Barclays Insurance Services (Pty) Ltd

OVERVIEW

Barclays Insurance Services (Pty) Ltd is a subsidiary of Barclays Bank of Botswana responsible for all insurance related matters of the Bank.

The company is fully registered with the Non Banking Financial Institutions Regulatory Authority (NBFIRA) to carry out insurance business.

BANCASSURANCE

Barclays Bank of Botswana has partnered with Absa Life Botswana, Hollard Insurance Company, and Aon Botswana to launch an array of life-style protection and value adding insurance products. Absa Life Botswana underwrites the long term insurance products while Hollard Insurance Company provides cover for the short term insurance needs. All these are brokered by AON Botswana.

PRODUCTS

LONG TERM INSURANCE

Barclays Insurance Services offers various long term insurance products.

Credit Life Insurance

Barclays Insurance Services offers competitive rates in the market making our loans very attractive in the market. This insurance is currently mandatory when obtaining bank loans. This is required for credit card, personal loans, vehicle and asset loans as well as mortgage loans. Cover is on the life of our customers.

Credit life insurance protects the individuals’ beneficiaries in the event of death or disability. There is also a new feature in ABSA Credit life product called accidental death benefit.  This is paid out to the elected beneficiary in the event where the insured’s death is as a result of an accident. The existence of credit life product protects the insured’s assets after they have passed on, instead this policy will take care of the outstanding loan amounts.

Stand Alone Products

1. Montshegetsi Funeral Plan

The first of the Barclays insurance services products to be launched was Montshegetsi, which is underwritten by Botswana Life.

Montshegetsi does not require medical underwriting, meaning that a customer does not need to undergo a medical examination to register for the product. Upon the death of the policy holder, Montshegetsi continues to pay a monthly allowance that ensures the surviving family is well taken care of in their period of transition.

Over and above the benefits, the policy holder gets an embedded cash-back plan of 12.5% of their monthly premiums every four years whether there has been a claim or not. Further to that, the policy is so flexible that it is easily transferable to the surviving spouse in the event of the death of the policy owner.

2. Kgomotso Funeral Plan

Kgomotso Funeral Plan was launched on the 1st of March 2011, and is underwritten by Absa Life Botswana. It pays out on the death of the policy holder or members, as a result of insured events, such as accidental death or natural causes. The plan is designed to cover funeral expenses. Kgomotso Funeral Plan covers a maximum of 5 children, 4 parents and parents-in-law and 8 extended family members. Children are covered up to the age of 21 or 25 if they are still studying.

Upon the death of the main member as a result of an accident, the policy will pay the family double the amount of cover. When the main member reaches the age of 65 and the policy has been active for 10 years or more, he / she will not have to pay for the policy anymore. This means they will be covered for FREE.

At the end of every three year cycle, the policy holder will get half of their first year’s premium as cash, whether there had been claims or not. The benefits for children include a still born child (after 28 weeks of pregnancy, and not as a result of any abortion of the mother’s choice).
The spouse will have the option to become the new policy holder within 90 days of the main member’s death. For a little extra premium, the beneficiary will get P500 or P1,000 every month for one year after the death of the main member.

There are four plans available under this policy, offering flexibility and affordability. The plans range from P10,000.00 to P40,000.00 , and one can select any plan depending on their needs.

Embedded Products

Isago Bank account: For a minimal fee one is able to get funeral benefits of up to P5, 000.00.

SHORT TERM INSURANCE

Barclays Insurance Services (Pty) Ltd offers affordable short term insurance on the assets financed by the Bank making it easy and hustle free for our customers as premiums will be deducted together with loan repayment instalments.

Motor Insurance

Through the Vehicle and Asset Finance or any Barclays Bank Botswana branch at the time of obtaining a loan, our customers can access affordable motor insurance rates. This insurance policy covers the vehicle against accidental damage and fire. It also covers third party liability resulting from an event in connection with an accident caused by the insured vehicle, including legal costs and expenses (incurred with the insurer’s consent) There is also cover for storage and towing charges, the cost of filling cracks or chips in the windscreen of the vehicle, or the cost of replacing the windscreen or other windows and the cost of repair or replacement of keys, locks or remote controls.

Homeowners Insurance

Homeowners insurance can be accessed from our Home Loans division or any Barclays Bank branch at the time of obtaining a loan. This insurance covers the home against risks such as fire, lightning, explosion, storm, wind, hail, snow or flood excluding loss to gates and fences, or caused by wear and tear. It also covers earthquake, bursting, leaking or overflowing of water or oil from tanks, apparatus or pipes, including damage to the item, impact by aircraft, vehicles, falling trees not intentionally felled and breakage of fixed glass excluding chipping, scratching or discolouration.

New Products

THE FUTURE OF BANCASSURANCE

Barclays Insurance Services is constantly assessing customer needs and finding ways to meet those needs. There is therefore more value adding insurance products under development that will be launched in the near future.