Zimnat Life Assurance has launched an inflation-proof funeral policy, the first of its kind in Zimbabwe, which provides for regular review of covers and premiums in order to hedge against inflation and maintain the value of the policy.
Many people have taken out funeral policies for themselves and their loved ones, only to find that when death occurs inflation has eaten away the value of their policy.
Zimnat’s new Gadziriro/Lungiselelo ZWL$ Funeral Plan is designed to overcome this problem and maintain the value of the policy by making it an inflation-linked plan.
Those who sign up for it will be advised of the required covers and premium reviews regularly.
The policy covers death from any cause, including Covid-19. In the event of accidental death, the cover takes effect immediately.
For a premium of $191 per month, members of a family of six are each initially covered for ZWL$30 000, meaning that altogether ZWL$180 000 will be paid out eventually to the family. However, the family can review the cover upwards every month to ensure it is adequate to meet funeral expenses.
The policy is not restricted to a family of six, nor is the amount of cover limited to ZWL$30 000 per person. Individuals and families of any size can take out the plan, with the premium varying according to the number of people to be covered and the value of the cover required. Covers are available initially from ZWL$10 000 to ZWL$100 000 per person.
The plan also comes with other benefits. There are no medicals required when signing up. There is also an option to take out additional cover for vigil and tombstone expenses for the whole family.
Zimnat Life Assurance managing director Workmore Chimweta said the company was always looking for ways to deliver products and services that continuously make life better for customers.
“Gadziriro/ Lungiselelo ZWL$ was born out of the need to preserve value for our customers. With the current economic environment customers need to live with peace of mind, knowing that the value of their policy is maintained regardless of inflation,” he said.
It is possible to arrange to sign up for Gadziriro/Lungiselelo ZWL$ even during the lockdown by contacting the Zimnat Contact Centre team on Toll Free 08080063/4/6 or by sending a WhatsApp message to 0772 175 99. Those who already have other policies with Zimnat, can also contact their financial advisors to sign up.
Zimnat Life Assurance offers life assurance solutions to Zimbabweans both locally and in the diaspora. The company is part of a bigger group that also includes Zimnat General Insurance, Zimnat Asset Management and Zimnat Microfinance.
The group is associated with Sanlam, the largest non-banking financial institution on the continent.