Barclays Bank of Botswana has announced the launch of Retrenchment Insurance to be embedded in their lending products as part of their consumer solutions strategy.
The bank gives their customers an option to add Retrenchment Insurance cover across all their lending products. This insurance covers Barclays Bank customers, in the event of unplanned job losses brought about by a retrenchment exercise carried out by their employers. When embedded in personal loans; the retrenchment insurance cover will pay off the outstanding balance of the customer’s loan in the event of a retrenchment. When embedded in the Mortgage loan or on a Vehicle loan the retrenchment insurance cover will pay the customer’s loan instalment for a limited period.
Barclays Bank has also embedded retrenchment cover to their credit cards. The retrenchment cover on the Barclay Card is a free benefit and does not come with any additional cost to Barclay Card holders.
“As Barclays Bank, we acknowledge that our customers may need specific protection solutions from various risks. For this reason, we revisited our insurance offering with a view to finding solutions that will meet some of the emerging risks we see in the market. The provision of this insurance product helps our customers to manage their finances in the event of an unforeseen job loss and also brings us closer to our ambition of being the Financial Provider of Choice. Our customers can now obtain both a loan and a critical insurance component within our Banking halls’, said Consumer Director Brighton Banda.
What value does Retrenchment Insurance cover bring to Barclays Bank customers?
• Customers no longer have to use their separation packages to clear balances on Barclays Bank personal loans and Barclay cards; meaning the funds can now be utilized for other things.
• Customers will have a relief from paying mortgage and vehicle loan instalments for a specific period while they are still finding other employment or sources of income.
• Existing Mortgage and Auto Loan Barclays Bank customers can also apply for this benefit by visiting their nearest Branch. Premiums are affordable and are paid on an annual basis for mortgage loans and vehicle loans while personal loans premium are paid once off at the time of taking the loan.
“With our Retrenchment Cover, we want to help our customers to stay financially afloat should there be retrenched from their employment, this is another way we continue to help them Prosper,’’ concluded Banda.