Chronicle Editor
ECOSURE, the micro-insurance company under the EcoCash Holdings Zimbabwe stable, has introduced new foreign currency packages that give clients with free funds the freedom to pay their premiums in US dollars and hedge against inflation.
The new packages, starting from as low as US$0,50 per month, are targeting customers living in Zimbabwe as well as those living outside the country, with beneficiaries also set to get their insurance pay-outs in hard currency.
“We have introduced new foreign currency packages, in addition to the local ZWL currency packages, to cater for those who have access to foreign currency. One can get a pay-out of US$5 000 deposited into their FCA accounts after paying monthly premiums of just US$5,” said Econet Life general manager Godwin Mashiri.
“They can also get pay-outs of US$500, after paying monthly premiums of as little as 50 US cents,” Mashiri said, adding that US$1 monthly premium will yield a pay-out of US$1 000 in the event of death of a loved one.
The cover amount is typically paid out within 48 hours after the claim is received, together with the completed necessary documentation.
Mashiri said beneficiaries may also opt to get guaranteed services, such as caskets, hearses, documentation, undertaker services, washing and dressing, embalming, overnight service and graveside tent, as well as the lowering machine, among other things, instead of a cash pay-out.
The innovative packages come after the government — through the Insurance and Pension Commission — recently expanded services that can be paid for using foreign currency to include insurance premiums and pensions.
The move is expected to bring stability and confidence back into the insurance sector as most premiums were being eroded by inflation and currency movements.
Mashiri said EcoSure, a multimillion client insurer, has not only allowed millions of Zimbabweans to know what insurance is, but has also made reached the marginalised and covered millions who were previously financially excluded.
“We came up with the new foreign currency denominated policy after listening to our customers. The majority of them were not happy with frequent premium reviews and high funeral costs, which kept going up as a result of inflation,” said the EcoSure general manager.
“Some of our clients living in the diaspora also wanted to send their premiums directly, without having to first convert the funds into local currency. This new product is our response to customer needs.”
Mashiri said to register for the new packages, customers simply dial *900#, or visit www.ecosure.co.zw <http://www.ecosure.co.zw> or any Econet shop for assistance.
EcoSure has availed a number of payment platforms to ensure that customers are not inconvenienced. Premiums can be paid through Econet Shops, the USSD FCA wallet on their phone, Steward Bank branches, and selected funeral service providers across the country.
Mashiri said EcoSure is leveraging technology and human-centred design to continuously develop innovative insurance solutions to ensure continued relevance.
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