Zimpost launch low cost cash funeral plan…underwritten by First Mutual Life Assurance Company
By Insurance24
HARARE, Zimbabwe Posta (Zimpost) has unveiled a low cost funeral product known as PostLife Funeral Cash Plan which offers a cash benefit upon death of an insured person. The product is underwritten by First Mutual Life Assurance Company.
At the launch, Zimpost acting managing director Sifundo Moyo said will be immediately available in Harare and Bulawayo with a gradual presence throughout the country effective next week through an expansive program.
“PostLife Funeral Cash Plan is expected to go a long way in enhancing financial inclusion amongst the population of Zimbabwe particularly the underprivileged and low income earners,” he said.
According to Moyo, the premiums are from as low as 80 cents for adults and 40 cents for dependent children. He said the distribution of the product will ride on the wide branch network for Zimpost that spans across the country.
“As a result, people will be able to lodge their claims at any Post office countrywide,” he said. Other benefits of the Post Funeral Cash Plan is that in the event of bereavement or death of a beneficiary, claims will be made at the nearest Zimpost branch and expeditiously processed by First Mutual Life on receipt of claim documents from Zimpost branches.
“To add to the convenience, enquiries relating to the service or any adjustments required will be handled at any Post Office in the country. Customers will be able to access services such as registration for the cash plan or payment of monthly premiums,” he said.
There is no age limit for the principal member, as well as for the principal member’s spouse or his/her biological dependents with particular reference to children and parents. At entry non-biological dependents will have an age restriction of 75 years. The payouts range from $500 to $3000.
First Mutual Life Managing Director Ruth Ncube said the product is one of the least priced products in the country. She said FML has the capacity to underwrite the product and process claims timeously, adding that there is need for financial education for the communities to appreciate the products.
