With prices changing on a daily basis, we all know how difficult planning has been. It has been different for most businesses in our economy. Insurance and assurance companies have been hard hit by rising inflation. Zimnat is now the latest company to introduce a US dollar based plan. USD are relatively stable in value compared to our volatile RTGS currency.
Zimnat Life Assurance has introduced a funeral plan, Gadziriro/Lungiselelo, that pays out up to US$6 000 for a family of six for less than five United States dollars a month.
For a premium of US$4,99 per month a husband, wife and four children are each covered for an amount of US$1 000 in the event of their death, meaning that altogether US$6 000 will be paid out eventually to the family, presuming premiums continue to be paid.
The policy is not restricted to a family of six, nor is the amount of cover limited to US$1 000 per person. Families of any size, including extended family members, can take out a Gadziriro/Lungiselelo funeral policy, with the premium varying according to the number of people to be covered and the value of the cover required. The policy can also be taken out by a single individual.
The minimum cover per person under the Gadziriro/Lungiselelo plan is US$500 whilst the maximum cover is US$5 000 and the cover can be extended to parents and other extended family members for an additional charge.
A major feature of Gadziriro/Lungiselelo is that payment is guaranteed in United States dollars, which means the value of the policy remains the same and unaffected by any fluctuations in the value of RTGS dollars.
The policy can be applied for online through Zimnat’s self-help web portal, selfcare.zimnat.co.zw on which customers can enjoy a 10% discount by signing up. Alternatively, customers can sign up at any Zimnat branch, or through Zimnat agents countrywide.
Premiums can be paid on a monthly, quarterly or annual basis with customers getting a discount if the premiums are paid for the whole year.
The plan has an option for vigil and tombstone cover, doesn’t have any waiting period in the event of accidental death and no medicals are required to sign up.
To learn more about insurance read our commerce notes here