Starting from June 2025, we have expanded the benefits you receive from your life assurance policy by introducing new Riders, with a diverse range of coverage options, tailored to your needs.
These new Riders are add-on covers which you can select from to maximize your life assurance benefits and allow you the possibility to customise your policy according to what is in your best interest.
New Riders available for purchase
We have added seven new Riders in total to broaden our list of products:
> Additional Death Benefit rider: The Additional Death Benefit rider supplements the death benefit under your existing policy and can help cover unforeseen expenses, such as funeral costs or outstanding debts.
> Accidental Death Benefit rider: The Accidental Death Benefit rider provides your beneficiary with an additional payout on top of the base life assurance benefit, in the unfortunate event of your death due to an accident.
> Total and Permanent Disability (TPD) rider: If you become permanently disabled and are unable to work after a 6-month period, the Total and Permanent Disability rider provides financial support ensuring that you have the necessary funds to cover living expenses, medical bills, or rehabilitation costs. In addition, your main life assurance cover will continue until death and/or maturity, whichever comes first, after you have made a claim under the Total and Permanent Disability rider.
> Waiver of Premium on TPD rider: It provides peace of mind by ensuring that your insurance coverage remains intact until death and/or maturity whichever comes first, even if you are unable to work due to a severe disability. A waiver of premium on TPD ensures that you maintain essential coverage without financial strain during a challenging period in your life.
> Critical Illness Benefit rider: If you are diagnosed with a critical illness while your policy is active, the sum assured related to the Critical Illness benefit will be paid out to you, providing that that the diagnosed illness is included in the predefined list of critical illnesses covered by the policy. Examples of covered illnesses include Heart Attack, Coronary Artery Bypass Graft Surgery, Stroke, Chronic Kidney Failure, Permanent Visual Loss in Both Eyes, Major Organ Transplant, Paralysis, and Paraplegia. Once the benefit is paid however, no further claims can be made under this specific rider.
> Family Income Benefit on Death: In the event of your untimely passing, your beneficiaries will receive a monthly payout equivalent to 3% of the sum assured under your main policy. This is paid out to your family monthly until the term of your policy comes to an end.
For example, if you passed away after five years since taking out a 15-year Sacos Exclusive Plan, your beneficiary will receive 3% of your sum assured every month for the next 10 years under your insurance plan with this rider. Such would ensure that your loved ones are well provided for in your absence and would be in a better position to supplement their income in addition to any other forms of benefits that they would be entitled to, such as monthly pension pay out, upon your passing. This specific rider gives you the opportunity to increase the sum assured under your existing policy without the need to take out an additional life insurance policy.
> Family Income Benefit on Disability: If you become permanently disabled and are unable to work after a 6-month period, a monthly sum amounting to 3% of the sum assured on your main policy is paid out to the designated beneficiary until death and/or maturity whichever comes first. This type of payout can help ensure that your beneficiary receives a steady stream of income, aiding in the management of living expenses and other financial commitments during a potentially challenging time.
Why are Riders useful?
The most useful component of these Riders is that they provide you with options and the opportunity to add other types of coverage to your existing policy without having to purchase a separate life assurance policy. Policyholders will be able to take out a maximum of two riders per main life assurance policy, under specific Terms & Conditions.
What is important to note is that these riders are not available for purchase as a stand-alone life insurance policy. They must be accompanied with one of our existing ordinary life assurance products.
For example, if you have an existing Sacos Special Endowment Plan and you add a Critical Illness rider and an Accidental Death rider to your plan, you will receive a payout equal to the sum assured of your main policy if you are diagnosed with a critical illness on the predefined list (e.g. a stroke) and your beneficiary will still receive a payout equal to the sum assured of your main policy if you later passed away during an accidental death plus the sum assured claimed from your main cover. In this case, you are guaranteed triple the security over the term of the life assurance. These riders allow you and your loved ones to maximise your benefits under one life insurance plan, without the need to take out new life insurance plans.
Making a Claim under a specific rider?
For some of our riders, such as the Critical Illness rider, the rider becomes nullified once a claim is made. For example, if you suffer a stroke and make a claim under your policy, you will no longer be able to make an additional claim later if you suffer from a secondary stroke or any other predefined illness in the list. However, this does not prevent you from making a claim under a separate rider. For example, if you made a claim under the Critical Illness rider at some point, you will still be able to make a claim under the Family Income Benefit on Disability later. Regardless of any claims you make under these riders, your existing life assurance policy will continue to apply until death and/or maturity, whichever comes first.
How much does the beneficiary or policyholder receive once a claim is made under these riders?
When it comes to the Additional Death Benefit rider, Accidental Death Benefit rider, Total and Permanent Disability (TPD) rider and Critical Illness Benefit rider, the amount to be paid to the beneficiary or policyholders once a claim is made is the same as the sum assured of the main policy.
For the Total and Permanent Disability (TPD) rider, Critical Illness Benefit rider, and Family Income Benefit on Disability, the amount paid to the policyholder once a claim is made is the same as the sum assured of the main policy. In addition, the sum assured of the main policy is still paid to the beneficiaries upon death.
For Waiver of Premium on TPD rider, no amount will be paid to the policyholder; however, Sacos will take up all future payments of the premium up to death and/or maturity, whichever comes first.
How to purchase these new Riders?
To purchase one of our Riders for your life assurance policy, you contact your life assurance agent or visit one of our branches on Mahé, Praslin and La Digue.
To obtain a quote, send an email to quotes@sacos.sc / life@sacos.sc.
For more information, visit our website: www.sacos.sc/riders or call us on 429 5000.
