CELL Insurance Company (Private) Limited has unveiled a funeral cash plan, which offers up to $5 000 worth of funeral cover.
BY TATIRA ZWINOIRA
In the event of death from a member of the company’s Cellmed Health Medical Fund, Zimnat will act as value underwriters for the funeral cover, providing between $1 000 and $5 000 worth of cash within 24 hours of the death.
Speaking to NewsDay at the official launch of the product in Harare yesterday, Cell Insurance Company group chief executive officer, Isheunesu Makudzwa said the funeral cash back plan scheme was in addition to the company’s Cellmed Health Medical Fund.
“Basically, Cellmed offers a number of products to cover medical needs of our members. We have continued to try and enrich the offering. Initially what we introduced was a hospital cash back plan where people get cash when they go into hospital, but still there was a gap. In the eventuality that some of our members do decease, we found there was a need for further assistance,” he said.
“We got into partnership with Zimnat, where we have come up with a product that is going to fill that gap. The product is called the ‘Funeral Cash Back Plan’ and basically what that does in the eventuality of a member deceasing Zimnat comes in and offers assistance. We are launching this product on the market, our members and the public in general.”
The product is also available for non-members of Cellmed Health Medical Fund, another product under the Cell Insurance Company. However, to qualify for the funeral cover under the plan, individuals must be below 75 years of age.
Rates of the scheme range from $1,05 to $25, depending on which plan is chosen.
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“We will pay cash in the event of death and we also have gone beyond that because we are not only looking at a member only, we are also looking at the spouse, children and optionally they can even bring in their relatives as well,” Zimnat business development executive (Individual Life), Godfrey Tenesi said.
“Definitely we have done our homework and are fully capitalised and liquid enough to settle any claims that come on our way, so there is no shred of doubt. We are capitalised and ready to do that.”
He said they were in negotiations to increase cover past the $5 000 limit.
Cell Insurance Company is a short-term insurance company whose shareholders are ZB Financial Holdings, ZESA Holdings, Zimbabwe Power Company, Matebele-Zambezi Water Trust, NRZ Pension Fund, Sisonke Risk Solutions, Baobab Reinsurance and Management.
