Community Savings Investment Promotion (COMSIP) in partnership with NICO on Friday launched COMSIP Funeral scheme which is designed to cushion members from funeral expense shocks.
The launch took place at Mpita COMSIP Cooperative in the area of Senior Group Village Headman Sankhanichigwedera, Traditional Authority (T/A) Njewa in Lilongwe after the official signing ceremony of the agreement at COMSIP Head Office.
The scheme is being called ‘Thandizo lopezekeratu pa nthawi ya zovuta.’
Senior Manager Group Business for NICO Insurance, Dr Lilian Moyo said micro insurance is one of their company’s main areas of focus in thier quest to offer insurance to all Malawians.
“One way of reaching out to all people is by entering into partnerships with initiatives which are already on the ground such as COMSIP,” she explained, adding that NICO had been doing it for over two decades in terms of micro-insurance.
Moyo said people needed to plan for such eventualities as funerals because if not planned it gives a burden to those are remaining behind.
“So what we are doing with COMSIP is to go round the villages educating them in financial and risk management, if we teach them and understand what risk management is all about they will be able to understand that funerals have to be planned for,” she explained.
COMSIP Board Chairperson, Kennan Gondwe said the insurance scheme was inspired by the high number of uninsured rural masses.
“COMSIP is trying to bring in a product of insurance so that we may be covered in times of in eventualities of death,” he said.
Gondwe pointed out that COMSIP was on a mobilization campaign to mobilize the cooperative members through District Council officials, stakeholders that work with COMSIP countrywide to reach them out so that they join the Funeral Scheme.
Council Chair for Lilongwe District, John Kawinga said he was very happy with the launch of COMSIP Funeral Scheme because there was a big gap to the relatives when the member dies as was the only person who had shares at a cooperative.
He assured the COMSIP officials and other members present that they will sensitize different sorts of groups and people on the importance of joining funeral scheme.