Cooperatives Insurance Company (CIC) has touted its newly launched Kangachepe Group Funeral Insurance Policy, saying it will help less privileged farmers in times of uncertainties such as funerals.
Pegged at K2 000 for an adult and K1 000 for a child as annual subscription, the insurance company will be giving a bereaved family K100 000 when a beneficiary dies.
Speaking on Friday in Mchinji during the launch of the policy, CIC managing director Chrispinus Muang’a said the company is targeting only members of cooperatives and Savings and Credit Cooperatives (Saccos.)
He said: “We would like to help those in the lower end of society. Saccos and cooperatives members can add their children and relatives to the beneficiaries list by subscribing for them.
“This is the cheapest insurance service ever. We all know that funerals disrupt many things in a family and having an insurance policy will help save families from financial burdens associated with funerals.”
Muang’a said for a start, only Saccos and cooperatives from Dowa, Mchinji and Lilongwe will begin to benefit from policy.
“This product is here to stay and it is well protected by insurance treaties from any catastrophe that can occur in an insurance set-up.
“We are also ready to pay as our financial base is strong to solve the needs of our customers,” he said.
CIC general manager Cosmas Luwanika said the company came up with the product to bridge the gap that exists when the poor are bereaved.
Mchinji District Council vice- chairperson Kennedy Chipanga commended the policy which he said will help not well to do people.
He, however, asked the company sensitise people in all areas to the importance of insurance.