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There is no better way to celebrate the month of June, which is the month for the children by giving your child a present that will make a difference in their life. The Sacos Junior Plan provides your child with financial security later in life, allowing them to have an early start on their future projects. This can be a deposit on their first home/apartment, payment towards their further studies or payment towards their first car.

How does the Sacos Junior Plan work?

With the Sacos Junior Plan, parents can purchase a life insurance policy on behalf of their child, which would be disbursed to the child upon the maturity of the policy. Parents can choose the sum assured (e.g. a SCR500,000 insurance policy) by taking into consideration several factors such as the child’s age, the parent’s age, the term of the policy, the age of the child at maturity of the policy and the cost of the premium.

The Sacos Junior Plan is available to children from the age of one and the child should be no older than 21 years of age when the policy matures. The policy has a minimum term of 10 years and in consideration of the child’s age, parents can choose to have the policy mature upon reaching a meaningful age. As an example, a parent can choose to purchase a SCR500,000 policy with a 20 year maturity period for their one year old child. The child will be paid the full sum assured, with accrued benefits upon reaching their 21st birthday.

Who can purchase the policy?

Only parents and legal guardians can purchase a Sacos Junior Plan on behalf of their child. Nevertheless, other family members and friends can help you as the parent or legal guardian by contributing towards the payment as an annual birthday or Christmas gift and even on special occasions such as Holy Communion, graduation and Children’s day. It is important to note that only parents or legal guardian between the ages of 18 – 55 can purchase this policy.

What happens in the event of an unfortunate death or accident?

In the unfortunate event of the child passing away, the age of the child at the time of passing is taken into consideration. If the child is six years of age or older, the full sum assured is paid to the proposer which is the parent or legal guardian. If the child is younger than six years old, a percentage of the sum assured is paid to the parent depending on the age of the child at the time of passing. If the proposer passes away or becomes permanently disabled during the term of the policy, the payment towards the policy is waived. Nevertheless, the policy remains in force until the maturity period.

The Sacos Junior Plan is a great way to set up your child to have financial dependence later on in life.

Visit our website (https://www.sacos.sc/here-for-you/life-assurance-plans/) for more details on the Sacos Junior Plan and try out our online calculator to decide on the best plan for you and your child. You can also request a quote from our website and one of staff will then be in contact with you. Alternatively, you can call us on 4295000 during working hours or visit one of our branches.

Since 2018 you may have noticed one or several Sacos pop-up stalls at various locations. We have been working tirelessly to bring our services closer to you, our esteemed clients, and have since started a flurry of road shows, mobile information desks and reward programmes!

This month, three lucky winners were fortunate enough to win back their annual Motor Private Comprehensive Insurance Premium from Sacos Insurance Group; Mrs. Doris Mancienne who has been with Sacos since 1971, Richard Talma who has been with Sacos since 2011 and Emma Valentin are the first winners for this first quarter of 2019.

Sacos’ aims to award a total of twelve customers with their annual Motor Private Comprehensive premium  this year, in draws that will be taken on a quarterly basis. The next draw will be on 31 July 2019.

Thirteen winners were drawn from a list of all existing Motor Private Comprehensive and Taxi customers this quarter. Runner ups did not go empty handed and were awarded with Sacos branded gifts, emergency car kits, first aid kits, sunshades, mobile phone holder, car USB charger, beach stools and cooler bags.

The promotion is a continuation of the 2018 campaign which sought to thank loyal customers for choosing Sacos Insurance Group as their primary insurance provider, and also to raise awareness on the benefits of Motor Private Comprehensive Insurance.

“We would like to keep up the awareness of the importance of insurance to everyone in general. Knowing that Motor Insurance is compulsory, we only deem it fair that we reward our long time customers” says CEO Jennifer Morel. The first quarter’s winners have expressed their shock and satisfaction over their wins. Mrs. Mancienne, a loyal customer since 1971, has just retired this year and was shocked to learn that she had won. Mr. Terry Assary, a loyal customer since 2011, is a second time winner of the draw and expressed his hope that he eventually wins back his annual premium!

Get your insurance from Sacos… our next lucky winner could be you!

Whatever the reason, you may find that someone else drives your motor vehicle from time to time. But what happens if they get into an accident? Will your insurance policy cover the damages?

This depends on several factors:

If a driver does not have a valid driving license, no insurance policy claims can be approved. But it goes a little further than that.

Under a third party cover, damage to your car resulting from an accident will not be covered if your friend was at fault. Your cover will only pay for damage caused to the other car. As for your own car, you or your friend will have to cover the repairs and replacement costs. Your costs will only be covered if the other party accepts liability.

But with a fully comprehensive cover with any authorised driver (this must be stated in your policy)  both motor vehicles may be covered even if you were not the one driving. If you’re not sure whether it is stated, you may want to go over your insurance policy first before you let someone else drive your car.

It is also worth bearing in mind that there are a lot of high-risk drivers out there (teenagers, drivers under the influence…) so you may not want to hand your keys out to just anyone, especially if you only have a third party insurance cover.

Simple errors made by homeowners could result in their insurance claims being rejected. To ensure that you are successful in submitting a home insurance claim, take a look at the most common mistakes that are often made:

1. Failure in maintaining the quality of your home: People are often surprised to hear this, butWear and tear damages are not covered by insurance policies; damages caused over a period of time—anything from water damages,  mould or other structural deterioration that occurs from neglect—would not be covered.

2. The home insurance claim submitted does not exceed the policy excess. It is not uncommon for some homeowners to choose a higher excess in order to pay a lower premium. However, when it comes to filing a claim, one of the main reasons that claims are rejected is that the value of the claim is below the policy excess.

3. Not being familiar with what is actually covered under your policy. An incorrect and inaccurate assumption a lot of homeowners make is believing that any and all damages are covered by their policy. It is important when taking out a home insurance policy to carefully read the terms and conditions and what is and isn’t included.

4. Underinsuring! If you underinsure, whether intentionally or not, you will not be covered to the full replacement value of the items damaged or stolen when it comes the time to file a claim.

What can I do to help ensure my claim goes through should I need it? 

The best way to ensure your claim is approved is to be honest; Don’t try to skimp out on paying your premium — this will only be detrimental to your claims process in the long run. Always ensure that your contents insurance covers all the valuables in your home, and revisit this every few years. Take care of your home. And if you are uncertain about anything in your policy, seek clarification from a professional.

Have any questions regarding your home insurance? Talk to us!

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!

If there’s anything that is of paramount importance when you are your own boss, it’s protecting your livelihood. Take a look at the business insurance covers you may not have had the foresight to purchase:

Professional indemnity insurance

The first insurance policy you want to look into is professional indemnity insurance. This if for your own good as it will help to defend you if a customer makes claims that you have done something wrong, even if it is not the case. Additionally, it will help you meet the cost of any legal action in the event of a client suing you for any actions that have resulted in losses to them (This can be anything from bad advice, a mistake or any other form of perceived negligence).

Public liability insurance

Especially crucial if you have clients coming to your premises, or your property is easily accessible to members of the public. This insurance is there in case anyone is injured, or you cause accidental damage to Third Party Property.

Office and vehicle insurance

A lot of self employed business owners make the mistake of thinking they only need liability insurance. However, you also need to consider cover for your business premise(s) and equipment as well! Not only do you need to consider policies that cover fire, flood or burglary, but if you own several commercial vehicles, you may also need to consider fleet insurance.

Unsure of which Insurance Policies are better suited for your business? Our agents are more than capable and willing to help!

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 assist you!