Month: March 2019

If you accidentally burn yourself and require a skin graft, should your A) Personal Accident Policy or B) Health Insurance cover the cost of the surgery?

If you answered B, you’re spot on!

If you answered A, we understand where the confusion comes from; but Personal Accident cover isn’t quite what it sounds like. What it covers is basically: Loss of sight, loss of limb or permanent disablement, or accidents that happen on an occupational basis.

Here are the key differences between the two:

Health vs Personal accident insurance

By now you already know that health insurance policies will cover expenses due to hospitalisation and medical procedures caused by illness or injury, even those resulting accidents.

A personal accident policy on the other hand, has a more narrow coverage. The beneficiaries of this policy can only get their benefits in the event of accidental deaths or permanent or partial disability due to an accident.

Medical coverage

When it comes to medical coverage, a health insurance policy might offer comprehensive financial coverage of any medical expenses due to all sorts of illnesses, injuries, and other medical conditions.

While a personal accident policy may also cover medical bills, it will only cover those that stem from accidental injuries.

Disability Expenses

Some accidents can be so bad that it can cause severe bodily damages, resulting in disabilities. These injuries are referred to in insurance policies as permanent total/partial disability and temporary total/partial disability.

Your health insurance policy will not provide any  coverage against any disabilities caused by accidents.

A personal accident policy provides up to a specific percentage of the insured sum as cover for disabilities caused by accidents,

Death Coverage

Not only does the sudden death of a loved one cause a heavy burden on families emotionally, but financially as well. A death coverage can be helpful with financial adversity in these sad times.

However, a health insurance policy does not provide any coverage against sudden death, as death is typically covered by life insurance.

A personal accident policy covers against accidental death and turns over 100% of the assured sum to your nominee and/or beneficiary.

We hope this article has answered any questions that you might have had, but if not, we’d love the chance to provide more information!

Get in touch by paying us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

We all aspire to be someone, and to do something.

How many times have you looked as someone and thought ‘I could do that too, if only I had the means’? With Sacos’ Exclusive Plan, you can!

Whether you’re a single lady, married, or a young professional, the Sacos Exclusive Policy provides an ideal opportunity to put aside something for yourself, and at the same time to  eventually be able to enjoy your retirement.

How does the policy work?

Available from the ages 18 to 55, the Policy can be issued for a period of 12,15,18, 21 or 24 years. As the policyholder you will be paid the growing cash payment every three years.

For example: You take out a SCR100,000 policy for a maximum term of 24 years. You will be paid an initial 8% of the sum assured, in this case SCR8000, after the first 3 years. This will go up by 2% every 3 years until the 24th year of the policy. In addition to the whole SCR100,000 you receive upon maturity of the policy, you will have also have acquired an additional SCR20,000, as you would have received, in total, the growing cash payments every three years amounting to a total of 120% of the sum assured (total sum of SCR120,000)

On survival to the end of the term, in addition to the last cash payment, the full sum assured plus any bonuses accrued thereon is payable.

What happens if I don’t make it to the end of the Policy?

The whole point of getting an insurance policy is so you have something to fall back on if something ever happens to you. If, as the assured, you are unfortunate enough to suffer from total and permanent disability, you will be paid the full sum assured (with bonuses!) immediately, or in 24 monthly instalments. This is a free benefit provided with the policy.

In the sad case of your death during the term, the full sum assured and any bonuses accrued up to date of death is payable to a beneficiary of your choosing.

Early retirement? A new business venture? A dream holiday! It’s all at your fingertips as an Exclusive Policyholder!.

We’re more than happy to help you choose the most affordable plan that meets your objectives and cater for your financial needs.

Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

When entering into an insurance contract, as the policyholder there are certain conditions you are expected to fulfil. If you are unable or fail to meet these obligations, you may find that your motor insurance policy is liable to being cancelled before its normal expiry date, which would not only leave you unprotected in case of an accident, but in violation of the law.

What factors can result in my policy being cancelled?

• There are some things that are out of your control. Like dying, for instance. Your death, resulting solely from accidental injury will cancel your policy.
• Transferring your vehicle to another party will also result in your policy being cancelled.
• Always pay your premium, and on time. Consecutive non-payment of premium is a sure fire way to have your motor insurance policy voided.
• Aggravation of risk: As the policy holder it is your obligation to inform your insurance company about an aggravation of the insured risk circumstances. For example, if you are consistently lending your car to other people, then the risk of an accident is increased. Failure to disclose that information may result in a non -payment in the case of an accident.
• If your insurance company finds out that you have deliberately withheld important information, or provided false information, your policy may be cancelled.
• In the event that either party, you or your insurance company declares bankruptcy, you may find that your motor vehicle’s policy is no longer valid.

You will find all these conditions in your private motor insurance policy contract.

If you are uncertain about any conditions or terms, one of our agents would be more than happy to go through it with you again.

Simply pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc. We’ll be more than happy to help!

A lot of businesses worry that ‘going green’ will cost them a lot of green! After all, if you’re thinking of implementing green practices at your business, it’s natural to want to make sure they’re cost effective. Fortunately, there are plenty of ways to accomplish both!

These tips can help you implement cost-effective ways to go green at your business:

Go Paperless

Consider going paperless where and whenever possible: save files digitally, send electronic copies of documents such as contracts, invoices etc. Not only will you be helping the environment, but you will be saving on office supplies, too!

Engage Employees in Green Practices

Collectively, a group of people can make a significant difference so don’t overlook the opportunity to get employees involved in your efforts. Remind employees to switch their computer settings to power-saving mode when not in use, and unplug laptops or cell phones when they are fully charged. Other small ways to go green as a group include asking employees to ensure that all their equipment, lights and air conditioners and radios are all turned off when they leave at the end of each day.

Replace Old Equipment

Replacing most of your office equipment in one go can be financially draining, especially if you are a small business. But purchasing and using highly rated pieces of office equipment can help save on your business’s energy bills. Audit your computers and printers and create a plan to update them one at a time.

Use Environmentally-Friendly Light Bulbs

This may come as a surprise, but incandescent light bulbs are a major factor that contributes to wasted energy at businesses! Switching to LED bulbs, which use up to 80% less energy and lasts up to 25 times longer than traditional incandescent bulbs will not only decrease your electricity bill in the long run, but save you money on constantly replacing burnt out light bulbs.

Keep your customers informed

Promote your environmentally friendly practices on your social media platforms to keep your customers aware and updated of your commitments. As well as helping the environment, green business practices can definitely bolster your public image and potentially bring in more customers!

When it comes to businesses and the environment, it doesn’t have to be either or : By following these tips, you can prioritise green practices that make the most sense for your business and may save some money in the long run!

As the single caretaker of the family and the only source of income in the household, single mothers often have a nagging feeling that most parents do not – who will take care of their family if they are not around.

There are many things that can weigh on you: the financial responsibility of providing for your family typically rests on you alone,  taking care of your household and paying bills, meeting your children’s needs, and worrying about who will provide for them should something happen to you.

Luckily, the pressure and the associated stress of all these responsibilities can be lightened with a Sacos Education Plan!

Why you should consider an education plan:

Sacos’ Education Plan is designed to help you save by means of a small monthly contribution. The policy is taken on your life with your child being named as the beneficiary, and only he or she will be able to receive the money upon maturity. You do not have to worry about someone else profiting from your hard work and your child’s inheritance when you are not around to protect them.

I am a mother to more than one child. How will they all benefit?

We know that your children come first, and it would not be fair if they were not all availed to the same opportunities. The great thing about this plan is you can take any number of policies depending on the number of children for whom you want to provide Education benefits to!

What if I die before the policy matures, will my children still be taken care of?

YES! In the sad event of your demise, the full sum assured plus any bonuses accrued is payable to your children. How it works is you assure the terms for either 10, 15 or 20 years, of which 10% of the sum assured being payable at the end of each of the last 5 years prior to maturity. We will take care of the financial aspect of your child’s life when you are no longer around to do so.

What if my child receives a scholarship?

That’s great! Although designed with funding tuition fees in mind, the Education Plan is merely an investment medium — as the beneficiary your child is free to use or invest they see fit. They can use it to start their own business, buy a house, or just receive a financial leg to stand on.

If this sounds like something you would like to do for your child pay us a visit at our branches (Maison Esplanade – Victoria, Pension Complex –Baie St. Anne Praslin, Green Corner –Providence)  or call us on 429 5000 or send an email to info@sacos.sc.