Photo: Michael L. Dorn (Flickr), Wikimedia Commons, CC BY-SA 2.0Life insurance in Botswana
The 9 licensed life insurers and your rights
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Get the free PDFThe licensed life insurers
Full names and the general insurers are on insurance companies in Botswana. Profiles: Botswana Life, Hollard, Liberty, Metropolitan, Old Mutual.
| Indicator (2022) | Figure |
|---|---|
| Gross premium written, all insurers | P6,239 million |
| Life insurers: gross premium written / claims | P4,507 million / P2,702 million (9 insurers) |
| General insurers: gross premium written / claims | P1,732 million / P482 million (11 insurers) |
| Medical aid funds: contributions / claims | P2,266 million / P2,161 million (5 funds) |
| Assets: life insurers / general insurers / medical aid funds | P19,052 million / P2,552 million / P1,504 million |
Source: NBFIRA Annual Report 2023, Table 15 and Appendix 4.
Lapses, grace period and cooling-off
- "Policies will lapse if you stop paying your monthly premiums, and, depending on the type of policy that you have, you may not get your money back."
- There is usually a grace period for late premiums; after it, you are no longer covered.
- Some policies may be cancelled within 30 days after you receive the summary of the policy, without losing the premium paid (the cooling-off period).
- Disclose your health and history truthfully: a claim may not be paid on false or incomplete information.
Quoted from NBFIRA consumer education. The Insurance Industry Act has sections headed "Grace period for payment of premiums" (56), "Failure to pay premiums for long term policy" (58), "Paid-up policies" (59), "Surrender of policies" (60) and "Commission disclosure" (71) (arrangement of sections): ask your insurer how each applies to your policy.
Funeral policies have their own page: funeral cover.
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Frequently asked questions
How many life insurance companies are there in Botswana?
Nine on NBFIRA's list (Annual Report 2023, Appendix 9B): Absa Life Botswana, Afritec Life Insurance, Bona Life Insurance, Botswana Life Insurance, Hollard Life Insurance, Liberty Life Botswana, Metropolitan Life of Botswana, Old Mutual Life Insurance Company (Botswana) and Westlife Insurance Botswana.
What happens if I miss a life insurance premium?
There is usually a grace period; if you do not pay within it, NBFIRA says you are no longer covered and the policy lapses.
Which life insurer is the best in Botswana?
Tulinde does not rank insurers. Compare the benefits, exclusions, waiting periods and premium of at least two licensed insurers, and check the agent's licence.
Sources
- NBFIRA — Annual Report 2023: Table 15, Appendix 4 (indicators for insurers), Appendices 6–7 and 9B–9C (lists of insurers and medical aid funds) (Web Archive copy)
- NBFIRA — Consumer education: insurance (licensing, lapses, disclosure, 30-day cooling-off, grace period, complaints) (Web Archive copy of 5 March 2024)
- Insurance Industry Act (Cap. 46:01), Act 10 of 2015, in force 17 May 2019 — arrangement of sections, Botswana Laws (full text behind a paywall: sections cited by their heading)
- NBFIRA — List of regulated entities: insurers, reinsurers, medical aid schemes, brokers and agents (Web Archive copy of 21 January 2025; nbfira.org.bw did not open on 31 October 2026)