ZB launches funeral plan
ZB Life Assurance, a subsidiary of ZB Financial Holdings, has launched an enhanced ZB Cash Funeral Plan that seeks to provide post-burial benefits to policyholders, in addition to the cash benefits that assist with the financing of funeral and burial costs.
According to the group, this is to assist bereaved families cope with post-burial expenses that are often a huge burden for the surviving relatives.
Among the group, 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 MCB, each insured person will be eligible for a minimum cover of $50,000 and a maximum of $100,000. The policyholder and any registered dependent are eligible for the MCB.
“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 brand manager Cynthia MuzZBFH ira.
The Cash funeral plan has also ZB roped in the Tombstone Cash Benefit ( TCB) to assist with funding for a tombstone, including the tombstone unveiling event. This 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 cover of $50,000 and a TCB maximum of $100,000.
Additionally, a grocery cash benefit with a maximum of $500 000 will be paid for six months to a nominated beneficiary or another eligible beneficiary upon the death of a policyholder.
Life Assurance managing director ZB Letwin Mawire said these products were a culmination of research on market needs and a timely intervention as the market is battling the adverse impacts of the Covid 19 pandemic.
“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. We are striving to offer our condolences to the many families that have lost their loved ones. We also wish a speedy recovery to those that are currently ill and salute those that have managed to overcome the disease. As Life assurance, we want ZB to assure Zimbabweans that we are in this together,” she said.
Other perks added to the enhanced cover include school fees ranging from $50,000 and a maximum of $500,000 available upon the death of policy holder who would have registered dependants under the age of 23years.
Attached to the cash funeral 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 dependants will be maintained for six months without any further premium payments.