TNM Mpamba Limited, Malawi’s digital financial services provider has announced the launch of an affordable life insurance cover dubbed Tonthozo Funeral Policy.
The company is providing the cover to Mpamba customers in partnership with Vanguard Life Assurance Company.
TNM Mpamba General Manager, Chikhulupiliro Mphatso says the policy aims to relieve customers from the financial burdens associated with bereavement
“Most times, death comes when you least expect it. Tonthozo Policy has been specifically designed to alleviate the financial burdens people may face during loss of loved ones. Tonthozo will make a lump sum payment through Mpamba if one family member passes away so that they can be buried with dignity,” said Mphatso.
Under the partnership, funeral benefits service registration, management and processing of claims, will be administered electronically using the Mpamba platform.
“Mpamba platform has been designed to process registration, addition or deletion of members and payment of monthly premiums for Tonthozo Funeral Policy. Claim payment process will be initiated by calling the TNM customer service line (105), and the customer will be required to provide documentation/proof to substantiate their claim,” he said.
All Mpamba customers with full Know Your Customer (KYC) details are eligible to register for this policy and members will access benefits as long as the minimum monthly premium of MK300 is paid (Terms and Conditions will apply)
“The funeral covers are ranging from MK75,000 to MK500,000 and are provided on death of the assured life. The Family Cover provides cover for the subscriber, spouse and up to two children. The subscriber can however add extra beneficiaries with extra premium to the cover,” said the General Manager.
On his part, Vanguard Life Assurance Company’s Head of Unit, Isaac Kalebe said the partnership with TNM Mpamba provides an excellent platform for financial inclusion that will allow a significant proportion of the country’s population to easily access the funeral insurance policy.
“As an insurance company, we are excited and appreciate this partnership because it aligns very well with our fundamentals and core competence,” said Kalebe.
The main member for the policy should be above 18 and younger than 65 years when applying for cover. Parents and extended family members must be younger than 65 years to be registered as dependents while children must be younger than 18 years at policy inception.Follow and Subscribe Nyasa TV :