SATIB unveils new products

SATIB Insurance Brokers have added to their specialized product range with the launch of three new products – Professional Guides Insurance, Personal Insurance and the Tourism and Hospitality Pension Fund. In addition SATIB have partnered with attooh! to launch a new division within the company - SATIB Health & Wealth.

Professional Guides Insurance

The Professional Guides Insurance product is a first in the South African Tourism Industry. The product offers four possible insurance cover plans for either self-employed guides running their own business or a guide in full-time employment. The insurance plans cover accidental death; permanent disability; temporary, partial or total disability; serious illness income protection; and business risk liability. In addition, the Ultra Plan for employed guides offers personal asset and liability cover.

The benefits of the insurance policies include access to your profile through SATIB’s online portal; up-to-date information on the policy, claims, procedures, transaction and history; downloading of insurance cover certificates; and control of your own insurance cover. An additional benefit is the inclusion of SATIB24 – Guest Cover, which is SATIB’s unique incident management service. This service allows for the management of critical incidents, by our specialist team to minimize the loss and maximize the outcome.

The insurance plans offered by SATIB are not meant to replace any existing medical aid or life insurance plans but rather supplement existing plans and add specific coverage, currently not covered in other policies. 

Personal Insurance Policy

Your home and your vehicle are two of the largest assets you will acquire in your lifetime, SATIB’s Personal Insurance Policy assists in protecting these assets. Our promise to you is that we will beat, or at the very least match, your existing premium*.

So why would you switch?The SATIB Personal Insurance Policy is a comprehensive product whose covers include, among others; buildings cover; household contents cover; all risks cover; personal accident cover and retrenchment benefit cover. With both useful and relevant Value Added Benefits including: Emergency Roadside Assistance, Emergency Medical Access, Home Drive Services, Pothole Protectamongst others. You also get the backing of a trusted, specialist insurance brokerage with over 25 years of risk transfer experience; SATIB Insurance Brokers are ideally placed to provide expert advice on your insurance needs.

* Terms & Conditions’ apply. Quotes are subject to favorable claims experience and quoting on a like for like basis.

Tourism and Hospitality Pension Fund

Legislation regarding a National Social Security Fund (NSSF)will soon be implemented in South Africa, enforcing a compulsory combined contribution to pension savings by both employers and employees. The impact on employers could be financially crippling as they may be expected not only to contribute their portion to the fund but also to increase the wages of employees to enable them to contribute their portion without having their salaries reduced.  

SATIB, together with attooh!, has created a new product - the SATIB Tourism & Hospitality Pension Fund- backed by Momentum. Taking into account the fact that the tourism & hospitality industries are characterized by low income earners and high staff turnover, the SATIB Tourism & Hospitality Pension Fund will enable employers and employees to begin building up their monthly contributions to a point where they are meeting the criteria for exemption from contributions to the NSSF - avoiding having to make a large financial outlay all of a sudden.

The SATIB Tourism & Hospitality Pension Fund will have the added benefit that contributions can be built up over a three year period, ensuring that 15% of the employee’s salary will be going towards pension savings when the NSSF comes into effect. Allowing a slow manageable build-up of monthly contributions to ease the burden on cash flow.

The pension fund includes: three times pensionable salary as life cover; 75% of the pensionable salary as Income Protection to age 65; and one year’s annual pensionable salary as a lump sum benefit in the event of critical illness. Unique benefits include: Daily updated online profiles and access to each employee’s personal fund details; Employees will qualify for automatic coverage, without medicals (up to the medical free limits set by the fund,  which are currently: Group Life cover - R700,000, Capital Disability cover - R650,000) and Free will preparation.

SATIB Health & Wealth

Life happens! ... Therefore we need to make provision for unforeseen challenges. Risks associated with life and health are not pleasant to think about but they do play a significant role in both your business and personal life. The results could be disastrous if they are not properly insured and managed. SATIB Health & Wealth offers Healthcare Consulting, Buy & Sell Insurance, Key Person Cover, Personal Life & Disability Cover, Personal Liability Cover and Investment and Retirement solutions.

This service also includes a financial wellness seminar where employers and employees can gain knowledge on the importance of their personal finances.