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Standard insurance brokers

From car, home and life insurance to bespoke advice on fiduciary planning, trusts and wills, our Insurance and Wealth Advisory specialists will ensure that you and your assets are taken care of – expertly and professionally

What does it offer me?

  • Funeral plan
  • Personal accident
  • Home loan protection plan
  • Loan protection plan
  • Motor insurance
  • Automatic settlement benefit
  • Car and household insurance
  • Business insurance

Funeral plan

What is Funeral Plan?

  • It is a complete funeral cover for you, your family and extended family. Funeral Plan will help you to lay your loved ones to rest with dignity and respect

Who can have it?

  • Anyone under the age of 65 with any SBN transaction or savings account. The spouse must also be under the age of 65. No medical examination needed to join

How much am I covered for?

  • The table below shows how much you need to pay each month and how much will be paid out in the event of death

How do I make my monthly payments and when is my cover effective?

  • Payments are made directly from your bank account by debit order
  • There is a six months waiting period before cover is effective
  • Once you have made your first payment, you and your family are covered for accidental death

How do I claim?

  • Claims can be made at any SBN branch or the Funeral Plan Help Line on 061-294 2343
  • Within 48 hours of receiving all your documents, benefits will be paid

Personal accident

  • Select cover starting from N$25 000 at a mere N$11.50 to N$ 500 000 for N$ 230 p/m
  • Pays out upon death or permanent disability following an accident e.g. Road accident, falling off a roof, being insured while at work
  • No upfront medical report

Home loan protection plan

What is a home loan protection plan?

An insurance policy you can take out that will cover the outstanding bond amount owing to SBN to a maximum amount of N$1 300 000 in the event of death and/disability, dread disease and retrenchment

Who can have it?

All SBN Home Loan customers with an outstanding balance of N$1 300 000 or less

How does it work?

  • Choose from the following plans. You can also combine plans for better cover
  • Death cover: if you die, we’ll settle the outstanding balance of your home loan
  • Disability cover; if you’re temporarily disabled, such as in a major accident, your temporary disability cover will help you pay your bond for up to 12 months
  • Joint life covers: you can insure a second person with insurable interest. This means that you can add a joint bondholder or someone who has signed surety
  • Discount: if you insure two lives, you’ll get a 40% discount on the amount you pay for the younger life
  • Both lives must be covered for the same events and amounts
  • Retrenchment cover: this will pay your home loan instalment for up to six months if you are retrenched
  • No matter what cover you choose, you do not need a medical examination: you can get immediate cover

 What are the main exclusions?

  • Any pre-existing conditions for the last two years will be excluded for the first two years
  • Suicide within the first two years of the policy

Loan protection plan

What is a loan protection plan?

This covers your personal loans with us should you become disabled, contract a dread disease or die

Who can have it?

Anyone who is under 65 years of age at the next birthday, in good health and has not undergone treatment for any condition other than minor ailments. If you have personal loans with us, you should have it

How does it work?

  • If you become disabled, are diagnosed with a dread disease or die, this policy will immediately pay off your SBN overdraft, revolving credit plan We’ll calculate your premiums according to your outstanding balance, age and the type of cover you want
  • No medical examination is required
  • The policy gives you flexibility as you can choose the cover that best suits your needs

            You can choose from:

  • Plan A – death, disability and retrenchment
  • Plan B – death, disability, retrenchment and dread disease
  • Plan C – death, temporary disability and retrenchment
  • You can take our cover for up to N$500 000. This is the maximum amount that will be paid out to you

 What are the main exclusions?

  • Any pre-existing conditions for the last two years will be excluded from the first two years
  • Suicide within the first two years of the policy

Motor insurance and top-up insurance

What is motor insurance and top-up insurance?

Comprehensive motor insurance provides you with insurance cover on your motor vehicle. Top-up insurance supplement your comprehensive motor insurance and removes the risk of shortfall and/violation of your comprehensive policy as well as deposit or excess protector 

Who can have it?

  • If you qualify for vehicle or asset finance, you qualify for insurance

How do they work for you?

  • We will obtain a number of quotes from various insurance companies and offer you the best one.
  • You pay your reasonable monthly premiums by debit order, or as part of your vehicle and asset finance instalment

Comprehensive motor insurance

  • This policy covers you against theft, loss, damage, malicious damage, liability to third parties and riot
  • If your vehicle is financed, you are obliged to have this cover

Top-up insurance

  • This removes the risk of shortfall and/violation of your comprehensive policy
  • It is an excess protector that pays your underlying excess of 15% of the market value of the vehicle or a maximum of N$50 000, whichever is less
  • It supplements your comprehensive motor insurance and covers you for unintentional non-compliance with conditions of that policy
  • A credit shortfall after a total loss, excluding any vehicle or asset finance arrears
  • Reasonable premiums are paid monthly or annually and are included in your finance agreement
  • Policy renewable annually

Automatic settlement benefit

What is an automatic settlement benefit?

This policy is designed to pay towards your deal if you become permanently or temporary disabled, contract a dread disease, of if you die, up to a maximum of N$1 000 000

Who can have it?

  • Do you have a vehicle or asset finance deal?
  • Are you over 18 and under 65? Are you in good health? Haven’t undergone treatment for any condition apart from minor ailments?
  • Then an automatic settlement benefit is for you

How does it work?

  • If you become disabled, contract a dread disease, or die, your automatic settlement benefit will immediately pay off all or part of your vehicle or asset finance
  • A once-off upfront premium ensures a low rate and no premium increases
  • The Plan gives you flexibility as you can choose which cover you prefer
  • Plan A – death, disability and retrenchment
  • Plan B – death, disability, retrenchment and dread disease
  • Plan C – Death only
  • Up to two people can be covered under one plan

Short term insurance

Personal car and household

We give you access to car, household, liability and accident cover from a range of leading insurance providers to protect what is important to you against the risk of everyday life. SIB sources the market in order to offer the best product and price guaranteed

Business insurance

Insurance that protects businesses from losses due to events that may occur during the normal course of business. There are many types of covers for businesses including cover for property damage, legal liability and employee-related risks

How do I apply?

Visit your nearest Standard Bank Branch or contact our Standard Insurance Brokers on +264 (0) 61 294 2306 or on Email: insurance@standardbank.com.na


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