THE Swaziland Building Society (SBS) prioritises financial security for its clients through a range of insurance policies designed to provide protection in times of need.
Insurance is essential for managing unforeseen events, covering unexpected costs from property damage, accidents or health issues, thus reducing financial burdens and giving peace of mind to both individuals and businesses.
NON-LIFE INSURANCE PRODUCTS
Homeowners’ Insurance
The Homeowner’s Insurance Cover covers losses or damages to the building caused by fire, lightning, storm and water damage, as well as accidental impact to the exterior portion of the buildings.
The policy does not cover weather related losses or damages to gates and fences or retaining and losses and damages caused by subsidence and landslip. For the property to be covered, clients need to complete the proposal forms and further provide KYC documents and the most recent property pictures.
House Contents Insurance
This policy covers loss of or dam¬age to the contents caused by the same insured events as per the house owners insurance policy.
This policy protects household goods and personal effects for individuals and families. Coverage includes fire, storms, water damage, accidental impact and more.
Motor Vehicle Insurance
SBS offers motor vehicle insur¬ance for vehicles purchased through the society, primarily aimed at mid to high income earners. This product is available for clients under a scheme agreement with government, particularly civil servants salaried with SBS.
Walk-in customers with existing vehicles are also eligible for the insurance cover. For clients who own local vehicles which are not older than 5 years, the client can furnish the society with his KYC and the vehicle blue book. For clients who owns imports vehicles and local vehicles older than 5 years, the client needs to provide the society with a motor valuation from a recognised motor valuer.
To qualify, applicants need a valid ID, driver’s license or passport and a description of the vehicle, including details such as selling price, book value and usage.
According to Nokwanda Dlamini, SBS Sales Insurance Consultant: “The customer must disclose details such as whether the vehicle is an import or rebuild, its use (private, business or public transport) and if it will be primarily used outside Eswatini.”
Personal Risk Insurance – Personal Risk Insurance provides cover against personal risk like bankruptcy, unemployment, arrest and identity theft
Personal All Risk Insurance -This insurance is tailored for executives, middle- to high-income earners and businesspeople, covering the policyholder and family members residing with them. Insurable items include apparel and personal effects such as cellphones, laptops, cameras and jewellery.
Exclusions include sporting equipment in use, customs detention and theft from an unattended vehicle unless securely locked. Customers need to complete the proposal forms which will require a listing of the items to be insured and KYC provide a valid National Identity Document and the value of the items to be insured.
Personal Accident Insurance
This policy covers any occurrence to the insured person as described in the policy schedule, specifically occurrence like death, total and permanent loss or dis¬ablements, partial disablements etc.
SBS also offers Personal Accident Insurance, covering bodily injury due to accidents. Available to customers under 65, it requires proof of occupation and a record of previous injuries.
Personal Liability Insurance
This policy covers the insured against all sums in which the insure is legally liable to pay for compensation. This can be in respect of death or bodily injury to or illness of any person. It can also cover against the insured all costs and expenses of litigation. It further extends to cover against wrongful arrests.
Life Insurance Products
Litsemba Funeral Cover
The Litsemba Group Funeral Cover provides affordable pre¬miums for SBS account holders below 85. To join, one must open an SBS transactional and savings account to facilitate premium payments. Applicants need to provide their National ID, spouse’s ID, birth certificates for parents or in-laws, extended family member’s ID, where appli-cable.
For further details on SBS’ in¬surance offerings, please contact Nokwanda Dlamini on 2405 6279 and/or via email at nokwanda. nkambule-dlamini@sbs.co.sz.
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