Financial Planning

While it is good to be positive about life, we should not lose sight that death is inevitable. Loss of life comes with mixed emotions and deep sorrow. Whenever death occurs, the immediate response is loss of hope, uncertainty, complete devastation and emotional pain.

In order to lighten the burden of grief, protect families and employers from extra financial obligations, whenever a family member or an employee of the organization dies, the ZSIC Life Limited Family Funeral Express policy shall provid3e you with the immediate relief.

 

Individual family funeral

What does the policy do?
The policy eliminates a situation where family members, well wishers or an employer have to make contributions or pay Funeral Grants in order to host a funeral each time an employee or a registered family member of an employee dies. On the other hand an employer who takes out this policy protects itself from extra financial obligations whenever death affecting the Insured member occurs.

What does the policy cover?
The Family Funeral Expenses policy is a special financial package designed to assist in organizing a decent funeral on the death of an assured covered under the policy. Thus the policy ensures that enough money is readily available to meet costs associated with hosting the funeral.

Who may be covered under the policy?
The policy may be taken up by an Individual to cover himself and his family or by an organization on behalf of its members to cover the immediate members of their families as provided in the contract of employment. Cover may be extended to include siblings, uncles, aunties, parents and parents –in-law.

 

FAQs School Fees

Will interest be added to the Sum Assured at the time of claim?
This policy is offered with or without profits. If it is With profit policy, the policy participates in the profits of the company. The profits are determined as part of the regular statutory valuation when a bonus to policyholders is declared.

Non-profit policies do not share in the profits of the company and that the ultimate benefits paid is the initial sum assured.

What happens if the Life Assured dies?
In the event of death of the Life Assured before payment of school fees commences, all premiums paid, including interest, are returned to the Assured.

What happens if the Life Assured dies in the period when school fees are being paid?
In case of death of the Life Assured during the period when school fees are being paid all future school fees due shall be paid to the parent or guardian in a lump sum.

What happens if the Assured dies?
In event of death of the Assured responsibility of paying future premiums shall be transferred to the Corporation until school fees become payable

Combined Primary, Secondary and Tertiary School Fees option
This is offered with premium paying terms from birth of the nominated child up to the age of Tertiary School entry. The policy term ranges from Primary to Tertiary School entry till completion, with benefits payable for 16 years. Premiums must be payable for a minimum of 1 year, with premiums ceasing when the nominated child reaches age of entry into the school category or option. i.e Primary, Secondary orTertiary.

This implies that a premium term could be selected such that premiums and benefits are paid simultaneously for part of the policy term.

When the Life Assured reaches the age of primary school entry, the selected annual payment is payable for 16 years.

Primary and Secondary School Fees option

This is offered with premium paying terms between the age of nominated child at policy commencement to the age of Secondary school entry. i.e. for ages from birth to the age of entry into the Secondary School of the nominated child at inception of the policy. The policy benefits term ranges from
13 to 17 years, with benefits payable in the last 12 years.Premiums must be payable for a minimum of 1 year, with
premiums ceasing when the nominated child reaches the age of entry into the school category.

This implies that a premium term could be selected such that premiums and benefits are paid simultaneously for part of the policy term.

When the nominated child reaches the age of entry into the school category, the selected annual school fees are payable for the duration the child will be in category of school fees.

Secondary and Tertiary School Fees option
This is offered with premium paying terms between the age of the nominated child at policy commencement to the age of tertiary school entry,i.e. for ages from birth to the age of Tertiary Education entry of the nominated child at the inception of the policy.  The policy term ranges from 10 to 21 years, with benefits payable in the last 9 years. Premiums must be payable for a minimum of 1 year, with premiums ceasing When the Life Assured reaches age 19. This implies that a premium term could be selected such that premiums and benefits are paid simultaneously for part of the policy term.

When the Life Assured reaches the age of 14, the selected annual school fees are payable for 9 years.

  • The minimum age at entry of the Assured is 20 with the maximum age at entry of 64
  • The maximum age at maturity of the Assured is 65.
  • The minimum Sum Assured is K1,000,000, subject to a minimum premium of K35,000 (inclusive K,5000 policy fee).

FAQs

What is the age limit?
The maximum age at entry is 60 for the member and spouse, 24 for the dependant children and 70 for the parents and parents-in-law.

What is the maximum Funeral Benefit?
The maximum funeral benefits for the principal life assured is K 10,000,000.00, while that of the spouse is 75% of the principal’s funeral benefits and that of the children and dependants is at 50% of the principal’s funeral benefits.

How are premiums payable?
Premiums for each individual covered are level and are payable monthly in advance from date of issue until the death of the policyholder i.e. for life. Cover for the spouse(s), extended family members and children dependant will cease upon death of the principal life. However, the policy can be maintained even if the policyholder dies provided the full premiums continue to be paid. On the other hand, if a covered spouse, member of the extended family or child dependant dies, their premium component will no longer be payable.

What benefits are available?
Depending on the funeral benefits selected by the Principal Assured, the policy ensures that money is readily available to enable family members meet the cost of the following services:

  • Transfer of body from point of death to funeral parlor
  • Provision of immediate cash.
  • Purchase of High quality casket/coffin
  • Provision of Full funeral service by parlor
  • Erection of tombstones
  • Cremation and/or embalming
  • Repatriation of the body to home village for burial
  • Repatriation of remains

Will there be need for Medical Examinations?
The policy shall be offered to the individual to cover his family members or by an organization to cover the immediate member and his/ her family members asprovided in the contract of employment without any evidence of health.

However, waiting periods of 3 months for Principal Life Assured, Spouse and Children have been allowed while that for registered family member has been put at 6 months. During these waiting periods, cover shall be restricted to accident related death.

When shall the benefits become available?
On the death of the assured member, ZSIC Life Limited shall pay the applicable benefits within 48 hours upon receipt of all necessary documents subject to the deferred period provisions contained in the policy

When should a claim be notified?
Claims shall be required to be notified to ZSIC Life Limited immediately, but not later than 30 days from the date of death.

What documentation shall be required for registration?
To become a member, the Principal Life Assured will be required to submit the following documents :

  • Duly completed Proposal Form.
  • Photocopy of Identification particulars of Principal Member.
  • Photocopy of pay statement of main member.
  • Stop Oder form.
  • Details of date of birth of the family members.

What documentation shall be required to lodge in a claim?

  • Original Policy Document.
  • Duly completed and signed Family Funeral Claim form.
  • Certified copies of Identification particulars of deceased Member and claimant.
  • Certified copy of death certificate or Medical
  • Certificate of the cause of death.
  • Where death occurred at home or in a village a Police report or letter from the Chief / Village Headman (whichever is applicable) should be submitted in place of MCCD above.

 

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

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