Right to the following disclosures from the intermediary (insurance broker, agency or representative/agent) dealing with you:
- His or her full personal details i.e., name, physical and postal address and telephone number.
- Whether he/she is representing an insurance company, brokerage or is independent.
- The products/services the intermediary is qualified or accredited to sell/perform.
- Details of the insurer i.e. business or trade name, postal and physical address, head offices and telephone number.
- Right to receive a policy document
A policyholder must receive a policy document detailing:
- the products purchased i.e. policy taken our
- the premium you will be paying
- the nature and extent of the benefits you will receive as a policyholder under the policy, and the manner of deriving the benefits
- any restriction on or penalties for early termination or withdrawal from the policy
- Charges, fees, commissions payable and fees levied against the policy ultimately showing the net investment amount
- On request, the past policy investment performance
- Disclosure of premium increases, where applicable
- Details of special terms and conditions, exclusions, waiting periods, loadings, penalties, or restrictions
- Surrender value and calculation methodology
- Cooling off rights and procedures of exercise
- Details on the manner of instituting claims and required claim notification procedures
- Name and details of the principal officer
Right to Cancellation of Policies and Cooling-off period
- An insurance policy may be canceled by the policyholder within 30 days of the receipt of the policy document by the owner, with all premiums refunded if it is within the 30-day period.
- 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.
- 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.
- Policyholders should be cautious not to misrepresent material or failure to disclose material information in their applications for insurance as this will lead to the denial of claims or even criminal prosecution.
- The onus of payment of premiums rests with you 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. This helps ensure that your records held with Botswana Life remain up to date and compliant with Know Your Customer (KYC) requirements.
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.
- Do not sign blank or partially completed forms.
All of the above steps can assist in minimizing 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.