Moonlight Funeral Assurance partners Old Mutual in low cost funeral product
Harare-Moonlight Funeral Assurance has partnered Old Mutual to launch a new funeral product Moonlight Cash Plus, targeted at low income earners.
The product, Moonlight Cash Plus, offers both funeral services and a cash payout of $500, for $1.79 premium per month and premium payments can be staggered weekly.
The funeral plan which can be renewed annually is targeted at people aged 65 and below and on renewal, the life insured does not have to be below the maximum age entry of 65 years.
Benefits Highlights
Flat Lid Casket
>Obtaining pertinent documentation, e.g. burial order
>Removal of Body from House Mortuary Services Washing and dressing of the deceased Partial embalming.
>Hearse transport anywhere in Zimbabwean Overnight(This entails transporting the deceased body from the funeral parlor to the family’s home for an overnight service, then taking the body to the grave site the following day)
>Cash benefit for grocery, transport etc of up to $500 (The Cash Benefit is underwritten by Old Mutual)
Terms
>Immediate cover for accidental deaths
>3 Months waiting period for deaths due to natural causes.
>6 Months waiting period for suicidal deaths
This policy is another hope that a lot of people will now be affording insurance cover as we have seen a number of insurance players launching low cot similar products.
A 2014 FinScope survey found that 70 percent of the adults in the country were not insured, and of the 30 percent with insurance, more than three quarters of that was in respect of funeral insurance.
In line with that, regulator the Insurance and Pensions Commission (IPEC) earlier in the year launched a micro insurance framework to include the financially disadvantaged and low income earners.
In essence, micro insurance is a growth area, which is expected to increase the penetration ratio from the current 3,6 percent as more members of society can access and afford insurance products that match their needs.
The IPEC’s micro insurance framework is in line with government’s broader financial inclusion strategy and is also expected to work as a poverty alleviation strategy that seeks to assist low-incomes household manage risks in the face of significant vulnerabilities such as death, injury and illness loss of property, effects of drought among other issues.
