Mmoloki Family Wealth Protector Plan will assist you to minimise the financial impact upon the death of your loved one. Many of us have always understood the responsibilities of taking care of the entire family, including the extended family members. Mmoloki allows cover of up to 27 family members. It also has flexible levels of cover, with a minimum of P10,000 and up to a maximum of P400,000 for the main member.
It also has the following in-built benefits:
- Waiver of premium: In the event that the policy Premium Payer dies or is permanently and totally disabled, Botswana Life will take over premium payment until the policyholder would have reached age 65 years.
- Ownership Transferability: When the main life reaches the age of 50 but before they reach age 65, then ownership of the policy may be transferred to another adult who is covered under the policy with no change in benefits or premiums.
- Cash back benefit: At the end of every five (5) years, Botswana Life will pay you back 10% of your total premiums that you have paid for the previous five (5) years, provided the policy remains active, even if you have claimed.
- Where the initial sum assured for the main member is P20 000 or more, Botswana Life will pay beneficiaries an additional family income benefit of P2 500 per month for 6 months after the death of the main member or the spouse nominated in the policy.
- There are options to have the premiums level or escalating at 5% or 10% per annum and the benefits escalating at 60% of the chosen premium escalation.
- Lapsed policies can be reinstated within a period of 12 months from date of lapse.
The Mmoloki Extras is a package that can be added as a rider to a Mmoloki Family Wealth Protector policy for the main member and spouse. It is made up of the following benefits:
This benefit pays out the accidental death sum assured in the event that the main life or spouse dies as a result of an accident. This benefit is payable in addition to the life cover for the main Mmoloki benefit. The total benefit payable on death resulting from an accident is double the funeral sum assured. For example, if a Mmoloki sum assured is say BWP20 000 and the policyholder with this Mmoloki extra dies from accidental causes, Botswana Life will pay BWP40 000 as the funeral benefit.
An accident is defined as a sudden, unexpected event that happens at a place and time that is identifiable. The accident must be caused by either drowning, snake bites or by visible, violent, physical and external means, independent of any other cause. The claim event must happen within 90 days of the accident.
Maternity and Retrenchment Premium Holiday
When a policyholder with a Mmoloki extra is retrenched or is pregnant, the policyholder can choose to suspend paying premiums for a maximum period of 6 months without their policy lapsing. During these 6 months when the premiums are suspended, the policyholder will be insured for one-third of the full benefit on natural death and full benefit for accidental death. To claim this benefit, proof of the policyholder being retrenched or being pregnant must be provided to Botswana Life, for example letter from employer confirming retrenchment or letter from the doctor confirming pregnancy. One-third of the funeral benefit will be paid for natural death causes during the premium holiday.
This benefit can be taken in one of two (2) ways and the client chooses their preferred option:
- For every one (1) year that the policy has been in force, the policyholder can waive their premium for one (1) month. If, say the policy has been in force for three (3) years, you are entitled to a three- months break from paying your premiums. For every month that you exercise the premium holiday option, then you will sacrifice 25% of the cash-back benefit.
- For every one (1) year that the policy is in force, the policyholder can waive their premium for two (2) months. The client then forfeits 25% of the cash-back benefit for every two (2) months that the premium is waived. During this period, the client is entitled to 1/3 of the benefits.
This benefit will pay a percentage (up to 100%) of the funeral sum assured on the loss of limbs or paralysis. The percentages applicable for loss of specified body are shown in the table below.
|Description of Permanent Disablement||Percentage of
Maximum Benefit Payable
|Loss of both hands||100|
|Loss of both feet||100|
|Complete and irrecoverable loss of sight in both eyes||100|
|Loss of one hand and one foot||100|
|Loss of one hand and one foot together with complete and irrecoverable loss of sight in one eye||100|
|Complete and incurable insanity||100|
|Complete and incurable paralysis||100|
|Loss of right arm or hand*||60|
|Loss of left arm or hand*||50|
|Loss of one leg or foot||50|
|Complete and irrecoverable loss of sight in one eye||50|
|Loss of thumb of right hand*||20|
|Loss of thumb of left hand*||15|
|Loss of index finger of right hand*||15|
|Loss of index finger of left hand*||10|
|Loss of any other finger of right hand*||6|
|Loss of any other finger of left hand*||5|
|Loss of big toe||5|
|Loss of any other toe||3|
|Complete and irrecoverable loss of hearing in both ears||40|
|Complete and irrecoverable loss of hearing in one ear||10|
* Percentages are reversed for left-handed people
There is a maximum risk cover of 100% of sum assured in any single event. The benefit is not a death benefit accelerator.