Funeral Service Group (FSG) has added to its existing funeral policies, new insurance products following a joint evaluation collaboration exercise with Botswana Life Insurance Limited (BLIL).
FSG Limited Acting Managing Director, Vijayan Nayaranan, said the new products have been designed due to innovative solutions that the company continues to embark on. He said the products are not only affordable to the customers but also bring higher investment returns citing the 10% cash back refund as one of the worthwhile benefits that FSG developed.
Nayaranan said refreshing the FSG products and services is tailored at cementing the group’s position as a long time leading funeral service provider in Botswana.
Launching the new products, FSG Head of Sales and Marketing, Tebogo Moribame- Setiko said FSG has been compelled by three factors to make the business more efficient as well as adapting it to modern trends of the industry. According to Setiko, the launch of new products is meant amongst others to withstand growing competition in the market, adjust products to the market space and do awsay with obsolete products. “Refreshing products is very crucial for the business. This enables us to provide our customers with relevant products and services that will meet their demands when need arises. Moreover, we are keen on diversifying our product portfolio, hence offering one stop funeral policy services,” Setiko said.
The new products include 12 policies ranging from three categories being Individual, Informal Group and Corporate Group funeral policies, giving customers a variety of choices.
Individual funeral plans comprise of 6 policies which are FSG Silver worth P 17 00, FSG Gold P25 000, FSG Platinum P 38 000, FSG Executive P 50 000, FSG Premier P 80 000 and FSG Prestige at P 100 000. The Corporate group funeral plans offers three policies, Seriti at P 40 000 value, Marang P 30 000 and Tshepiso with P 25 000 value respectively. Three funeral policies are also available under the informal group and they are Retlametswe P 17 000, Sedilame valuing P 25 000 and the Letlhabile policy which is worth P 30 000.
Setiko said the new services that come along with the new funeral plans include introduction of Legacy Fund and Cash back which is at 10% refund. The Legacy fund which is optional entails providing a family with a monthly income for 12 months upon the death of policy holder. However, the value of monthly income is different between the three categories of funeral plans, for instance P 1 000 cash is paid for under informal group for a P 20 premium monthly. In addition, the 10% cash back which is paid every five years applies only to the Individual funeral policy holder’s category.
Some of FSG ‘s subsidiaries in Botswana are FSG Manufacturing focusing on the production of coffins and caskets,FSG Services,FSG Private Cemeteries and FSG Properties to mention but a few.