BLANTYRE (Malawi NewsNow) –With monthly deductions ranging from K1, 400 to K 5,065, Standard Bank customers no longer have to worry about the financial burden that death of a family member brings in the family thanks to tailor-made Funeral Cover Plans the bank is launching today.
With the two types of funeral plans (Mtendere and Executive), customers get up to MK200, 000 and MK1 million cover respectively that is paid upon the demise of a family member.
Announcing the launch of the two policy covers, Standard Bank Head of Personal Markets Charity Mughogho explained that the bank came up with the two products to help ease the pressure that comes with death in the family to allow customers give their loved ones a dignified send-off.
It is the untimeliness of death that tends to create financial and cash flow pressure on the immediate family and dependents should the deceased be the bread winner, their spouse or close family relation.” she said.
Mughogho said that for a monthly premium of only MK1, 400, total benefits are offered for up to 6 children, spouse and main member. Every child is covered for a benefit of MK150, 000 whilst the main member and spouse are covered for MK200, 000 each
Extended family members can be added at an additional monthly premium of MK216 per head offering a benefit of MK170, 000 for each additional member.
For the Executive funeral plan, a monthly premium of MK5,065 is required providing cover for up to 6 immediate family members which include the main member, spouse and up to a maximum of 4 children .Individual child benefit is for MK800,000 whilst spouse and main member are covered for MK1 million benefit each.
Any additional member under Executive funeral plan requires an additional monthly premium of MK1, 423 and a benefit of MK800, 000 is paid upon death claim.
At Standard bank, we believe that death of a loved one should not be the cause of entering into expensive debt nor should our customers opt for a less dignified burial of a loved one due to financial constraints. These products are therefore offering the solution our customers have been looking for in an area that goes to the heart of what matters most to our customers.
The benefits will be paid within 48 hours provided all relevant documentation as been submitted and approved. The claim must be submitted to your nearest Standard Bank branch within 6 months of date of a death.
One of the latest beneficiaries, Humphreys Ngoma a teacher at Lithipe Secondary School described the policy as helpful in time of need.
“Standard Bank settled the claim as soon as I had presented it with all the necessary documents. I registered it as a normal product not knowing that it will be helpful until I made the claim. The people at Standard Bank were very helpful when I reported about the death of my aunt who included on my policy,” said Ngoma
He encouraged Standard Bank customers to ensure that they are registered on the funeral plan policy.
“At first before I registered on Mtendere I had many debts to settle when death stuck in our family considering that I’m only person that is working but now I’m relieved because my dependants are now on my policy,” he said.