Month: November 2021

There is a level of excitement and fear when you live abroad for the first time as a student. An air of adventure and a sense of independence that comes with living in a new city.

With it though, also comes the weight of responsibility – the burdens of adulthood. 

For many overseas student, this new experience can be particularly daunting. It’s the first time they are living away from their parents.

Induction month offers students the opportunity to familiarise themselves with the new city, their new campus and the services available to assist them. But, there are also a number of difficult situations to navigate such as student visa, opening a new bank account, registering for student ID, rents and deposits, bills and registering with a service provider, and importantly health insurance.

Thankfully one of these concerns can be struck from the list before even boarding a flight – the Student Travel Insurance.

Sacos recently introduced the Student Travel Insurance to protect students from unforeseen perils during their studies overseas.

The Student Travel Insurance covers:

• Hospitalisation and other medical expenses, including COVID-19 treatment and quarantine;
• Emergency medical evacuation
• Emergency dental care
• Emergency return home following death of a close family member
• Travel of a family member if the student is hospitalised
• Repatriation of mortal remains 
• 24 hour assistance service
• Loss of baggage and other important travel documents
• Personal accident in public transport
• Personal Liability

When you are a foreigner in a country, travel insurance is not a luxury – it’s a basic necessity.

In securing travel insurance while in Seychelles, before the student travels, you are basically ensuring that students can receive urgent care in case they fall sick, catch COVID-19, or get into an accident.

You can choose a cover period of 3 months, 6 months, 9 months or a year while they get themselves sorted out in their new country.

There is no need to risk the lives and security of our students by sending them overseas without cover or protection. 

It is worth repeating that travel insurance can be the difference between life and death! For more information on the Student Travel Insurance, call us on +248 4295000 or send an email to general@sacos.sc. You can also request a quote via our website

For policyholders with policies on the brink of maturing, the pay-out of the full sum-assured is certainly an eagerly anticipated moment. For some, this particular moment has been 30 years in the making. But what happens when you outlive your policy?

Life Insurance with dual purpose

The great thing about life insurance with Sacos is that they can serve dual purposes. It is both designed as a savings option for the policyholder and as a potential source of inheritance for their loved ones.

Almost all our policies pass on the sum assured to beneficiaries upon death of the policyholder during the term of policy.

Downside to a matured policy

The only downside to a policy maturing, and it’s the only one, is that the life of the policyholder is no longer covered. This means that in future, in the event of their unfortunate passing, they might not have any life insurance to pass on to their loved ones.

Say you took a SCR300,000 Sacos Special Plan 30 years ago and it is set to mature in a month. This means that from December, your life is no longer covered.

After that SCR300,000 is spent, there might not be much left behind for your loved ones to inherit.

Consider a second life insurance policy

Budget, age and health factors permitting, a second life insurance policy may be what you need if you want to take care of your loved ones after your policy matures.

There is also no reason to really wait for the current policy to mature. Policyholders are allowed to take out a second life insurance.

Some parents opt for a Junior Plan to supplement their own as protection for their children. Some choose fixed long term policies that can last before retirement age. And still some choose the Special Whole Life Assurance to supplement their retirement income.

You can go through the list of life insurance policies on our website to choose a secondary policy suited to your needs. You can also contact us on 429 5000 or life@sacos.sc for more information on our life insurance policies.

As part of Road Safety Week, we are raising awareness on safe driving, vehicle fitness and insurance protections for yourself and your vehicle.

Here are some essential safety and insurance information which can help you:

1. Road Collisions
Collisions can happen at any time on the road (or in parked areas) without warning and at times in completely avoidable circumstances. A number of these collisions happen due to reckless driving or miscalculations by drivers.

While mistakes can be as simple as a fender bender, some can result in very serious damage and injury to the car and its occupants.

The Comprehensive Motor Insurance provides the driver with coverage in the event their vehicle is damaged following an accidental collision. It also covers the secondary car if the primary driver is the at-fault party. The coverage includes the cost of retrieving the vehicle, repairs or compensation, if totaled.

The Third Party Only Insurance only covers damage caused to the secondary car in the collision.

Safety Tip: Avoid distractions while driving. Pay attention to road signs.

2. Bodily Injury or Death
Sadly, some road accidents result in death or serious body injury. Unfortunately, alcohol is one of the leading factors in such fatalities and casualties. 

The Comprehensive Motor Insurance provides coverage to the occupants in the primary driver’s car and parties from other involved vehicles, in the case of bodily injury or death.

The Personal Accident cover provides coverage in the event of death and bodily injury to the insured or any authorized licensed driver.

Safety Tip: Had a drink or two? Save a life by calling a friend or a taxi. Or have a sleepover.

3. Liability and Representation
Road accidents can lead to the driver facing very serious legal consequences. This is especially the case where the accident is between a driver and a pedestrian.

The Comprehensive Motor Insurance indemnifies the driver against legal consequences by covering the cost of legal representation and compensation.

Safety Tip: Avoid driving over the designated speed limit. Keep your speed to 30km/h (or lower where instructed) in residential areas.

4. Property Damage 

The Comprehensive Motor Insurance provides coverage in the case of property damage caused as a result of a car accident.

Safety Tip:  Conduct regular service check to ensure vehicle road fitness.

For more information on our Comprehensive Motor Insurance, call us on +248 429 5000 or send an email to general@sacos.sc. You can also request a car insurance quote from our website.

The Sacos Exclusive Plan has been one of the most favoured insurance taken by women in Seychelles. It is one of the term insurance policies which pays out survival benefits at regular intervals throughout the policy term. 

The most unique feature about the Sacos Exclusive Plan is that it pays the survival benefits every three years, the shortest period to get a return on your life insurance. In addition, the insured receives the full sum assured at the end of the policy term as well as the last cash installment on the policy.

An example: A 21 year old woman takes out a SCR100,000 policy for a period of 24 years.

At the end of Year 3, she receives SCR8,000 (8% of the sum assured).

At the end of Year 6, she receives SCR10,000 (10% of the sum assured).

At the end of Year 9, she receives SCR12,000 (12% of the sum assured).

At the end of Year 12, she receives SCR14,000 (14% of the sum assured).

At the end of Year 15, she receives SCR16,000 (16% of the sum assured).

At the end of Year 18, she receives SCR18,000 (18% of the sum assured).

At the end of Year 21, she receives SCR20,000 (20% of the sum assured).

At the end of Year 24, she receives SCR22,000 (22% of the sum assured) and SCR100,000 (full sum assured).

Useful tips:

• Eligible to anyone aged between 18 and 55 years.
• Has a fixed period of 12, 15, 18, 21 and 24 years.
• In case of death, the full sum assured is paid to the beneficiary/
• In case of Permanent and Total Disablement, the full sum assured is paid to the insured person.
• Cash policy advance is available with the policy.
• Bonuses is available with the policy.

For more information on Sacos Exclusive Plan, call us on +248 4295000 or send an email to life@sacos.sc or request a quote via our website.