Zambia Zambia

This product provides high levels of life cover with medical underwriting. Prospective policyholders will be asked to complete a medical questionnaire, undergo medical tests and complete a financial questionnaire.

Life Guard is term life policy that provides you with high levels of life cover with limited underwriting. In the event of death, the full sum assured is paid to your beneficiaries.

The Family Protection Plan provides a daily cash benefit upon your hospitalisation, a funeral benefit and a dread disease benefit to your immediate family and parents. In other words, the plan provides readily available funds in the event of death or illness.

The level of cover will vary, depending on the plan you choose, and premiums start from as little as K3.50 per day. Any citizen or resident of Zambia between the ages of 18 and 55 is eligible, but it’s important to note that cover ceases at the age of 60.

Benefits:

• Basic funeral benefit (policy holder, spouse, children and parents)
• Double accident death benefit (no waiting period)
• Hospital cash plan
• (Daily cash pay-out on hospitalisation)
• Dread disease cover equivalent to life cover

Optional benefits:

• Inflation protector – benefits are hedged at appropriate rates against inflation and help keep up with the rising cost of living

The Angel Life Assurance Plan covers you, your spouse, children, parents and extended family. The plan is designed to provide funds in the event of the passing of a loved one, and the insurance benefits range from ZMW 2 500 to ZMW 30 000 on the death of any member of your extended family.

This policy can cover a maximum of seven lives which would constitute the main life and lives of the spouse, children, parents and extended family. A 35-year-old person, for a sum assured of K50,000 covering the entire family, will pay K11 premium per day. Any citizen or resident of Zambia between the ages of 18 and 55 is eligible, but it’s important to note that cover ceases at the age of 60.

Benefits:

• Funeral cover for the whole family
• Cash back every 5 years at 10% of the total premiums paid
• Death and premium waiver benefit

Optional benefits:

• Cash bonus with option to withdraw annually
• Inflation protector – benefits are hedged at appropriate rates against inflation and help keep up with the rising cost of living

The Quattro Life Plan provides high levels of life cover with minimal underwriting. While prospective policyholders only need to complete a medical questionnaire, further underwriting or limits on the cover may be set, depending on the outcome. The plan is designed to protect the financial well-being of the family in the unfortunate event of the breadwinner’s passing.

A 40-year-old person will pay K2.6 premium per day for a sum assured of K25,000.00. Any citizen or resident of Zambia between the ages of 18 and 55 is eligible, but it’s important to note that cover ceases at the age of 60.

Benefits:

• Life cover – death benefit
• Dread disease cover (cancer, stroke, heart attack, etc.)
• Disability cover (TPD )
• Cash back every 5 years at 10% of the total premiums paid
• Additional cash back of three times the monthly premiums upon reaching the age of 65

Optional benefits:

• Inflation protector – benefits are hedged at appropriate rates against inflation and help keep up with the rising cost of living
• Funeral expense cover between K6,000 and K18,000 for you, your spouse, parents and extended family

Dream Builder is a two-in-one life assurance policy that provides loved ones with financial protection in the event of your death, and also serves as an investment vehicle that helps you save for the future.

The Life Cover Premium is K2 per day for K15, 000 cover, whereas the Savings Premium is K4 daily – the maximum amount depends entirely on you. The term can range from a minimum of 5 years up to 20 years, and any citizen or resident of Zambia between the ages of 18 and 55 is eligible. No underwriting is required for this product.

Benefits:

• Life cover – death benefit
• Double accident death benefit
• Surrender value as high as 95%
• Unlimited annual partial withdrawals up to 50% of the fund
• Automatic paid-up benefit

Optional benefits:

• Inflation protector – investment and life cover benefits are hedged at appropriate rates against inflation

The policy pays a lump sum equal to the sum assured, should the policyholder, members of the immediate family or any extended family members covered under the policy die. In addition, there is an optional monthly income protection benefit that is payable if the principal life assured dies. This product is sold to Standard Chartered Bank’s clients through the SCB Bancassurance Scheme.

This product provides hospitalisation cover for the client, spouse and children, and requires no underwriting. It also offers a daily allowance to the insured, subject to the conditions of the policy. It is sold to Standard Chartered Bank’s clients through the SCB Bancassurance Scheme.

This product requires no underwriting and provides a mechanism to save for a future event as well as life cover, which is payable to the policyholder’s nominated dependent. The savings component of the product is a unit-linked savings fund. Other features include a death and maturity value as well as an inflation protector.

Through Sancare Medical Insurance we also offer our clients modern medical insurance solutions that are tailor-made to suite today's lifestyle.

Life Saver is a life assurance policy covering the Life Assured and only pays out to the nominated beneficiaries when you, the policyholder, pass away. The product is designed to provide replacement income for your family, so that you can provide for your loved ones even after you are gone.

The premium for a 30-year-old person, for a sum assured of K400,000, is K8.85 per day. Any citizen or resident of Zambia between the ages of 18 and 55 is eligible, but it’s important to note that cover ceases at the age of 60.

Benefits:

• Death benefit
• Disability cover in the event of partial or total permanent disability

Optional benefits:

• Inflation protector – benefits are hedged at appropriate rates against inflation and help keep up with the rising cost of living

Our Group Life Product provides annual cover to employees of a registered company, and the premium is paid by the employer. It covers the risk of death, and total permanent disability (TPD) is offered as a rider benefit at an additional premium of 40% of the group life premium. Upon death or TPD of an employee, a lump sum is paid to the employer to pay to the beneficiary.

This policy covers the funeral expenses of the employee and immediate family members. The cover provided is between ZMK500 000 and ZMK15 000 000 per life. It covers the risk of death, and the cover provided is for one year.

Our Credit Life Policies are offered to companies, microfins and banks. It covers the outstanding balance of a loan as well as death and disability. The beneficiary is the lender and a single premium is paid up front. At the moment we cover the key man using credit life terms.

This is a single premium annuity with an escalation option of 0%, 2.5%, 5% or 15%. In return for the single premium, the policyholder (annuitant) will receive regular annuity payments which will continue until death.

The target market includes:

• Employees who have reached retirement age and have been paid a lump sum
• Employees who have been retrenched and have been paid lump sum retrenchment benefits
• Beneficiaries of group life and personal accident (or any life product) death benefits (including PTD) who may need regular annuity payments rather than a lump sum payment. Often, the amounts paid are large and the beneficiaries may not have the experience to handle large amounts.
• Pension schemes that are winding up and want to give their members annuity payments
• Generally, all who have a lump sum and don’t want to outlive their income

This product is sold to retirees and bought using a lump sum. It has a guarantee of 0, 5 or 10 years and the benefit is paid monthly, quarterly or annually. It includes a joint life option and commences immediately after being taken out.