Sacos launches first Funeral Insurance Plan in Seychelles

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Sacos launches first Funeral Insurance Plan in Seychelles


Friday, 3 February 2020

The Sacos Insurance Group today announced the official launch of its Funeral Insurance Plan, a first for both citizens and expatriates residing in Seychelles, easing the financial worries associated with funeral expenses, allowing them to pay for a dignified goodbye for themselves or their loved ones when the time comes.

With the cost of funeral expenses that has increased substantially over the past decade, The Sacos Funeral Insurance Plan, which is a whole-life insurance plan, will provide the financial support required to organize a dignified funeral for the departed. The plan, which pays an agreed cash payment to a funeral parlor or a nominated beneficiary within 48 hours of the passing of a member, guarantees that the policyholders and their beneficiaries are protected against the financial pressures that comes with funeral expenses, following a death.

“At a time of mourning, the last thing anyone needs is money worries” said the Head of Sacos Life Department, Mrs. Charmayne De Commarmond. “Sacos is passionate about long term financial planning that makes the life easier for our customers, and this new funeral plan will ensure that our customers are always prepared for the difficult time, allowing them to mourn peacefully” she concluded.

What does the Sacos Funeral Insurance Plan covers?

The Sacos Funeral Insurance Plan is a policy that pays an agreed lump sum amount ranging from SCR15,000 to SCR75,000 depending on the chosen plan (explained further below), to a funeral parlour or a nominated beneficiary (a person of your choice) to pay for the funeral expense, when a member of the plan passes away.

The funeral plan covers the members from death by accident immediately after they have become a member and it also covers death by natural causes, within 6 months after joining the plan. Members on a Sacos Funeral Insurance plan will be covered until they pass away, however members only need to pay premium up to the age of 75*.

Who can apply for a Sacos Funeral Insurance Plan?

Any individual can join the funeral plan, (no medical examination is required), provided that they are a resident of Seychelles (Seychellois citizen and expatriate living in Seychelles) aged 18 to 65.

The Sacos Funeral insurance plan has been designed to allow for an individual to add their immediate family members (their children, spouse and parents) to cover any unfortunate loss of their loved ones. Under the plan the member can add:

  • Children, up to the age of 21 or up to 25 if they are in full time education;
  • Their spouse, up to the age of 65 at the time of joining the plan;
  • Their parents, up to the age of 70 at the time of joining the plan.

What are the different plan options available?

The Sacos funeral plan offers four different coverage limits, which can cover anything from a basic funeral burial package to a more elaborated one that can also include a headstone, as per table below:

OPTIONS COVERAGE
1ST SCR 15,000.00
2ND SCR 30,000.00
3RD SCR 45,000.00
4TH SCR 75,000.00

If a main member takes a specific package, e.g. a SCR30.000 coverage limit, then all other members that is added to their plan will also be covered for the same amount, i.e. each additional member will be covered for SCR30,000.

How affordable is the Funeral Insurance Plan?

The Sacos Funeral Insurance plan is a very affordable plan. The premium for a main member ranges from as little as SCR80 per month for a main member aged 18 to 25 years, to SCR125 per month for a member aged 60 to 65 years for a SCR15,000 plan, if taken on an individual basis. Close family members can also be added to their plan at very affordable rates.
To make it even more affordable, the premium can be paid monthly, quarterly, semi-annually or annually depending on the member’s ability.

What is the claim process?

The claim process is very straight forward. As soon as the death happens, preferably within 24 hrs, Sacos should be notified and provided with the following:

  • Cause of death documentation;
  • Death certificate;
  • National ID number of the deceased.

Payment will be released to the nominated beneficiary (person designated or funeral parlour) within 48 hours after all official documents have been received.

How do I purchase a Sacos Funeral Insurance cover?

Sacos is the only insurance provider to launch this new affordable funeral insurance plan for customers residing in Seychelles.

Funeral planning is an important element of any long-term financial plan especially as funeral costs can be very high and our funeral insurance plan can help make those costs easier to bear and allow you to give yourself or your family members a dignified funeral when the time comes.

Applying for the Sacos Funeral Insurance Plan is an easy process. Simply complete an application form providing all requested information. Our staff or your broker/agent can help you make the best possible decision for yourself and your family.

Do the responsible thing and get your Sacos Funeral Plan and save your family from the financial burden of burial costs.

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