Blog

Get your Marine Cargo Insurance with Sacos

Since the start of the COVID-19 pandemic, the shipping industry around the globe has taken a heavy impact from the resulting economic crisis. One of the major challenges facing the industry has been the ability to continue transporting food and other supplies in the least disruptive manner possible.

In the shipping industry, marine cargo insurance is an important component to operational service as it provides protection to both buyers (importers) and suppliers (exporters) in terms of loss of or damage to the cargo during transit. This component is reflected within the cost of every transshipped product as part of the CIF (cost, insurance and freight) value.

During these unprecedented times, local suppliers may be looking for ways to keep their production costs stable and their prices competitive on the global market.

Sacos’ Marine Cargo Insurance provides coverage against losses arising from physical damage to cargo and related liabilities whilst it is in transit by sea. It can be for a single shipment or an open cover for clients who import or export on a regular basis. With the fluctuating exchange rate and the devaluation of the SCR, buyers and suppliers can rely on local insurance products to minimise the cost to their businesses.

With the Sacos Marine Cargo Insurance, clients can choose between the three different options of Institute Cargo Clauses as issued by the International Chamber of Commerce. The premium rates are commensurate with the chosen option:

  • Clause A has the widest insurance coverage.
  • Clause B has a more restrictive coverage.
  • Clause C has a basic coverage.

Call us today (429 5000) for more information on the Marine Cargo Insurance or send an email to info@sacos.sc.

Sacos August Promotions: The Endowment Assurance Plan and the Householder Policy

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.

Unburden yourself and your family with the Sacos Funeral Insurance Plan

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