Bona Life launches product for informally employed
Pini Bothoko | Tuesday August 16, 2016 15:30
When opening their branch here recently, Bona Life chief executive officer (CEO) Regina Sikalesele-Vaka said due to high unemployment rate amongst citizens, most people have not been able to buy insurance covers.
The product, which is called group product, can be joined by individuals or groups in the same manner as the popular Metshelo.
Sikalesele-Vaka stated that Botswana is a country that is still faced with uncertainties like the rising unemployment rate, breakdown of families and poverty but despite this citizens still find a way of survival something that her company appreciates.
She said there are certain ways that the community works in which they understand hence the introduction of this new product.
“We understand that nowadays a lot of people are unemployed but having other means of survival. Without pay slips and bank accounts which are usually the common insurances requirements these people have not been able to join insurances,” said Sikalesele-Vaka.
She said the majority of Batswana operate their businesses and can be able to pay their premiums.
“Some people have joined Motshelo and societies in which as a group they can raise money and register for any product and pay for each member as a group,” said Sikalesele-Vaka giving example of the informal sector.
She said the informal sector usually comprises people who have never been employed and everything that they own belongs to them unlike those who are employed who usually owe banks.
“As a citizen owned company we want to be part of the community, engage them in our policies and contribute towards uplifting their lives,” she said.
Sikalesele-Vaka also stated that with this product companies could cover their employees.
According to the Bona Life chief, with this product there is credit life on policy in which upon the passing of the policyholder Bona Life comes in and pays the loan that the holder owned so that children and family members can have benefits.
“We have realised that usually once a breadwinner passes on or loses their job when they are still owing on a loan somewhere, companies usually use their package to pay the loan leaving them without anything to start a life with. If it happens that the policy holder passes on we will come in and pay for that loan so that the beneficiaries could utilise the benefits,” she said.
Meanwhile, Bona Life’s business development manager Keaobaka Ramolemoge said they aim at creating various robust partnerships with the community based on understanding their needs and how they can help them for sustainable wealth creation.
Ramolemoge called on Batswana to join Bona Life insurance as with their lowest monthly premiums they can help them save for whatever they want for the future.
“With our products people can save for their wedding, pension, mortgage, retirement, funeral or anything in which they will want to do in future,” said Ramolemoge.