Nico Life Insurance Company Limited in an effort aimed at minimising challenges that arises during funeral period, has launched a new individual policy plan called ‘Tilinanu Funeral Policy’.
Speaking during the launching ceremony which was held at Ryalls Hotel in Blantyre on Tuesday, NICO Life Insurance Chief Executive Officer Eric Chapola said the company has decided to introduce ‘Tilinanu Funeral Policy’ product as one way of creating opportunity to all Malawians living in both rural and urban areas to have an advantage of accessing or
buying the policy cover which will be helping them once death occurs.
According to Chapola, the policy has been designed into three categories which include, Silver, Gold and Platinum with a different minimum premium of K800, K3,650 and K6,500 per month respectively.
“At NICO Life we always understand the challenges that occurs when people lose their loved ones. Most of the times death happens when family members have no idea of where they can get money, so it is this reason that has prompted us to come up with this new funeral product
in which we’ll be assisting people by providing funeral expenses cover in the form of money for an individual, their families as well as the dependents.
“The money is going to be paid in a shortest time of five hours because it’s main idea and intended purpose is to make sure that the money is used at the funeral and not afterwards,” said Chapola.
He said through the Tilinanu Funeral Policy a principal member is allowed to add a spouse plus up to four children as immediate family and can also further include parents as well as six extended family members.
In his remarks, Blantyre City Council, Director of Administrative Services Lyton Nkata commended NICO Life Company for introducing the policy which he said it will really help to deal with issues of financial problems that many people face during funeral period as has
been put in a fair and affordable fees that can be purchased by any eligible individual.
“Death is very inevitable and in most cases it comes when people are in financial crisis and as such it very likely that this kind of initiative taken by NICO Life will surely be helping a lot of people because it has got good reasonable conditions,” explained Nkata.
In 2018 NICO Life in partnership with Goddwill Funeral Service Company also introduced a ‘Goodwill Funeral Plan’ which was meant for corporations and defined groups and is among others used in providing coffins, transport and other funeral services.
Nico Life is a subsidiary of the Malawi Stock Exchange –listed financial services group, Nico Holdings Limited which also owns Nico General Insurance, NBS Bank, Nico Technologies and stakes in insurance companies in Tanzania, Uganda, Zambia and Zimbabwe