Month: September 2022

It’s a parent’s worst nightmare. The unimaginable. The unthinkable. What will happen to my child after I pass?

It is more than just worrying about who will raise and love them in your absence, as painful as that realisation is; for a parent, there is also a concern for their future.

What funds will they have to sustain them in their daily lives? Will they receive a daily allowance for school? Will they be able to buy their preferred snacks or be gifted their presents of choice? It feels mundane compared to the grief that will accompany the loss of a parent at a young age and yet it’s part of the little things that make life…life. We understand.

Beyond worrying about how they will cope with their daily lives, there is also their future.

Every parent aspires for the best for their child. To be able to pursue their education, to follow their professional careers, to start their business, buy their first car, build their house and so on.

For many lucky enough to have those opportunities, their first handout has almost always been from their parents. From their first deposits, the savings account, inherited land or some other inheritance, their parents have been important contributors.

If you were no longer around, who would assist your child with their aspirations.

The Savings Plan!

A savings plan is your best answer.

It is a helping hand even in your absence. A show of love and concern for their future long after you have left this world, quite prematurely.

The Sacos Junior Plan perfectly addresses the concern of a savings plan against the realities of an early death.

With the Junior Plan, your child will receive the full sum assured at the time of maturity or even if you pass away or become permanently disabled during the policy term (before maturity).

It does not matter if you have only paid SCR10,000 thus far in insurance premiums, your child will still receive the SCR250,000 in full upon reaching the age of either 18, 19, 20 or 21. This is possible only if you have not missed any of your insurance premiums.

If your child was to pass away during the term of the plan, as a parent you will receive the full sum assured if the child had reached the age of six upon their passing. A death before that age would see the parent get a percentage of the sum assured according to the schedule of the life insurance policy.

With that in mind, give us a call today on 429 5000 or send an email to life@sacos.sc to learn more about the Sacos Junior Plan. You can also visit our website for more information or to request a quote.

Tempted to go out to sea in bad weather? Don’t!

A lot of boatowners have taken calculated risks in bad weather, relying on their years of experience to help them navigate the rough seas.

We understand the reasoning- for some, it is an inevitable part of their work, the delivery of goods must take place to fulfill the needs of communities on other islands; for others, a day skipped could be a meal missed.

If for some reason, you feel tempted or obliged to go out to sea in bad weather, carefully consider all the potential implications and whether it is truly good for business.

Unpredictable weather can cause worse damage to your business than one day’s missed opportunity to earn an income. Boat owners can lose their livelihoods for a period up to a year, or even more, after their boats have sunk or been irreparably damaged.

The sentimental value goes beyond mainly monetary loss. Boats are very often named, even baptised. Much like a beloved member of the family, owners have great affections for their boats.

Nevertheless, the loss carries a significant burden to owners, now left with the choice to either rebuild or buying anew. If the option is to rebuild, the entire process can be quite lengthy thus leaving the market open for competitors. If, on the other hand, the option is to purchase a new vessel, the buyer will be at the mercy of current market prices.

Your best bet and the safest is insurance!

Insured boat owners can breathe a sigh of relief knowing that a large part of their value will be reimbursed (within their agreed contract). It will thus be easier to secure capital for building or buying a new boat.

Beyond worrying about the loss of an asset, the personal safety of passengers and crew must be considered. Sacos will definitely have an option for you, but still, we caution you to take great care and to consider safety above all.

For more information on Marine Hull insurance, contact us on 429 5000 or send an email to general@sacos.sc.

Roadworthy usually means “in suitable operating condition or meeting accepted standards for safe driving on the road”. But how does a driver know if their car is truly roadworthy?

The Seychelles Road Transport Act states that a vehicle must be registered and licensed before being permitted to be driven on the road. 

You will only ever need to go through all four steps if this is your first car or you have purchased a new car. Roadworthiness is certified on an annual basis so steps 1, 3 and 4 will occur every year.

Step 1: Pass Certificate at the Vehicle Testing Station

The Vehicle Testing Station (VTS), located at Bois de Rose, performs the ultimate test to certify roadworthiness. Customers normally have to book a month in advance to secure an appointment given the high demand, with tests taking an average of 20 minutes to be completed.

At the end of the test, the VTS issues a Pass Certificate to the owner and stamps and signs the Vehicle Registration application form.

Step 2: Vehicle Registration

The registration process requires:

• The vehicle registration application form be stamped and signed by an authorized Vehicle examiner at the VTS.

• A registration fee of R100 and Levy according to the HS Code be paid.

• A copy of Import Permit, Bill of Entry and proof of purchase must be attached. Similar documents must be attached if imported by a licensed Motor Vehicle Dealer (https://www.sla.gov.sc/vehicle-registration/).

Step 3: Vehicle Insurance

In order for a vehicle to be deemed safe to be driven on the road, the owner needs to ensure that they have a valid insurance policy for the vehicle. Owners can purchase their insurance at any one of the insurance companies based in Seychelles.

Sacos Insurance Group offers customers a range of motor insurance policies based on their needs or the nature of their business:

• Private Motor Comprehensive Insurance – for private individuals covering the owners’ vehicles and third party damage.
• Third Party Only – for private individuals covering only damage to third party vehicles.
• Third Party, Fire and Theft – for private individuals covering third party damage only, as well as fire and theft of the owners’ vehicles.
• Motor Fleet Insurance – for commercial owners with a minimum of five vehicles.
• Motor Traders Insurance – for motor dealers and repair garage owners.

Motor insurance are payable on an annual basis and the premium is dependent on the type and cc of the vehicle, amongst other factors.

Step 4: Road License

The vehicle license process requires:

• A Pass Certificate from the Vehicle Testing Station (VTS); and,
• A valid insurance policy for the vehicle.

A licence fee, payable annually, is applicable depending on the type and cc of the vehicle (Vehicle License – Seychelles Licensing Authority).

Vehicle License – Seychelles Licensing AuthorityVehicle License All vehicles used on a public road are required to have a vehicle license. This license is issue…

After all these steps have been concluded, you no doubt have a roadworthy car with you. You can ensure that your car stays this way be conducting regular servicing.

For more information on motor insurance, contact Sacos on 429 5000, send an email to general@sacos.sc or visit our website.

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Dear Parents,

This week, teachers nationwide welcome their eager (and not-so-eager), bright-eyed students back to the classroom. For you, it is no doubt a return to the morning chaos of drop-offs and sweaty afternoon pick-ups.

It would come as little surprise to us, therefore, if the distant future is currently far from your thoughts

So, allow us to provide a gentle reminder – have you set a little something aside for when your child reaches the age of university?

University tuition fees can be exceptionally high. You might hope thay your child benefits from a full or partial scholarship someday; but if that were not to be the case, have you figured out an alternative yet?

Thankfully, we do have a solution to propose to you- the Sacos Education Plan!

The Sacos Education Plan is a long term savings pla desigbed to assist parents with the cost of tuition fees…in the future.

Unlike a student loan whereby the payment starts from the time of disbursement, the Education Plan relies on a prepayment plan before the tuition fees are due.

You, therefore, benefit from paying in exactly what you need. And, if for a fortunate or unfortunate reason your child does not or were to opt out from attending university later in life, the full sum assured would still be disbursed to you as the policyholder.

On the other hand, should you unfortunately become incapable (death or permanently disabled) to pay your insurance before your time, your child would still benefit from the full sum assured when the policy matures.

The Sacos Education Plan is a protection against future debts for you and your child. It is a guarantee to them that their academic needs will be taken care of. It is the little something you set aside for their future.

For more information, contact us on 249 5000 or email life@sacos.sc or visit our website.