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Fidelity Life unveils Vaka Yako as it responds to housing demand
Fidelity Life Assurance of Zimbabwe Limited (FIDL.zw) in response to the demand for modern houses in Zimbabwe has come up with a product called Vaka Yako which caters for the high appetite for urban accommodation and modernization of rural settlements and growth points.
Fidelity Life Assurance has previously developed Fidelity Life Park Manresa and Fidelity Southview, boosting its track record in the property development sector.
“With Vaka Yako we are giving the customer a chance to save and buy or develop a stand at any location of their choice,” the company said.
According to the company, Vaka Yako will help a client to grow funds in a structured savings model which is affordable and guarantees one the end product of owning a home.
“It is a unit linked investment product with a US$5 ,000 death benefit for active members. All premiums are paid in USD on a monthly, quarterly or yearly basis and have a maximum term of 15 years,” said the company.
According to the company, Death cover is immediate and there is an automatic paid up option after two years.
Vaka Yako is an investment plan that allows you to purchase a stand from the pool of stands available anywhere around the country.
This is a product that covers everyone who needs to buy a stand, build a house or renovate their existing structures and it is affordable and meets the different preferences of people. The product has flexible payment options.
If one dies too soon, the product has a death benefit of US $5 000 where beneficiaries will get the cover in the event that the policyholder is deceased
The minimum benefit for Vaka Yako is US$10 000. In an event that one is no longer able to continue paying premiums to the maturity date, he/she can apply for paid up status or opt out on condition that the contract would have been in force for at least 2 years from the date of inception.
The Vaka Yako product can be reinstated within 12 months from the date of last payment. The minimum entry age at entry is 18 years and the maximum is 60 years.
Vaka Yako premiums and benefits are paid in USD. The company said it is going to maintain a pool of stands from across Zimbabwe, hence those who may elect to get a stand will choose from the investment pool.
“In the event of a change of currency, the policyholder will be paid in USD.” Fidelity Life Assurance Fidelity Life Assurance of Zimbabwe is a listed financial services company that has been serving the country for over 80 years.
Some of the group’s SBU’s are Fidelity Life Assurance, Fidelity Life Financial Services Fidelity Life Medical Aid Society, Fidelity Funeral Services Fidelity Life Asset Management, Zimbabwe Actuarial Consultancy, Fidelity Property Sales & Development.