Established in 1932, Safrican’s main focus was affordable funeral insurance. They operated in the Witwatersrand area until 1971, when they were incorporated into the HCI Group. At this juncture they became a subsidiary of Safrican Life Investment Holdings Limited. This increased their product range and client base tremendously when employers realised that they needed to offer their employees better funeral benefits.
In 1994, the Fedsure Group purchased Safrican after they had established offices in Durban, Port Elizabeth and Cape Town. Safrican continued trading as a separate operating division of the group in spite of the buy out. In 1995, Thebe Investment Corporation bought a major share of Safrican which resulted in the emergence of Safrican Insurance Company Limited.
At the beginning of 2006, Channel Life procured 55% of Safrican and acquired the remaining 45% at the end of 2006, thus making Safrican a wholly owned subsidiary of Channel Life. The Thebe Investment Corporation re-acquired 15% at the end of 2007 while Channel Life retained the remaining 85%.
Safrican offers a range of products to their clients. These include, but are not limited to:
Individual
The Safrican Family Benefit plan caters for individuals who are concerned about financial preparedness in the event of a death in the family. Their product range offers various benefit scales with valuable add-on options including memorial benefit, accidental death benefit and extended family benefit.
Limited Life
The limited life option pays out a cash lump sum in the event of death of a member or their immediate dependants to cover the funeral costs. Cover ceases when a member reaches the age of 65, but a continuation option is available. The policy allows for employers to add cover on a compulsory basis as a condition of employment.
Affinity Plan
The Affinity option pays out a cash lump sum in the event of death of a member or their immediate dependants to cover the funeral costs. This plan is especially geared towards smaller companies with smaller employee groups. The policy allows for employers to add cover on a compulsory basis as a condition of employment.
Ancillary Benefits
A number of ancillary benefits are available from Safrican, including paid-up on death benefit, paid-up on disability benefit, extended family benefit, memorial benefit, repatriation benefit and paid-up on retrenchment benefit.
Contact Details
Head Office
Physical Address
9 West Street
Houghton
Johannesburg
Postal Address
PO Box 616
Johannesburg
2000
Tel: (011) 727-5400
Fax: 0860 88 44 22 / (011) 332-0571
Website: www.safrican.co.za
Safrican and variations of this name/trademark belong to Safrican Insurance Company Limited and not to InsuranceHound.co.za.