Stan­dard Bank ven­tures into in­sur­ance

Lesotho Times - - Business -

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

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