ATLAS MARA yesterday launched a life assurance value scheme called the Enhanced Family Protection Plan that seeks to offer life assurance solutions to its clients.
The bank has partnered with Sanlam Life Assurance Zambia Limited to offer the Enhanced Family Protection Plan (EFPP).
Atlas Mara chief executive officer James Koni feels the introduced scheme will suit the growing protection needs of the bank’s customers.
He said the EFPP was a: “Christmas present for our customers.”
Koni added that the partnership between Atlas Mara and Sanlam was an important development in which players from two different financial industries forged a strategic alliance enabling them to collaborate in developing and distributing life assurance solutions to their customers.
The launched product has six key benefits, namely funeral cover, embedded hospital cash plan, income protection benefit, non-claim cash back benefit, tombstone benefit and the death waiver of premium benefit.
It, for instance, provides for funeral cover of up to K75,000 (lump sum), embedded hospital cash plan (for the nuclear family) and tombstone benefit of up to 15,000.
“Perhaps most importantly, if you scan the market, you will find that most life assurance and funeral protection plans only cover the nuclear family of father, mother and biological children,” Koni said at Southern Sun Hotel in Lusaka.
“[But] for this one, you’ll be happy to note that its comprehensive funeral protection plan enables one to cover both nuclear and extended family members.”
He indicated that Atlas Mara’s cultural trademark was that of belief in extended family relationships.
“But often times, financial pressures break down our sense of family togetherness,” he regretted.
Koni also pointed out that innovation was unavoidable, in a competitive environment in the financial sector.
“We have to constantly innovate and reposition our strategies to be ever relevant to the needs of our customers. In this regard, it was important for us to find the right partner who would help us deliver the best product choices to our customers. We did not have to look very far; Sanlam is a well-regarded insurance company with substantial experience and a wide global presence,” he said.
“We are, therefore, confident that this partnership will benefit our customers by providing them with easy access to life assurance solutions that suit their growing protection needs. Serious illness or death can have a devastating impact, especially on low income families. Therefore, expanding access to affordable, yet relevant insurance cover is a key priority.”
Koni further noted that available statistics showed that insurance penetration in Zambia was at 1.11 per cent and that: “we as Atlas Mara are happy to play a role in trying to grow the statistics.”
“This (EFPP) is our best Christmas present for our customers. You can count on us to give you products that add more value to your daily lives,” said Koni.
At the same event, Sanlam Life Assurance Zambia Limited managing director Godfrey Tenesi said: “I understand that we live in a society that hardly imagines, discusses or even plans funerals for the living.”
“But I want you to know today, that speaking about death doesn’t make you dead. Embracing the Enhanced Family Protection Plan will not only be beneficial to you alone but to your loved ones as well,” said Tenesi.
Meanwhile, Pensions Insurance Authority (PIA) registrar and chief executive officer Christopher Mapani indicated that consumers of the launched insurance product would not only access insurance but would also be able to access financial products offered by the bank, “thereby also contributing to the goal of financial inclusion.”