Nyasa Big Bullets and Nico Life Insurance on Friday launched a funeral scheme in Blantyre that will see the club’s registered members getting assistance when they are bereaved.
The insurance company will provide assistance in form of coffins and other expenses.
Nico Life senior group business manager Lilian Moyo said the scheme will see Bullets members classified into five categories that will determine the financial assistance they will get.
She said individuals registering for Bullets membership through the Fuko card will be paying through the club a premium of K2 500 per annum for K25 000 worth of benefits whereas bronze card holders will pay K5 000 for K50 000 support.
“Those having Silver and Gold cards will be paying K10 000 to get K100 000 benefit and K20 000 to benefit K250 000 cover, respectively.
For Platinum card holders, the premium is K50 000 and the cover is K500 000,” she said.
“We decided to partner Bullets on this inaugural initiative as a way of giving back to the society through affordable insurance for every Malawian and after noting that the greatest need for Malawians is usually support for funeral expenses that come unexpectedly, as Finmark’s research revealed.”
While thanking Nico Life for the support, Bullets interim general secretary Kelvin Moyo, who was accompanied by the club’s supporters committee chairperson Stone Mwamadi and head of finance committee Isaac Norman, said only paid-up members will enjoy the benefits of the scheme.
“This is a landmark initiative that will not only help our members get funeral support, but it will also assist us consolidate membership and clear the mist around the real number of the club’s members in the country. We say our membership is around five million yet we do not back our claim with documented evidence,” he said.
He added that through the scheme, they will normalise their constitutional mandate which requires every Bullets member to have a membership card when seeking a position during the club’s elections.
Moyo said they will reach out to Bullets members in remote areas through money transacting services such as TNM Mpamba, MSB Bank, Zoona and Malawi Post Office Service.