Standard Bank ventures into insurance
FINANCIAL services provider, Standard Lesotho Bank (SLB), has launched an insurance product to provide affordable funeral cover for its customers.
The Matšeliso Funeral Plan, a first for Lesotho, is a family funeral insurance cover tailored to fit the lifestyle and cultural considerations of Basotho in the event of death.
The insurance is underwritten by Alliance Insurance Company.
According to SLB Chief Executive, Mpho Vumbukani, by introducing the Matšeliso Funeral Plan, the bank was expanding its service offering to provide customers with Bankassurance products.
Bankassurance refers to the selling of insurance through a bank’s established distribution channels.
He said the arrangement provides customers with the convenience of a one-stop-shop facility, where financial services and products for savings, investments, lending and insurance are all under one roof.
Being the largest commercial bank in Lesotho by assets and market share, SLB, Mr Vumbukani said, was also leveraging on the branch network that is distributed throughout all the districts of Leso- tho to make Matšeliso Funeral Plan accessible to Basotho throughout the country.
The facility’s premiums start from M68, with customers getting a number of benefits including a cash payout of up to M50 000, a grocery benefit of up to M3 500 and airtime of up to M500. With the Matšeliso Funeral Plan, principal members are also able to cover their parents up to the age of 84.
The plan also provides cover for extended family at an additional fee for up to two members.
“In many ways, we feel that this product really addresses most issues from a truly Basotho point of view, also taking cognizance of the economic hardships and challenges that face our people,” he said.
“It is affordable, it accommodates your entire family including extended family and it is also convenient and accessible through our branch network.”
Mr Vumbukani also thanked Central Bank of Lesotho (CBL) Governor Retšelisitsoe Matlanyane and her team for their “cooperation and commitment that ultimately paved way for the bank to be granted the Bankassurance license”.
The product, he said, speaks to wider national priorities relating to financial inclusion, where government, through the CBL and the Ministry of Finance continue to challenge all financial services providers to make products like Matšeliso Funeral Plan available to Basotho at affordable fees.
“With Matšeliso Funeral Plan, the bank has pushed the boundaries to assist the government to give Basotho an insurance policy that appeals to all segments of the market, especially the low income earners, of whom 75 percent do not have access to formal financial services and the knowledge needed to help them make informed financial decisions,” Mr Vumbukani said.
–– Staff Writer.
SLB Chief Executive Mpho Vumbukani