NMB unveils NMBLife range of products

NMB unveils NMBLife range of products

Insuranc24 Reporter

Harare – NMB Bank has launched a range of life assurance products which embrace life assurance, a retirement plan and a funeral plan.

The NMB Funeral Plan, in addition to covering the policyholder, can include anyone with whom the policy holder has a direct relationship with premiums being paid monthly for 10 years, after which cover continues without further payments.

In a statement NMB said on the death of the policyholder or anyone else covered by the policy, the amount stated on the policy is paid to the beneficiary of the deceased person and there is a waiting period of only three months for policyholders aged between 18 and 65 and six months for those aged between 66 and 74. There is no waiting period for accidental death.

On the other hand the NMB Life Plan comes with two options with the first being straight life assurance, where the sum assured is paid out when the policyholder dies.

“The other is a cash back option, which entitles the policyholder to receive back a payment of 50 percent of the premiums paid every five years, with the sum assured still fully payable on his or her death.

“The plan provides cover of up to $75 000, depending on the premium option chosen while the cover for death arising from natural causes commences six months after the policy has been taken out but at that stage is limited to a maximum of $20 000. Beyond 12 months, the full sum assured is payable in the event of death,” said NMB.

Anyone aged between 18 and 60 can take out this life assurance. Premiums are only paid up to the age of 65.

Meanwhile, the Diamond Retirement Plan is a savings plan that provides a lump sum payment and a monthly pension on retirement.

The lump sum is one third of the value of the accumulated capital. The remaining capital is used to purchase a pension annuity which enables the person to receive a monthly pension.

Under this plan, there is an option to forego the lump sum so that the whole amount can be used for an annuity in order to receive a higher monthly pension.

“The minimum age for the Diamond Retirement Plan is 16. The maximum is 65. The regular minimum monthly contribution is a minimum of $50. The higher the contribution the higher the retirement benefit,” said NMB.