PRODUCT REVIEW: Zimnat brings relief to Zimbabweans living abroad and locally

Zimnat brings relief to Zimbabweans living abroad and locally

HARARE, Zimnat Life Assurance announced a funeral plan, Kwedu/Ngekhaya, for Zimbabweans living outside Zimbabwe that enables them to be buried back home in Zimbabwe, with pay‑outs guaranteed in United States dollars or South African rands.

Moreover they can include members of their family back in Zimbabwe on their policy, ensuring that they too will be able to have a decent burial, as a result of pay-outs being in foreign currency.

The plan is affordable, secure and offers a guaranteed pay-out in the currency contracted that is in either United States dollars or South African rands.

Those living in the SADC region will receive, for a monthly premium of R189, a pay-out of up to R210 000 for a family of six, with each family member entitled to R35 000.

For those living abroad, a family of six will receive a total of US$60 000 for funeral and repatriation expenses in the event of a bereavement for a monthly premium of only US$23,50. Each member is covered for US$10 000.

This should come as good news for the estimated three million Zimbabweans who are in the diaspora.

The realisation that in the event of death in a foreign land that final journey back home may be unaffordable lingers in the minds of many and is a constant burden at the back of their minds.

Uncertainty about whether the benefits contained in local insurance policies will be able to be paid in the currency contracted has been a major hinderance to those who might wish to have concrete plans in place.

As a result, many have had to go through the traumatic experience of having to fundraise amongst friends and on the internet to raise money for the repatriation and other funeral costs of deceased family members or colleagues.

“Zimnat is all about making life better for Zimbabweans wherever they are in the world. We have developed this solution for the peace of mind of those in the diaspora and those back home as our wish is to stay true to who we are as Zimbabweans and do things how we do them Kwedu/Ngekhaya, guaranteeing the dignity of our people’s final journey,” commented Zimnat Life Assurance managing director Workmore Chimweta.

“Zimnat Kwedu/ Ngekhaya Funeral Plan has the backing of the Reserve Bank of Zimbabwe, which, as reported in the mainstream media a few months back, has granted Zimnat the authority to ringfence funds related to diaspora products for investment offshore.

“This guarantees the ability of Zimnat as an underwriter to settle claims in United States dollars and South African rands,” he said.

“To make life even better, with Kwedu/ Ngekhaya members can add their family members in Zimbabwe on the same plan, enabling them to live with the peace of mind that, if anything happens, they are assured of a befitting send off,” Mr Chimweta said.

The plan is flexible. It enables a person to choose a package that meets the individual’s or family’s needs from a range of options.

Premiums are payable on a monthly, quarterly or annual basis. The plan has an option for the inclusion of vigil and tombstone cover. It does not have any waiting period in the event of accidental death. No medicals are required to sign up.

Whilst this solution will enable Zimbabweans living in the diaspora to ensure their final resting place is back home where their roots lie, it will also provide relief to Zimbabweans who have sometimes failed to find closure when relatives who have passed on in the diaspora have failed to make that journey back home because of financial constraints.

The plan comes at a time when many Zimbabweans will be travelling back home for the festive season to spend time with family and friends. With this in mind and as a launch promotion for the product, Zimnat is giving local Zimbabweans an opportunity to win grocery vouchers by referring friends and family to sign up for Kwedu/Ngekhaya.

The policy can be applied for online through Zimnat’s self-help web portal, Local residents can use the same platform to refer friends and family to sign up for Kwedu/Ngekhaya.

Zimnat Life Assurance is part of the Zimnat group comprised of Zimnat Life Assurance, Zimnat General Insurance, Zimnat Asset Management and Zimnat Microfinance which is also associated with the Sanlam group.

The group has come up with a number of innovations this year intended to make life better for Zimbabweans, with the most recent being the launch of ZFX Bureau de Change, a foreign exchange and money transfer service.