08 Aug 2019

Funeral Services Group (FSG), a consortium of Kagiso and Lyn’s parlour has launched 12 products.

FSG head of sales and marketing, Ms Tebogo Moribame-Seiteko, said the new products offered a myriad of benefits to the customers.

In one of the new offers, the company has introduced Legacy Fund, which provides a family with a monthly income over a 12 month-period, ensuring that a family would be cared for upon the death of a policy holder.

Ms Moribame-Seiteko said some of the new products had a cash back component that provided a policy holder with a 10 per cent cash back on their premiums every five years, provided there would be no claim within the period.

She further said the overall value of the products, services and cash values had also increased compared to the old products.

She launched six individual policies, with three being of lower value ranging from P17 000 to P38 000 and three individual policies of higher value ranging from P50 000 to P100 000.

Ms Moribame-Seiteko said they also had three policies for informal groups; Retlametswe, Sedilame and Letlhabile, ranging from P17 000 to P30 000.

“Tshepiso, Marang and Seriti are the policies we offer to corporate groups ranging from P25 000 to P40 000,” she said.

 She said FSG had developed products that provided cover for families from as little as less than P1 a day.

“In all our products, a spouse and an additional member have the same benefits in terms of cash and service values just like a policy holder,” she said.

She highlighted that there was no waiting period for existing clients, which meant that if a policy holder upgrades to a new product offering, they would not have to wait for the mandatory six months.

Ms Moribame-Seiteko said the company’s products were becoming obsolete, hence the need to revamp them and settle for the new prices. She added that they also needed to align with the current trends. She said the entry age for enrolling in the individual products hasd increased from 65 years to 70 years, which means that more people were going to qualify

“FSG carries on the principal business activity of manufacturing and retail of coffins and caskets, provision of funeral-related services and provision of funeral insurance in partnership with Botswana Life Insurance Limited,” she said.

She said the company had another wholly owned subsidiary, Private Cemeteries (Proprietary) Limited that was engaged in the business of establishing and managing private cemeteries in Botswana. In his opening remarks, FSG acting managing drector, Mr Vijayan Narayanan, said the momentous occasion came after the management worked tirelessly to evaluate the current products to beat competitors.

“We have come up with products affordable to an ordinary citizen but offer very high benefits to the family of the deceased to help them deal with the loss of a loved one,” he said.

 “This is an important step towards expanding sustainable financial inclusion, and enrolment in our insurance policies and is the beginning of a journey that gives protection and that generates tangible value for our policy holders and their dependents,” he said. ENDS