Botswana Life offers BCL workers reprieve
Staff Writer | Tuesday November 1, 2016 16:09
In a statement, BLIL said once there has been official confirmation of when the employees of the two mines will receive their last salary, the company will offer a six-month premium holiday for all risk policies. This premium holiday will start the month following the policyholders’ last salary payment.
Provisional liquidator, Nigel Dixon-Warren has since confirmed that the workers will get their last salaries by October 31, 2016 (yesterday).
“We have been around for 41 years and weathered various domestic and international economic cycles and storms. We have made a commitment to our valued customers that we will help them Walk Tall in their time of need, and this is how we practically demonstrate this. Now is the time. We are prepared to shoulder the financial risk and exposure that we will incur by offering the premium holiday,” CEO, Bilkiss Moorad said.
She went on to explain that they are cognisant of the broad ramifications on individuals’ and families’ livelihoods, and that this is not the time to shy away but rather to act responsibly and constructively where possible to minimise the harsh landing for many.
In order to reduce certain living costs, the life insurer reminded policyholders of the Liferewards Card that can help at this time. The benefits of the card include amongst others, discounts at a variety of merchants and highly discounted funeral benefits. BLIL has also engaged an expert to provide counselling to its affected clients. BLIL declined to reveal the number of BCL workers that hold risk policies with them for confidentiality and competition reasons.
BLIL has an estimated market share of over 72%. The company is currently managing a file size of almost 300,000 policies and an annual recurring premium of P1 billion. The company says it has contributed towards employment creation significantly as it currently employs over 600 direct agents, 500 sub-agents (employed by brokers) and 260 employees. With over 7,000 people receiving their monthly pensions from BLIL, the company is definitely amongst the largest, if not the leading payer, of occupational pension benefits in Botswana.