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Business Reporter
ZIMNAT Life Assurance has launched the Zimnat Security Plan, a life assurance policy that provides $10 000 life cover from a minimum of $14 per month.

The plan includes a cash back facility, which gives a cash pay-out of the annual premiums every five years.

The life assurance plan is open to civil servants and the private sector and those who are self-employed.

Zimnat Life chief executive, Munyaradzi Javangwe, said in a statement that the product was a response to the high premiums as it comes in to provide affordable life insurance for its customers. He said the security plan’s premiums are only paid for 20 years, after which one will be covered for free.

“We realised there was a gap in the market. Most insurance companies are offering life assurance products with high premiums, putting them out of reach for most Zimbabweans. Life insurance is important for everyone. We never know when we are going to die. It is important for us to have plans in place for those we leave behind, particularly if we have a family,” said Mr Javangwe.

“The younger you are when you take out life cover, the lower the premiums since they are based on your age. With the Zimnat Security Plan, premiums are only paid for 20 years, after which one’s life is still covered without any further premiums having to be paid.”

He said the plan does not require a medical examination and in the event of accidental death, the sum assured is payable, even if the policy has only just been taken out. Customers who take out this plan can have access to loans.