Botswana Life Insurance Limited (BLIL) this week launched three new products in an attempt to increase its market share.
The three new products, tasked mainly with nurturing customer wealth, are namely; Poelo Term Assurance, Isago Investment Plan and Tapologo Retirement Annuity.
The Poelo Term Assurance is a policy which enables the holder to cover accidental death and family commute amongst a myriad of other benefits.
These include but are not limited to; Capital disability, Dread disease benefit and the ability to waiver premium on total and permanent disability.
However, one must note that they’re commission charges applicable.
It is for this reason that Isago Investment may prove to be more of a sound policy as the holder is permitted to a minimum of ten years (with death benefits) subsequently resulting in greater value of investment and total premiums paid.
When probed on the new policies, CEO of BLIL, Bilkiss Moorad remarked;
“We live in a dynamic and fast changing world where customer’s needs are more complex than they were a decade ago.”
She elucidated further by saying;
“Today customers are highly informed, financially literate and have significantly more options for procuring insurance services. Some of the key tenets of this strong customer value proposition include value add, what Poelo offers with the return of premiums plus an additional twenty percent”
She highlighted that market intelligence is paramount in ensuring that their product offering remains relevant and competitive.
“These challenging economic times mean that we as Botswana Life must always have our finger on the pulse of our clients’ ongoing need for wealth creation and ensure we facilitate in the most proactive manner possible the various modes through which this can be achieved.”
It is their hope that these new policies will garner a wider market share in an industry that they already comprehensively lead in.