ZB Life Assurance launches enhanced cash funeral plan
ZB Life Assurance, a subsidiary of ZB Financial Holdings, has launched an enhanced ZB Cash Funeral Plan to provide post-burial benefits to the policyholder, in addition to the cash benefits that assist with the financing of funeral and burial costs.
The enhanced product will help bereaved families to cope with post-burial expenses that are often a huge burden for the surviving relatives.
Announcing the enhanced cash funeral plan on a virtual platform due to the Covid-19 restrictions, ZB Financial Holdings brand manager Cynthia Muzira said, “We have added exciting and very beneficial new services to the existing cash funeral plan in line with the new normal and the needs of our policyholders, whether new or old. Our policyholders have the option to choose one or more, if not all of the added benefits.”
Among the added benefits include the memorial cash benefit (MCB) that will assist policyholders opting for this enhancement with funding for memorial services. Cash will be paid to a policyholder or other eligible beneficiaries at the same time as the basic benefit or within a period of one month to three months after the burial of an insured person.
Under the Memorial Cash Benefit, each insured person will be eligible for a minimum cover of ZWL$50,000 and a maximum of ZWL$100,000. The policyholder and any registered dependant are eligible for the MCB.
The ZB Cash funeral plan has roped in the Tombstone Cash Benefit (TCB) to assist with funding for a tombstone, including the tombstone unveiling event, a culturally significant occasion in Zimbabwe. The tombstone benefit will be paid to a policyholder or other eligible beneficiary within a period of 12 to 18 months after the burial of an insured person. Each insured person will be eligible for a minimum TCB cover of ZWL$50,000 and a maximum of ZWL$100,000.
A grocery cash benefit with a maximum of ZWL500 000 that will be paid for six months to a nominated beneficiary or another eligible beneficiary upon the death of a policyholder to assist the bereaved family with finances to purchase basics as they adjust to changed circumstances after the death of a breadwinner has also been added.
Other perks added to the enhanced cover include school fees ranging from ZWL$50,000 and a maximum of ZWL$500,000 available upon the death of policy holder who would have registered dependents under the age of 23years. Attached to the cash funnel plan is also a personal accident benefit that will provide for payment of double the basic benefit in the event of the accidental death of an insured person, excluding minors.
There is also a free premium waiver benefit which accrues when a policyholder is retrenched (made redundant) or is disabled to the extent that he/she is not able to continue with his/her own or similar occupation. The cover for the policyholder and the registered dependants will be maintained for six months without any further premium payments.
Through partnerships with other funeral service providers, ZB is now able to offer burial and other funeral services to our clients.
“These product enhancements are a culmination of a long process of research including, listening to our communities and valued clients in our quest to offer reasonably priced financial and insured risk solutions. Our solutions could not have been more relevant than now when the world is battling Covid-19. Indeed, realities of life such as death and sickness are closer to home than before. We are striving to offer our condolences to the many families that have lost their loved ones. We also wish a speedy recovery to those that are currently ill and salute those that have managed to overcome the disease. As ZB Life assurance, we want to assure Zimbabweans that we are in this together,” said ZB Life Assurance managing director, Letwin Mawire.
“As a company, we also have not been spared, but I am happy to say that we have risen to the occasion. We have offered financial relief to many of our clients who were unfortunate to lose their lives or those of loved ones. In addition, we have embraced the “new normal” and ensured that we continued to serve our clients, especially in these times. Events such as this one are a testimony that we are now doing business differently,” Letwin Mawire said.
The enhanced plan will provide post-burial benefits such as tombstone, memorial service, school fees and cash for groceries, among other funeral and burial costs.