By Steven Godfrey Mkweteza
One of the country’s leading life insurance companies, Nico Life Insurance has introduced ‘Tilinanu’ individual funeral policy which seeks to provide an affordable efficient solution when the uncertainties in life occur.
In an interview during the launch of the product in Blantyre, Chief executive officer {CEO} Erick Chapola said the policy was the continuation of innovation journey for the company.
“Many people in the country face a lot of hurdles and hassles in times of funeral occurances. Various studies indicate that 75 percent of the emergencies are related to the cost of funeral arrangements, hence, the need for the individuals, families and loved ones to be covered by this product,” said Chapola
The policy which pays cash up to K1million in case of death has the minimum premium of K800 per month and settle claims within 48 hours upon the company received all the required documents.
Chapola said the policy also covers across every individual regardless of status and area of living.
Among others, the policy has silver, Gold and platinum as the benefits categories.
Lyton Nkhata, director administrative services for Blantyre city council commended the company for introducing the reasonable cost premium policy cover in the times of economic hardships the country is going through.
“Death is inevitable and people become financially constrained when death occurs. So a lot of Malawians have all the reasons to be covered by this product looking at the economic changes facing the country,” said Nkhata.
In 2018, Nico life insurance also introduced Goodwill funeral policy plan for the corporate funeral services only.
