs of funerals and create financial egg nests that will allow their families to be able to cover associated costs.
She also said that the policy is there to help their customers to plan ahead and start enjoying the benefits with cash backs and other payouts.
The targeted market of the master plan includes middle to high income earners, business entrepreneurs, newlyweds and breadwinners.