Zambia Personal and Group Insurance Solutions | Sanlam Zambia

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 payout 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. 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

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

This product is sold to retirees and bought using a lump sum. In return for the single premium, the policyholder (annuitant) will receive regular annuity payments which will continue until death. This single premium retirement annuity comes with an escalation option of 0%, 2.5%, 5% or 15% and has a guarantee of 0.5 or 10 years payment benefits which are paid monthly, quarterly or annually. It includes a joint life option and commences immediately after being taken out.

Target markets:

• 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, personal accident (or any life product), death benefits (including PTD) who may need regular annuity payments rather than a lump sum payment
• 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