Zimnat launches novel inflation linked funeral cover

HARARE-One of the oldest financial institutions in the country, Zimnat Life Assurance has launched an inflation linked funeral policy, Gadziriro/Lungiselelo ZWL$ Funeral Plan the first of its kind in Zimbabwe, which provides for regular review of covers and premiums on a regular basis.

Gadziriro/Lungiselelo ZWL$ Funeral Plan was launched today (Thursday) online as gatherings are not encouraged due to the COVID 19 induced lockdown.

Many people have taken out funeral policies for themselves and their loved ones, only to find that when death occurs they would be valueless due to high inflation prevailing in the country.

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 their customers.

Zimnat Life Assurance managing director, Workmore Chimweta

“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.

The policy covers death from any cause, including COVID-19. In the event of accidental death, the cover takes effect immediately dais Chimweta.

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 in the event of a bereavement. 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.

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 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.