Bancassurance

Bancassurance

What is Bancassurance?

Bancassurance sounds like a very complicated term, but all it means is that banks sell insurance products.

Bancassurance covers a wide range of detailed arrangements between banks and insurance companies, but in all cases it includes the provision of insurance and banking products or services from the same sources or to the same customer base.

Who is Barclays partnering with to provide Barclays Life Zambia?

Barclays Africa is pleased to announce that is has entered a partnership with Barclays Life Zambia Ltd.

Target Market

This insurance offering is targeted at existing and potential Barclays customers. All customers (staff inclusive) are likely to have insurance requirements.

Products on Offer


Terms and Conditions Apply
Claims Processing

  1. Credit Life
    Credit Life (or credit insurance) is a term for an insurance policy associated with a specific loan or line of credit which pays back the outstanding balance of a loan owed by the customer should they die or become permanently disabled. The insurance company will pay on behalf of the customer the outstanding loan amount if the customer is said to be unfit to work or dies. The customer pays a one-off premium in advance for the term of the loan.
  2. Embedded Funeral Insurance
    This is funeral expenses insurance cover on Current Instant Savings and Tonse Bank accounts and pays a benefit upon the demise of the account holder. See table below on benefit structure:

    Type of Account Age Funeral Cover
    (for account holder only)
    Instant Savings Account As required for account opening K3,000
    Tonse Band Account As required for account opening K1,500
    Bank Account As required for account opening K4,000
    Ultimate Account As required for account opening K4,000
    Ultimate Plus Account As required for account opening K4,000
    Pretige Current Account As required for account opening K12,000
    Prestige Plus Account As required for account opening K12,000
    Premier Current Accounts As required for account opening K20,000
    Premier Plus Account As required for account opening K20,000
  3. Terms and Conditions for Embedded Funeral Expenses Benefits
    • Entitlement to insurance cover is on the basis of one having any of the accounts listed above and this will form the basis of the contract between the Underwriter and the Plan-holder.
    • The insurance company will pay on all accounts held by any one person following their demise.
    • Membership ceases upon closure of an account.
    • The minimum age at entry is the legal age required for one to open an account and there is no maximum age.
    • All references to age mean the actual age reached.
    • No medical underwriting requirements will apply to any applicant under the policy.
    • This insurance cover will be for account holders only and cannot be extended to family members.
    • The underwriter will not accept or pay any claim for benefits under the policy if any person whom the policy covers, commits suicide within 2 (two) years of the starting or restarting date of the plan.
    • The underwriter will not consider any claim if the cause of death, of any life insured under the plan, is as a result of that life insured having violated the criminal law of Zambia
  4. Retrenchment Cover
    Retrenchment is defined as the termination of the Accountholder’s full-time permanent employment contract (or a fixed-term employment, with a minimum term of two years) with the employer due to any of the following:
    • Change of business conditions of the employer that results in the loss of full-time permanent employees;
    • Introduction of new technology
    • Reorganisation of the employer’s business;
    • Company closure.
    This policy is embedded on the Barclays Bank Zambia (Premier Plus, Prestige Plus and Ultimate Plus ) Salary Accounts, for the benefit of the qualifying Accountholders.

    Salary Account is defined as a current account into which the Accountholder receives their monthly salary.

    Sum Insured
     
  5. Premier & Prestige Insurance Benefits
    The enhanced Premier offering comes with embedded insurance benefits for all Premier and Prestige current account holders. These insurance benefits are Travel Insurance, Hospitalisation Cash Plan, Embedded Funeral expenses insurance and Retrenchment cover. Below is the table of benefits.
    NB: Embedded insurance benefits on this segment were introduced in March 2010 and claims arising before this date are not payable. Note also that claims are only payable on accounts that have not missed membership fees for three consecutive months.

    Documents for downloads
    Insurance Benefit Premier Prestige
    Funeral Insurance

    No Extra Fee
    Scope of Cover:

    - A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder.

    Benefits:

    - Account Holder: K20,000
    Scope of Cover:

    - A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder.

    Benefits:

    - Account Holder: K12,000
    Travel Insurance Cover

    No Extra Fee
    Scope of Cover:

    - A customer is entitled to various covers during their travels outside the country.

    - It covers various areas such as medical bills, loss of luggage, legal advice and death, etc.

    Benefits:

    - 24/7 and whole year cover.

    - Medical Expenses – Up to $ 45,000

    - No need for additional insurance for Visa application

    - Follow up treatment in country of Residence - $1,500

    - Repatriation of Mortal Remains/Burial expenses - $6,000

    - Accompanying Family Member – $1,000

    - Premature return due to death or imminent death of relative or Business Associate - $1,500

    - Legal Assistance - $500

    - Loss / Theft of luggage - $500
    Scope of Cover:

    - A customer is entitled to various covers during their travels outside the country.

    - It covers various areas such as medical bills, loss of luggage, legal advice and death, etc.

    Benefits:

    - Medical Expenses – Up to $ 45,000

    - Medical Evacuation - $6,000

    - Follow up treatment in country of Residence - $1,500

    - Repatriation of Mortal Remains/Burial expenses - $6,000

    - Accompanying Family Member – $1,000

    - Premature return due to death or imminent death of relative or Business Associate - $1,500

    - Legal Assistance - $500

    - Loss / Theft of luggage - $500
    Hospital Cash Plan

    No Extra Fee
    Scope of Cover:

    - This policy will provide cash benefit in the event a Member being confined to a Hospital.
    Benefits:

    - Cash Benefit – K350 per Day.

    - Benefits are payable to members only or their legal representatives and not extended to other family members.

    - Benefit payable for a minimum of 4 days and maximum of 180days.
    Scope of Cover:

    - This policy will provide cash benefit in the event a Member being confined to a Hospital.
    Benefits:

    - Cash Benefit – K250 per Day.

    - Benefits are payable to members only or their legal representatives and not extended to other family members.

    - Benefit payable for a minimum of 4 days and maximum of 180days.
    Retrenchment Cover

    No Extra Fee
    Scope of Cover:

    - This policy will provide cash benefit in the event that A Member gets retrenchment
    Benefits:

    - Cash Benefit – K30,000

    - Benefits are payable to members only or their legal representatives

    - Benefits are payable over a period of six months.
    Scope of Cover:

    - This policy will provide cash benefit in the event that A Member gets retrenchment
    Benefits:

    - Cash Benefit – K15,000

    - Benefits are payable to members only or their legal representatives

    - Benefits are payable over a period of six months.