06 Jul 2017

In a quest to enhance and broaden their product offering and serving their customers with affordable products, Botswana Life has launched a new life cover product ‘Poelo Whole of Life’ aimed at benefiting members with a lifetime cover inclusive of a 120 per cent payback after 15 years.

Giving a keynote address at the launch on July 5, product development manager, Mr Ezweni Tshuma noted that the product addressed a growing marketing need and Botswana Life was committed to developing a product that uniquely catered to the whole life insurance market and presented members with additional benefits that enhanced convenience for their legacies.

“Poelo Whole of Life is the first product of its kind in the Botswana Insurance market. Not only does it offer a premium payback after a 15-year maturity and an additional 20 per cent; the product also affords whole life cover to members and their spouses,” he said.

The Whole of Life product also provided tax advantaged savings for the insured, and the choice to be covered either by the Pula, or the hard currency such as the US Dollar.

Mr Tshuma further highlighted that Poelo was a flexible product ‘with a buffet of choices’, saying one could choose to cover their spouse or choose to stop paying premiums at age 65, 70, 75 or 99 years and have life cover for the rest of their lives. Botswana Life would pay the sum assured on the passing on of the policy-holder, whenever it happened.

He explained that policyholders were allowed to protect their sums assured against the effect of inflation. He said they could also choose to have a level premium and level sum assured or an escalating premium and escalating sum assured.

For her part, Botswana Life CEO, Ms Bilkiss Moorad stated that their 41-year market experience had seen them develop an array of products to better service their customers.

“We pride ourselves in staying ahead of the curve, and we do so by continuously meeting the needs of our customers. It is in light of this that we have tailored a product that is both affordable and innovative, as well as covers members and their spouces for their entire lives,” she said.

Moreover, she added, the policy was also specifically designed to enable families to cope with the majority of risks that came with life’s unexpected turns, such as disability lump sum, disability income and replacement and critical illnesses. ENDS