Month: August 2020

As we approach the end of our month’s long celebration of our 40 years anniversary, let’s take a quick look at some of our promotions for the month of August.

Endowment Assurance Plan

Sacos is giving away a free Endowment Assurance Plan policy worth SCR150,000 to one lucky Sacos Life policyholder. The winner will be selected from a pool of existing Life policyholders and any new policies purchased by 31 August 2020.

The Endowment Assurance Plan is designed to pay a lump sum upon maturity or upon death. It can be taken for a minimum of 10 years or a maximum of 35 years, depending on the policyholder’s age.

The Endowment Assurance Plan is suitable for policyholders who are more conscious of making a short or long term savings plan whereby the entirety of the sum assured is collected at the end of the maturity period.

Householders Policy

During the month of August, Sacos launched two Householder promotions.

10 lucky existing Householders policyholders will each get 4 years free Householders Policy insurance coverage for a sum insured of up to SCR2 million. The promotion is applicable until 31 August 2020.

Sacos will also give 40 days free cover for any new purchase of the Householder Policy between 1 and 31 August 2020.

The Householders Policy is an insurance product which is designed to protect the house of the policyholder and its contents, against damage caused by perils such as flood, fire and burglary, amongst a list of others.

The Householders Policy is one of the most critical insurance products is any person’s life whether they are a tenant or the homeowner. Many homeowners find themselves at a disadvantage in the event of a fire or theft, or some other peril. The cost of rebuilding or replacing damaged properties can be a long and financially draining journey for the victim. The Householders Policy provides the much needed cushion against any further financial constraints to the policyholders.

Sacos takes this opportunity to thank you for celebrating this special milestone with us and we hope to still have the privilege of your good company on our next milestone.

Thank you!

For more information on the Endowment Assurance Plan and the Householders Policy and the August promotions, contact us quickly on 429 5000 or send an email to info@sacos.sc.

The untimely death of a loved one is one of the biggest hardships that we all inevitably go through at one point or another in our life. For many families, this sadness also is further worsened with additional financial stress.

In February 2020, Sacos introduced the first funeral insurance plan in the country. The plan is designed to pay out a lump sum which covers the cost associated with the funeral service. In a simplified Q&A, we answer some of the more burning questions related to the Sacos Funeral Insurance Plan.

Who can take out a Sacos Funeral Insurance Plan?
Anyone between the ages of 18 years and 65 years can take the Sacos Funeral Insurance Plan.

Does the funeral plan cover only the policyholder?
The funeral plan can provide coverage to you, as the policyholder, and your family. Members of your family that can be included in the plan are your spouse, your children and your parent. It is up to you as the policyholder to decide who you want to include in the plan.

How much can I insure under the funeral plan?
Under the funeral plan, the highest amount you can insure is SCR75,000. You can also select from one of the other three options: SCR15,000, SCR30,000 and SCR45,000.

Does the SCR75,000 cover all the members of your family included in the plan?
Not at all. If you take a SCR75,000 policy, this entire amount will cover your funeral expenses if you, the policyholder, pass away. For any other member of your family on your plan, the policy will pay out separate lump sums to cover their funeral expenses. This is why you pay an additional premium for every additional family member you include to your plan. This same principle applies to the other three options, as well.

Does that mean that the premium is expensive?
The funeral plan is one of the most affordable insurance plans under our portfolio. For example, on a SCR15,000 policy, the additional premium to include your child on your plan is only SCR80. In fact, it is quite affordable that some people may even opt for the yearly payment plan as opposed to the monthly contribution.

Who does the lump sum go to when I the policyholder pass away?
If you as the policyholder pass away, the sum insured can go to a beneficiary of your choosing or directly to the funeral parlour of your choosing.  If however, one of the family members under your plan passes away, the lump sum would go to you. You will be asked by a Sacos rep to indicate your preference.

When is the sum insured paid out?
The Sacos Funeral Insurance has a fast payment clause, meaning that within 48 hours of the claim being made, the lump sum will be paid out. However, because there are terms and conditions which apply, you should consult your policy and/or a Sacos rep for more details on how and when to make a claim.

Is there an age limit valid for all persons under the funeral plan?
Indeed, there is an age limit for everyone. For you the policyholder, you have to be no older than 65 years of age, and no younger than 18 years. The same applies to your spouse if they are included in the plan. Your dependent child should be less than 21 and if they are still pursuing tertiary studies on a full-time basis, they have to be less than 25 years of age. Your parents on the other hand will be covered up to the age of 70 years.

Consult our website for more information on the Sacos Funeral Insurance Plan or call us on 429 5000 or send us an email to info@sacos.sc

It goes without saying that all prudent homeowners (landlords included) should have some form of insurance against their home.

Continue reading “Reasons why the Householder Policy is the better option” →

When it comes to life insurance, there are two types of customers. The first, a person who primarily takes out a life insurance policy with the purpose of leaving behind a safety net for their loved ones after their passing. The second, a person who takes out a policy with the primary purpose of making savings.

Many of our policyholders fall into the second category. When they meet with insurance agents and representatives, they discuss the savings plan which work best for their short or long term goals.

One of the concerns shared by some of the more cautious policyholders is that they may not survive the policy term and will not get to enjoy the benefits of their savings. This concern subsequently shapes the type of policies they take out. In the worst scenario, some potential policyholders never take that ultimate step.

With Sacos currently running a promotion on Endowment Assurance Plan for its 40th anniversary (giving away a free SCR150,000 policy to existing or new customers by 31 August), here is a quick look at how a SCR150,000 Endowment Assurance Plan can benefit the policyholder.

Lump-Sum Payment: The Endowment Assurance Plan is designed to pay out a lump sum amount at the end of the maturity period. This means that the policyholder will receive SCR150,000 at the end of the maturity period.

Policy term: The policy term can range between 10 and 35 years. The policy holder has flexibility in deciding what works best for them depending on their short or long term goals.

Survival Benefit: With the Endowment Assurance Plan, the survival benefit is paid upon maturity. The policyholder receives the full sum assured, plus accrued bonuses if With-Profit was included. Currently, the SCR150,000 Endowment Plan promotion is based on a 10-year term. Policies with shorter terms can easily assuage the fears some policyholders may have with not surviving their insurance plans.

There are many ways a short term Endowment Assurance Plan can be used to benefit the policyholder. Parents can use this plan as an investment to cover (fully or partially) tuition costs at secondary or tertiary level. A twenty-two year old aspiring homeowner can use it to secure a SCR900,000 Mortgage at the age of thirty-two. A thirty year old would-be entrepreneur can use it as capital when they launch their own business in ten years. A fifty year old can plan for a supplement to their retirement income.

A case can also be made for a third type of consumer, who considers a little bit of both – the savings plan and the safety net for families left behind. Whichever it is, there is an insurance plan for everyone out there. You simply need to take the first step in reaching out to an agent or Sacos at 429 5000 or life@sacos.sc.

Many people dismiss the necessity of home insurance. There is a general tendency to view insurance as an imposed expense, such as in the case of motor insurance or as just a life savings option, such as Life Assurance. While both are absolutely useful, home insurance is also one of the most important types of insurance in a person’s life.

What is Home Insurance?

Home insurance is an insurance product which is designed to protect your house and its contents, against damage caused by perils such as flood, fire and burglary, amongst others.

What are the benefits of Home Insurance?

A home insurance reimburses the policyholder the cost of the damage caused, within the limits of the value of the sum assured. This provides the policyholders with a protection for their assets in case of unforeseen perils.

For example, if a fire damages the floors, walls and other fixtures, as well as the contents of the household, the policyholder can make claims against the sum insured for the house. This is dependent on the type of policies taken out. A building insurance cover provides cover against damage to the building and some fixtures of the house. A content insurance cover provides cover against damage or theft of to the valued contents of the household.

A policyholder would get better coverage if they opted for both types of covers.

One of the most clear-cut benefit for the policyholder is the protection against meeting the cost of the damage out-of-pocket. Once the compensation is paid out, the policyholder can start the process of rebuilding with less financial constraints.

Who can take out a home insurance?

Anyone who owns a home or rents an apartment or house can take out a home insurance. The Home Insurance has two types of policies – one covers the building and fixtures of the house and the second covers contents of the home. A homeowner can and should ideally take both covers. A landlord can take out a building cover and a renter (tenant) can take out a contents cover.

Tell us more about the Home Insurance Promotion

As part of our #Sacos40 anniversary, we are running two promotions for Home Insurance – one for existing customers and one for new customers.

For existing customers, Sacos will choose 10 lucky winners to win 4 years FREE insurance coverage for a sum assured up to SCR2 million. Any existing customer whose coverage has recently expired or will expire during the month of August, should renew the policy by 31 August 2020. For new customers who takes out a Home Insurance during the month of August, Sacos will provide 40 days free coverage to the new client.

Call us on 429 5000 or send an email to general@sacos.sc for more information. Visit our website for more details on home insurance.

Watch the video advert here! https://www.youtube.com/watch?v=RckZOr9tvlQ