Zimnat Life Assurance target civil servants and private sector in low cost life cover

Zimnat Life Assurance targets civil servant and private sector in low cost life cover

By Insurance24

HARARE, Insurer, Zimnat Life Assurance has unveiled a low cost cover, the Zimnat Security Plan targeted at government employees and private sector. Upon registering for the plan, the first month will be free.

“In the event of your passing on, your family will get a cash payout of $10 000,” says Zimnat. The plan has added benefits that include cash back equivalent to 1 year’s premiums payable after every 5 years of no claim.

Other benefits include accidental death benefit and a loan facility after 3 years. Premiums range from $14 to $25 per month depending on age.

As reported by a local daily paper, Zimnat Life chief executive Munyaradzi Javangwe said the product was one of the many projects the company was embarking on in an effort to fulfil their purpose to “make life better” for their customers.

“We realized there was a gap in the market. Most insurance companies are offering life assurance products with high premiums, putting them out of reach for most Zimbabweans,” he said.

“Life insurance is important for everyone. We never know when we are going to die. It is important to have plans in place for those we leave behind, particularly if we have a family.

“The younger you are when you take out life cover, the lower the premiums since they are based on your age. With the Zimnat Security Plan, premiums are only paid for 20 years, after which one’s life is still covered without any further premiums having to be paid.

“Most exciting, there is a cash pay-out after every five years, so you can benefit from the plan yourself while you are still alive,” he said.

Last year Zimnat Life Assurance upgraded its Whole Life Plan to include additional benefits as the company seeks to consolidate its position on the market. 

Zimnat has been one of the leading players in the Zimbabwean life assurance and short-term insurance industries since 1946. The Group has a good credit rating of A- for both the life assurance and short-term insurance businesses, and an asset base of $92 mln.

The Group has since rebranded in response to its partnership with Sanlam Emerging Markets (SEM) of South Africa which acquired a 40% shareholding in 2015.

SEM is a leading diversified Pan-African financial services group listed on the Johannesburg and Namibian Stock Exchanges. Sanlam was established in 1918 as a life insurance company.