MLife, a subsidiary of Lusaka Stock Exchange-listed Madison FinancialServices (MFS) and a member of the Insurers Association of Zambia (IAZ) said the new policy aims to put an end to the inevitable financial dilemma that comes with administering a funeral of a loved one who dies on foreign soil.
Death has the knack of shocking people at the most unguarded moment. It befalls us all in the most unplanned and unpredicted times, said MLife Managing Director Mrs Agnes Chakonta in announcing the newest policy from the versatile insurance firm. We know from our work places that many families and individuals have had to deal, singlehandedly, with the untold financial pressures and emotional burdens within the Diaspora communities. The Diaspora Funeral Cash Plan is structured to deal with this inevitable financial dilemma. With the Launch of the Diaspora Funeral Cash Plan, bereaved families can now at least have a chance to celebrate lives of their departed loved ones.
The United States dollar denominated funeral insurance scheme has a minimum entry cover of US $1,000 with US $15,000 as maximum.
The funeral proceeds allow a dignified send-off for the deceased as funds would be immediately available to meet funeral costs and/or repatriation of the body back to Zambia or from Zambia to their country of origin or preference for final resting, she added.
Admittedly, while family, religious and cultural reasons compel many Zambians in the Diaspora to consider Zambia as their final resting place, majority can hardly afford the financial costs of repatriating bodies at death. This especially given that death comes when least expected.
Underwritten by Madison Life Insurance Company Zambia Ltd
(MLife), the Diaspora Funeral Cash Plan is available globally to all diaspora Zambians and their families. Foreign nationals living in Zambia also qualify to take up this product.
The Diaspora Funeral Cash Plan is uniquely designed as a cash based funeral insurance policy which offers guaranteed acceptance for all applicants under the age of 75 without any cumbersome and intrusive medical checks or underwriting process on application or at claims stage.
The initial underwriting requirements are deliberately streamlined and tailored to ensure a hassle free claim process which ensures immediate US dollar cash pay out to support bereaved families.
The cover is available 24/7 through the Diaspora Funeral Cash Plan website and interested applicants can also apply over the phone.
Under the Plan, bereaved families will get instant US dollar cash payouts on the death of their loved ones along with a range of other benefits targeted at alleviating the financial burden that come with bereavement, especially in the Diaspora.
The guarantee is that within 24hrs of submitting proof of death the cash will be immediately remitted by Telegraphic Money Transfer into any bank account worldwide to provide instant financial relief to bereaved families
For And on behalf of the Insurers Association of Zambia