Wednesday, March 14, 2012

insurance-professional-zambia


By KALONDE NYATI
PROFESSIONAL Life Assurance has launched a micro insurance product that is meant to cover people in the low-income bracket.
The product called Bantu Bonse is an insurance policy that will cover people at the bottom of the lowest pad and will offer financial protection even at death.
Professional Life Assurance managing director Rajagopal Krishnaswamy said the product is the first-ever insurance policy tailored for low-income groups.
The insurance policy will enable clients buy insurance cover at a minimum of K30,000 annually and offers clients financial protection in an event of death.
Mr Krishnaswamy said with people’s lives in developing countries being characterised by constant economic insecurity, there is a growing need for insurance policies to cushion risks.
“It is estimated that only three percent of the low-income people in the world’s 100 poor countries benefit from a micro insurance product, leaving approximately two billion people unprotected. Of those two billion more than half are women,” he said.
He said there is need for people to utilise the micro insurance product if they are to cushion the impact of general risks such as illness and death.
Mr Krishnaswamy said this when he officially launched the Bantu Bonse insurance policy last week.
At the same occasion Pensions Scheme Authority (PIA) registrar Martin Libinga said the insurance plan will entail positive effects on the Zambian insurance market.
“Introduction of micro insurance products such as the Bantu Bonse life plan will help to increase insurance market penetration as more and more Zambians will be able to afford to take up insurance services,” he said.
Mr Libinga said insurance penetration in Zambia is very low as compared to other developing countries in Africa, largely due to lack of awareness on the benefits of insurance among the public coupled with high premium levels which low-income groups cannot afford to pay.
He said it is vital for insurance firms to develop policies that will favour people from all walks of life.
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PICZ_AssuranceBy KALONDE NYATI

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Professional Life Assurance launches Bantu Bonse PDF Print E-mail


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