ZSIC Life Repositions

ZSIC Life Limited unveiled and added two products to their bouquet at Lusaka’s Intercontinental Hotel on Thursday 26th April 2018. The colourful event was graced by the Northern Province Minister Honourable Brian Mumdubile, Ministry of Finance Permanent Secretary Budget Control Dr Pamu, Permanent Secretary Economic Management and Finance Mr Mukuli Chikuba,  IDC Chief Portfoli Officer Mr Henry Sakala, PIA Acting Deputy Registrar Namakau Ntini and other high ranking officials from both the private and public institutions.


Speaking during the launch, Dr Pamu said that Government envisages  that  with the accelerated public sensitization on the needs and essence of insurance cover by customers, Zambia will ensure it attains the envision middle income status by 2030 that will have deepened the financial inclusion of the majority 16 million populace, with a call for more products.

“We  would like to see more of the products on the market being rolled out that will address the needs and challenges of the people of Zambia….we would like to see the sector making available products which are affordable, easily accessible especially in terms of claims settlement.

Dr. Pamu reiterated Government’s unflinching desire for all parastatals to remain self sustaining unlike relying on subsidies from the central Government hinting that all players are expected to be innovative and remain abreast with the demands of the market.


Meanwhile ZSIC Life Managing Director Christabel Banda said that 2018 was a special year for her institution as it marked 50 years of existence. She said that the Company recently implement a three year Strategic Plan which will run from 1st  January 2018 to 31st December 2020. The celebration marks what she termed as the REBIRTH OF ZSIC LIFE on the Zambian market which will result in the repositioning on the business on the Zambian market with a renewed focus on customer needs, enhanced productivity, embracing IT trends to cope with modern business practice and evolution of the corporate culture. She further stated that the Company had continued to make positive strides. “We are pleased to inform you that in the year 2017, ZSIC Life Limited posted a profit before tax of K14 million with a contribution of K5.2million to the treasury.”

ZSIC Life Board Chairperson, Dr. Ernest Beele stated that it was gratifying to see that the Strategies in the Strategic Business Plan had started bearing fruit as demonstrated in the submission of Financials in time as well as the launch of the Products within the planned first half of 2018. He further stated that the Company is poised to return its market share leadership position by 2020.

At the same event, Industrial Development Corporation IDC  Chief Portfolio Officer Mr Henry Sakala said he was delighted to attend the launch of the two revised products by the national insurance corporation  as it had the potential to enhance the  much needed revenue for the Company.

“I am further delighted given that barely two weeks ago, my office received Audited Financial Statements for ZSIC LIFE Company for the year ending 31st December 2017 which showed that the Company had registered a profit” Mr Sakala said.

And Pensions and Insurance Authority Manager Policy and Analysis, Mrs Namakau Ntini implored ZSIC LIFE Limited to ensure that the products being launched were easily accessible by the majority of the population. She further urged the Company to continue playing an active role in the national consumer sensitization activities so as to increase the number of insured in the Country.

The two products launched are the CHIKWAMA Savings Plan and the KWACHA PLUS Investment Plan. Chikwama Saving Plans is a pure savings product designed to provide an investment option for both the short and long term, while the Kwacha Plus Investment Plan offers an opportunity to have both investments and life cover in one policy.

Every employer wants the best for their employees likewise employees expect the best from their employers. ZSIC Life understands that for a business to flourish employers must ensure that the employees are well motivated. We have over the years developed and customised our product range to cater for the needs of employees and employers to help cushion financial obligations that may arise whilst the employee is in service or after after the end of the contract.

The following are the policies on offer:-

 

Group Funeral Expenses

The Group Funeral Expenses Policy provides finances for the funeral costs incurred by an employer upon the death of an
employee or one of their family members. Since death is uncertain the policy helps protect corporate entities from
bearing unplanned costs arising from the death of an employee or their family members.

All costs associated with the funeral are transferred to ZSIC Life Limited in return for a premium.

1.1. What are the main features of this scheme?

It provides cover to any employee working for the employer taking up the scheme.The scheme does not only provide protection for the employees of the company, but cover is also provided for their family including dependants.

In exchange for this the employer pays some consideration in form of a premium. The premium charged takes into consideration all the members covered under the scheme as determined by the Employer.

The amounts payable by ZSIC Life differ from case to case per employee but this is based upon the discretion of the
company. The maximum amount of cover provided for each member in the scheme is 10 thousand Kwacha.

Premiums are payable yearly in advance but where this is not possible, an instalment payment plan can be agreed
upon with Company.

There is a provision for additional cover for existing members if there are any adjustments on the funeral benefits affecting some or all members upon being advised.

1.2. What are the terms of membership of the scheme?

A member shall be eligible for membership of the scheme as long he/she works for the employer taking up the scheme.
Upon termination or resignation of the employee from the firm, cover automatically ceases.

 

Group Gratuity

This Policy is provided to employers whose employees work on a contract basis. A gratuity is paid to employees at the
end of a fixed term contract and is often based on the irremuneration and length of the contract.

2.1. Why should ZSIC Life operate your Gratuity Scheme?
Gratuity payment liabilities can become an increasing burden on the organisation as the salaries and tenure of employment increase each year. The gratuity pay-outs can work out to be substantial amounts as the organisation grows and develops.

these payments from current revenue can become quite a challenge that can result in a negative effect on
other operations.

A responsible employer is one that can meet all such obligations in the best manner as they arise.
ZSIC Life is able to shoulder that responsibility on behalf of the client and pay gratuities to respective employees whenever they are due at expiry of the Contract Resignation/early retirement

2.2. When is Gratuity payable to an employee?
At expiry of the Contract
Resignation/early retirement

2.3. What are the premium payment terms?
Premiums are usually paid up front, however, if this is not possible, you will be required to pay 30% of the total
discounted premium as down payment. Please note that the terms are flexible and may differ from one company to
another.

2.4. What are the data requirements?
In order for ZSIC Life to give you a quotation on how the gratuity scheme , please provide us with the following
information:

a. List of employees
b. Monthly salary for each employee
c. Date of Birth of each employee
d. Contract start date and duration for each employee
e. Gratuity basis or formula i.e. value of how much you want to pay.

Group Life Assurance

This is one of the main products offered by ZSIC Life. The Group Life Assurance Policy is aimed at providing a peace of
mind to the employer and employee. It provides for the payment of lump sums to dependents of employees who die
while in the service of employers.

3.1. How does the Group Life Assurance Policy work?
Upon employer paying a certain amount of money, known as premium, ZSIC Life promises to pay the sum assured based on the agreed multiple of annual salary for the said employee upon his/her death.

Under Group Life Assurance, a free cover limit is usually given, for which no evidence of health condition is necessary,
however members who exceed the free cover limit will have to undergo medical examinations upon being covered.

3.2. What are the benefits of the Scheme for the
employer?

The employer is relieved from the financial burden that occasions deaths of employees as the liability is paid for by
ZSIC Life Ltd
The cost of Group Life Assurance offered is cheap and in a

 

Gratuity Plans

 This Policy is provided to employers whose employees work on a contract basis. A gratuity is paid to employees at the
end of a fixed term contract and is often based on their remuneration and length of the contract.


2.1. Why should ZSIC Life operate your Gratuity Scheme?
Gratuity payment liabilities can become an increasing burden on the organisation as the salaries and tenure of employment increase each year. The gratuity pay-outs can work out to be substantial amounts as the organisation grows and develops.
Making these payments from current revenue can become quite a challenge that can result in a negative effect on
other operations.
A responsible employer is one that can meet all such obligations in the best manner as they arise.
ZSIC Life is able to shoulder that responsibility on behalf of
the client and pay gratuities to respective employees whenever they are due.

2.2. When is Gratuity payable to an employee?
At expiry of the Contract Resignation/early retirement


2.3. What are the premium payment terms?
Premiums are usually paid up front, however, if this is not possible, you will be required to pay 30% of the total discounted premium as down payment. Please note that the terms are flexible and may differ from one company to another.

2.4. What are the data requirements?
In order for ZSIC Life to give you a quotation on how the gratuity scheme , please provide us with the following
information:
a. List of employees
b. Monthly salary for each employee
c. Date of Birth of each employee
d. Contract start date and duration for each employee
e. Gratuity basis or formula i.e. value of how much you want to pay.

For more information please contact us or fill-in the quick enquiry form below. We shall respond to you as soon as possible.

Quick enquiry Downloads

1000 characters left

What are the benefits of the Scheme to the employees?
The employee is able to save the money he would have otherwise spent on taking out a personal Policy.

The amount of Life cover provided under Group Life Assurance schemes is generally of substantial amounts, which under normal circumstances cannot be provided by most employees on their own.

Cover may be provided without any evidences of good health up to certain limits.

The employee is given peace of mind as he is aware that upon his premature death his family will be able to meet their financial needs.

The Widgetkit Map provides a simple solution for adding a map to your website. Various features let you customize the map, like changing colors and adding markers or directions.

Features

  • Location selection with auto geocoding
  • Supports multiple map markers with text popups
  • Option to get the direction to the active marker
  • Supports custom map styles and colors
  • Uses the latest Google Maps API
  • Built with HTML5, CSS3, PHP 5.3+ and the latest jQuery version
  • Works with Joomla and WordPress

Direction Example

This map features all map controls, multiple markers and you can get the direction.

Color Scheme Example

Set or invert the hue, saturation, lightness and gamma of a map.

Minimal Example

This map has a fixed width, no controls and no markers.

How To Use

With the Widgetkit Map you can quickly create and manage simple maps with features like multiple markers, text popups and custom color schemes. Once you have created a map, you can load it anywhere on your website using shortcodes or the universal Widgetkit Joomla module or WordPress widget.

The Widgetkit Gallery provides a smart and automated way to publish images on your website. You only need to select the image folders and the whole gallery is generated automatically.

Features

  • Fully responsive including all effects
  • Folder based image selection
  • Supports multiple image folders
  • Automatic thumbnail creation
  • Supports image captions and custom links
  • Uses the Widgetkit Spotlight and Lightbox
  • Built with HTML5, CSS3, PHP 5.2+ and the latest jQuery version
  • Works with Joomla and WordPress

Showcase Box Example

This is an image showcase with eye-catching transition effects and a thumbnail navigation.

Image Wall Example

This is an image wall with zoom effect, no margins and squared corners using the lightbox.

Polaroid Example

This is an image wall with scattered polaroid pictures using the lightbox.

Slider Example 1

This is an image slider where the image centers automatically during the effect. It also features a spotlight caption and the lightbox.

Slider Example 2

This is an image slider where the image stays left during the effect.

Slideshow Screen Example

This is an image gallery using the nice swipe effect from the slideshow widget.

Slideshow Default Example

This is an image gallery using all the features from the slideshow widget.

Showcase Example

This is a simple image showcase mashing up all the features from the slideshow and slideset widget.

Slideshow Inside Example

This is a very basic slideshow which uses preview thumbnails inside the image as a navigation.

Spotlight Example

This is an image wall with some margins and rounded corners using the spotlight and lightbox.

Slideset Example

This is an image gallery using all the features from the slideset widget.

  • image1
  • image10
  • image11
  • image12
  • image2
  • image3
  • image4
  • image5
  • image6
  • image7
  • image8
  • image9

How To Use

The Widgetkit Gallery comes with a user-friendly administration user interface which let's you create new galleries with just a few clicks. The integrated directory browser let's you easily add or remove source directories of your images. All galleries can be loaded anywhere in your theme using shortcodes or the universal Widgetkit Joomla module or WordPress widget.