As a client or potential client of Botswana Life, you have the right to the following:
The intermediary (Insurance Broker or Representative) dealing with you must at the earliest reasonable opportunity disclose:
- His or her personal details i.e., name, physical, postal address and telephone number.
- Whether he/she is representing an insurance company, brokerage or is independent.
- The products the insurance company is selling.
- Produce proof of a contractual relationship and accreditation by the insurer concerned.
You have the right to know the impact of the decision you make. As such, the intermediary or insurer dealing with must inform you of:
- The premium you may be paying
- The nature and extent of benefits you may receive
- That your policy will not have any cash value until the expiry of the initial period.
- You will not be able to take out a loan against a policy until it has been in force for at least five (5) years.
You may not be advised to cancel a policy to enable you to purchase a new policy or amend an existing policy unless:
- The intermediary identifies the policy as a replacement policy.
- The implications of cancellation of the policy are disclosed to you such as additional costs incurred with the replacement, financial loss and loss of benefits from the old policy.
Your right to be informed by the insurer
This includes documentation confirming policy details such as name of the insurer, the product purchased, the cost or premiums, the loadings, renewal expenses and the policy fee.
Your right to cancel a policy
- In most cases, you have a right to cancel a policy in writing within 90 days after the date of application or 30 days after receipt of the policy document.
- Please bear in mind that you may not exercise this right if you have already claimed under the policy or if the event which the policy insures you against, has already happened.
It is recommended that you discuss with the intermediary or insurer the possible impact of the proposed transactions on your finances, your other policies or your broader investment portfolio.
- The onus of payment of premiums rests with the policyholder and you have the obligation to ensure that this is done regardless of whatever long-term payment arrangement is in place.
- Any change in personal, banking and contact details needs to be forwarded to the insurer as and when it occurs.
Know your agent
Your Botswana Life Insurance Limited agent or broker is an important ally in your financial well-being and planning. With professional and accurate advice about the wide array of products on offer, you in partnership with your agent or broker can work towards securing a solid financial future for not only yourself but your family as well.
Taking the necessary steps to know your Botswana Life Insurance Limited agent or broker better is vital in ensuring that you are always afforded quality service and sound professional advice.
All legitimate BLIL accredited agents (whether direct or broker agents) are issued with BLIL identity cards, clearly stating the full names of the individual, the BLIL logo and the validity period of the card.
This ensures that the agent is licensed as per statutory requirements and hence has the necessary competence to service clients in accordance with the high professional standards set for all BLIL representatives.
With the unfortunate and increasing levels of fraudulent activities taking place, it is vital that we all take responsibility and the necessary precautions to protect ourselves from unscrupulous individuals who may attempt to take advantage of the unsuspecting public. Hence,
- Always make sure that you note down the full names and contact details of the individual(s) assisting you.
- Ask to see the identity card(s) of the individual(s) assisting you and note that the card(s) is/are still within the validity period.
- Ensure that you read and understand any documentation you are presented with before appending your signature on it.
- Make sure that you are left with the appropriate documents due to you and that you keep them safe.
All of the above steps can assist in minimising the risk of being a victim of unlicensed individuals masquerading as legitimate BLIL representatives. These individuals oftentimes are unlicensed and hence do not have the necessary skills and competence to service clients in a professional manner.
It is therefore imperative that anyone who becomes aware of such individuals, purporting to be BLIL representatives but are without the required documentation, reports this to the Tip-Offs Anonymous hotline-Re Sebetse, an independent tip-off service set up for all stakeholders to report any incidences of unethical or fraudulent activities executed in the name of Botswana Life Insurance Limited.
The numbers to call are:
0800 600 644 for BTC
71 119 780 for Mascom
1144 for Orange
Please remember, it is a free call.