Zimnat Life Assurance has launched a new low income group life product targeted at the civil service, private sector and the self-employed.

The Zimnat Security Plan is a life assurance policy which provides life cover of $10 000 from as little as $14,67 per month, depending on the age of the person taking the policy.

The Zimnat Security Plan is targeted for people in the low income group looking for a means to secure the future of their families.

Premiums can be paid monthly, quarterly, half-yearly or annually. After 20 years no further premiums are paid but the person’s life will be covered for life.

After every five years the policy makes a cash pay-out of the annual premium. When the policyholder dies, the sum assured is paid to a named beneficiary. Although the standard sum assured is $10 000, a client can choose a lower cover for a lower premium.

Zimnat Life chief executive Munyaradzi Javangwe said the product was one of the many projects the company was embarking on in an effort to fulfil their purpose to “make life better” for their customers.

“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,” he said.

“Life insurance is important for everyone. We never know when we are going to die. It is important to have plans in place for those we leave behind, particularly if we have a family.

“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.

“Most exciting, there is a cash pay-out after every five years, so you can benefit from the plan yourself while you are still alive,” he said.

There is no need for a medical examination when taking out this plan and in the event of accidental death, the sum assured is payable, even if the policy has only just been taken out. In addition customers who take out this plan can have access to loans.