Group Insurance
Insurance covers a defined group of people such as employees of a company or members of a particular profession, society or church typically against Death illness or disability and pension.
Group Life Cover
Group Life Cover offers a lump sum payment to the beneficiaries of an insured member upon their death during active employment. The benefit amount is typically based on a multiple of the member’s annual salary or a predetermined fixed sum.
Who is eligible for Group Life Cover?
All active employees or members of the participating organization are eligible.
How is the benefit amount determined?
It's usually calculated as a multiple of the member's annual salary or a fixed amount agreed upon in the policy.
Are there any exclusions?
Standard exclusions may apply, such as death due to suicide within a specified period.
Group Funeral Cover
Group Funeral Cover provides a cash benefit to assist with funeral expenses upon the death of an insured member or their dependents. This cover can extend to immediate and extended family members, depending on the policy terms.
Does the cover include family members?
Yes, it can include immediate and extended family members, depending on the policy.
Is there a waiting period?
Typically, there's a waiting period of six months for natural causes of death for members and immediate family, and 12 months for parents.
Can the waiting period be waived?
In compulsory schemes, the waiting period may be waived.
Group Personal Accident
Group Personal Accident insurance provides financial compensation to insured members who suffer bodily injury, disability, or death due to an accident. It covers medical expenses, loss of income, and other related costs arising from accidental events.
What incidents are covered under this policy?
Accidental injuries, disabilities, or death resulting from unforeseen events are covered.
Does it cover accidents outside the workplace?
Yes, coverage typically extends to accidents occurring both on and off the job.
Are medical expenses included?
Yes, reasonable medical expenses related to the accident are usually covered.
Group Pension
A Group Pension plan is a retirement savings scheme established by an employer or organization to provide income to employees after retirement. Both employer and employee contributions are invested to accumulate a retirement fund.
Who contributes to the pension fund?
Both the employer and employee typically make contributions.
When can members access their pension benefits?
Benefits are accessible upon reaching the retirement age specified in the policy.
Are the contributions tax-deductible?
Yes, contributions are often tax-deductible, subject to Botswana's tax regulations.
Group Preservation Fund
A Group Preservation Fund allows employees to preserve their accumulated retirement savings when they leave an employer, ensuring continued growth of their pension funds until retirement.
What happens to my pension if I change employers?
Your accumulated savings can be transferred to a preservation fund to maintain growth until retirement.
Can I make additional contributions to the preservation fund?
Typically, no additional contributions are allowed; the fund preserves existing savings.
Are there penalties for early withdrawal?
Yes, early withdrawals may attract penalties and tax implications.
FIRST SUN ALLIANCE
FSA was incorporated in 1999 in Botswana as an Insurance Broking company under the provision of the Botswana Insurance Act.