Leading funeral services provider, ZB Life Assurance has introduced an enhanced 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 pay-outs will be in both local and foreign currencies depending on the holder’s plan.
“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 options to choose one or more, if not all of the added benefits,” said ZB Financial Holdings brand manager Cynthia Muzira at the virtual launch of the product, yesterday.
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 (MCB) , 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 dependent 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.
“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,” said ZB Life Assurance managing director, Letwin Mawire.
“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,” he said.
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 23 years.
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 dependents will be maintained for six months without any further premium payments.