Barclays Bank Botswana and Liberty Life Botswana have joined hands to launch new insurance products that provide customers with financial assistance during their first diagnosis of chronic illnesses. Named Bosele Life Plan, the scheme gives customers the opportunity to access up to P15 million of life cover with attractive optional benefits such as physical impairment and permanent disability.
Launching the product, Barclays Retail Director, Brighton Banda said the life insurance policy ensures that if a policy holder were to pass away or become unable to provide for loved ones due to illness or disability, their families will receive a lump sum to help them through such a difficult time in life.
“We are proud to have been providing Batswana with relevant, affordable and reliable financial services; we tirelessly endeavour to become this nation’s bank of choice. With over six decades in Botswana, we continue to diversify our portfolio, offering a one stop shop for banking services, ranging from savings and investments, transactional, lending and insurance services - both short and long term,” said Banda.
Barclays’ focus is on being Botswana’s partner for growth. “While we grow our business. We are equally passionate about sharing that growth with our communities, using our expertise, coverage, infrastructure and affiliations,” he said.
Another product, which was launched also is the Tshireletso Plan, which provides customers with finance to assist with the living and treatment expenses on first diagnosis of a chronic illness.
These chronic illnesses include, heart attack, heart failure and cancer up to a limit of P250,000 without need for medical tests. For her part, Liberty Life Managing Director, Lulu Rasebotsa said Bosele Life Plan provides life cover with limited medical underwriting.
“There is no waiting period in the sense that, once client has been fully accepted after having gone through medical underwriting, covers starts immediately. Further to that, it is a whole of life cover,” said Rasebotsa. She also explained that Bosele life plan has optional benefits being, permanent disability, physical impairment, critical Illness, and immediate expense benefits. “A claim from optional benefits will not reduce the main core benefit, which is the life cover,” said Rasebotsa.