Zimnat Family Funeral Plan explained
By Talent Doroba
From the dawn of time men have strived to come up with solutions to life’s challenges that make life better and advance generational development.
One of the many ways in which our forefathers safeguarded generational growth was by adopting risk mitigating measures that ensured that the shocks of life were easily absorbed without being too detrimental to the victims.
Benjamin Franklin wrote in a letter in 1749 that nothing can be said to be certain except death and taxes and the former is a great source of anxiety and risk.
Zimnat Life Assurance ,a part of the Zimnat Group whose purpose is to make life better, offers the Zimnat Family Funeral Plan, which is a tried and tested diverse funeral cash plan designed to provide financial relief in one’s time of need.
As highlighted by its name, this is a family funeral policy that can cover every member of the family. With Zimnat Family Funeral Plan we will cover both your nuclear and extended family. Nuclear family cover will include you as the principal member, your spouse, children and parents, while the extended family member cover will include family members that do not qualify as part of the nuclear family who you may want to be covered.
It is hard to save in these difficult times. Taking out a Zimnat Family Funeral Plan insulates your family from high funeral costs. As highlighted by Benjamin Franklin, we cannot run away from death. However we can prepare for it in a manner that safeguards the financial well-being of our loved ones when it finally arrives.
While a funeral service policy will ensure we have a decent burial, it is imperative that we also think about the lives of our loved ones after the funeral. That is why it is crucial to have a funeral cash plan.
A funeral cash plan policy guarantees a cash pay-out to your registered beneficiaries in the event of the passing away of one of the registered policy members.
The Zimnat Family Funeral Plan does not limit financial assistance to funeral expenses alone. There are three categories of financial need that the plan provides for.
The first category is pre-death expenses, that is expenses incurred while still alive. The Zimnat Family Funeral Plan offers access to loans through Zimnat Financial Services. These include business loans, housing loans, salary-based loans and asset financing that are accessible to all instantaneously.
No one chooses when and how they become vulnerable to ailments. Some ailments last only a few hours, while others might confine you to hospital for months. The Family Funeral Plan has a hospital cash benefit of $50 per day up to the day of discharge, with the minimum hours of admission to qualify for this being 48 hours. Should the hospitalised patient die, the daily cash benefit will be paid to his or her beneficiaries.
The Zimnat Family Funeral Plan also rewards the policy holder with a No Claims Bonus, if his/her policy runs for five years without a death benefit being claimed. The bonus amounts to 20 percent of the five years’ total premium contributions.
The second category is expenses during the funeral. This is when a person covered by the funeral plan has passed on. It is the main risk which all the benefits are pinned on.
The policy has funeral cover starting from $500 up to $10 000, depending on the premium paid. The lowest premium is 20 cents per day.
This benefit is only realised when a person covered by the policy passes on. It is intended to assist with funeral arrangement expenses not covered by a funeral service policy.
The third category is the post burial period, the dry period with regards to declining income streams due to the breadwinner having passed on.
It generally takes three months for pension pay-outs to be made. This time of waiting can be a financial strain on the surviving family members. The Zimnat Family Funeral Plan ensures that this mourning period is less financially burdensome with its flexible sum assured, which offers the flexibility to either claim during the funeral or after it in order to meet post-burial expenses.
In addition to the post-burial financial pay out option, the Zimnat Family Funeral Plan also offers an optional add-on benefit of a vigil and tombstone cover of $3 000 paid out a year after the death.
Staying true to our promise of making life better, the Zimnat Family Funeral Plan allows the beneficiaries to carry on with the plan, with the first annual premium of the policy being paid for.
We understand that the death of a breadwinner has a profound psychological and financial impact on the well-being of the family. Zimnat is committed to playing its part in easing the financial pressures for the year.
Zimnat guarantees flexible premium payment terms. That means you can choose how often you want to pay the subscriptions. You can choose to pay monthly, quarterly, semi-annually or annually.
Zimnat is associated with Sanlam, the largest non-banking financial institution on the continent. The company offers businesses and individuals a variety of products including motor insurance, home insurance, life assurance, travel insurance, funeral cover, health and accident insurance, pension schemes, unit trusts and private wealth management.
Contact us today on our toll-free number 08080063/4/6
Alternatively, you can send us an email on customercare@zimnat.co.zw
When the unexpected happens…
Financial protection through life insurance in the event of death is a topic that often makes people uncomfortable. However, it is not really an entirely unpleasant conversation.
With life insurance from Zimnat you can stop worrying and start enjoying cover and peace of mind. Simply put, life insurance is the exchange of a relatively small payment of money each month for a larger amount of benefit paid out in the event of death.
Zimnat Life Assurance is a member of the Zimnat Insurance Group, a diversified financial group operating in Zimbabwe and associated with the Sanlam Group, which is the largest non-banking financial services group on the continent.
Most people will at various points in their life work or run a business, earn an income, build a family, grow old, retire and pass on.
Life insurance becomes particularly important in instances where you have a family dependent on you.
In a family where everyone’s livelihood depends on a single income, the moment that income ceases due to either death or retirement everything comes to a standstill.
Life Insurance may not be able to replace the life of a dearly departed family member but it at least guarantees financial security.
Death cannot be controlled or planned. The worst experience for any family is to have to deal with debt while grieving.
If a person dies with an unpaid debt or as a co‑signatory on a loan such as a mortgage, the duty of repaying the debt or servicing the loan falls on the surviving signatory or surviving kin, who may be exposed to the wrath of debt collectors.
The heavy burden of finding repayment solutions will fall on them. Life insurance from Zimnat ensures such predicaments are avoided as it covers debts acquired.
The notion that if one spouse has life insurance the other spouse does not need it, is incorrect. The most advisable thing to do is for both spouses to have life insurance policies, especially when there are children involved.
The loss of one spouse’s income is a financial setback for the family. A life insurance pay-out will cushion the setback, while the other spouse continues to care for the family.
Another misconception about life insurance is that the young and single do not really need it. The opposite is actually true. Better still the premiums are cheaper when you are younger, healthier and at less risk of falling sick.
Financial planning at all stages of your life is vital regardless of your age or marital status. There may be differences in responsibilities and the cover required but when the unexpected happens you need to be prepared for that change in circumstances.
Additionally, life insurance is not limited to spouses and children but can also be taken out for members of the extended family, who often become dependants at some point.
Finally, formally employed people who have life insurance cover through their employer need to remember that it is also important to take out their own personal life cover as the employment-related cover can be affected by loss of employment or change of jobs.
Zimnat is driven to make the lives of its clients better and has the right package for every pocket. Products range from Micro-Funeral Cover to Family Funeral Plan, Security Plan, Personal Pension Plan and Whole Life Plan.
Zimnat ensures that lives continue and dreams are fulfilled. Nothing can beat the peace of mind that comes from knowing that.
Some parting advice: stop worrying about financial obligations for when you are not there, simply get life insurance from Zimnat.
Contact us today on our toll free number 08080063/4/6
Alternatively you can send us an email on customercare@zimnat.co.zw or visit our website www.zimnat.co.zw for a quote.
Zimnat partners PROWEB to offer free cataract removal surgery
The promotion of health and emotional wellness is a cause that has defined Zimnat’s corporate social footprint as it continues to seek to make life better for the communities in which it operates.
Zimnat recently partnered with the Professional Women, Women Executives and Business Women’s Forum (PROWEB) to offer free eye cataract surgery to hundreds of people affected by the condition in Zimbabwe.
A team of doctors from Spain under the Elena Barraquer Foundation, working with local doctors, performed the operations at Chitungwiza Central Hospital from September 23 to 28.
The foundation is an offshoot of the Barraquer Opthalmology Centre, a top Spanish Eye Hospital in Barcelona which has for years undertaken similar eye projects in Africa.
More than 200 people from Harare, Mahusekwa, Marondera, Dema, Mount Darwin, Madziva and Shurugwi benefitted from the programme, undergoing successful cataract removal operations.
Supporting this programme, which assisted so many people affected by eye cataracts, is in line with Zimnat’s commitment to making life better.
Several of the beneficiaries of the programme could not hide their joy after the surgery and expressed their gratitude to Zimnat and the organisers for coming to their aid.
Most of the beneficiaries had been living with the condition for some time but had failed to raise the amount required for surgery.
This programme is one of a number that Zimnat has been involved in this year that have made an impact on people’s lives.
Some of the notable initiatives include donations to children living with disabilities, construction of an ablution block for girls at a primary school in Epworth and providing roofing for schools affected by Cyclone Idai.
The company is driven by a purpose to make life better. It is associated with the Sanlam Group, the largest non-banking financial institution on the continent.
The Zimnat group has four business units, namely Asset Management, Life Assurance, General Insurance and Microfinance.
Contact us today on our toll-free number 08080063/4/6. Alternatively you can send us an email on customercare@zimnat.co.zw or visit our website www.zimnat.co.zw or our social media sites, which are: https://www.facebook.com/Zimnat/, https://twitter.com/zimnatofficial and
https://zw.linkedin.com/company/zimnat.
Customer Services Week
By Patience Mutsvanga
The first week of October every year marks the international world’s commemoration of the Customer Service (CS) Week.
The Customer Services Week is a campaign which is devoted to recognising the importance of customer service and honouring those who serve and support customers with the highest degree of care and professionalism.
The Zimnat Group, together with all the other organisations in Zimbabwe and abroad, commemorated Customer Service Week from the 7th -11th of October 2019 under the theme, ‘” Magic of Service”.
The theme recognized that good service is magical. It can turn an unhappy customer into a satisfied long-term customer.
This year’s celebrations were centred on harvesting referrals from colleagues and walk in clients and creating lasting memories in customer's minds.
The official opening was done at Zimnat Head Office as Luigi, the Zimnat Mascot and the customer service team welcomed staff members and customers as they came in.
It was magical for staff members and they found it too good to believe such that they felt they had to introduce themselves to the team and clarify that they worked for Zimnat and were part of the team.
Different branches unveiled the magic in different ways as they were creating magical memories for their customers calling out clients whose birthdays fell during the week and extending some giveaways to them, serving refreshments to customers, and taking pictures.
Some branches had the privilege of hosting the Zimnat Executive team during this week.
It was a fun filled week and below are some of the highlights.
Highlights of the CS week;
The Magic of Service pool tournament
Clive Tahwa (GB) the Zimnat Group’s 2019 Magic of Service pool tournament Ultimate Champion.
Thabani Sithole (GI) scooped the first runner up award of the Zimnat Group’s 2019 Magic of Service pool tournament.
To seal it off, Andrew Matandana (GI) walked away with the Zimnat Group’s 2019 Magic of Service pool tournament second runner up title.
Sports jersey day
Ronaldo Tahanira had the coolest jersey
Zimnat scoops eight Exceptional Marketing awards
Zimnat, a leading player in the insurance and wealth management industry for more than seven decades, won eight awards for marketing excellence at the 2019 Marketers’ Association of Zimbabwe Exceptional Marketing Awards ceremony in Bulawayo on Saturday.
The awards ceremony is held annually in recognition and celebration of excellence for organisations and individuals who have pushed their brands and led successful marketing campaigns during the year.
Zimnat was nominated for 15 of the award categories. It won awards in eight categories.
Its Group Marketing Executive, Angela Mpala, won the Top Marketer of the Year Award, while its Group Chief Executive Officer, Mustafa Sachak, was First Runner-Up for the Marketing Oriented CEO of the Year Award.
Zimnat Life Assurance Marketing Manager Shingirai Mazambani was First Runner-Up for the Brand Manager of the Year Award.
The Best Outdoor Media Prize went to Zimnat for its Borrowdale Car Crash Billboard, where rocks appear to be tumbling out of a container onto a real car beneath the billboard.
First Runner-Up for the Best Print Advert of the Year was Zimnat’s Gadziriro/ Lungiselelo Press advert.
Zimnat was also First Runner-Up for the Best Customer Engagement and Experience of the Year Award.
It was Second Runner-Up for the Best Social Media and Digital Campaign of the Year and for the Best TV Advert of the Year.
Speaking soon after the awards ceremony, Ms Mpala said her team was thrilled and felt honoured to receive such recognition from the industry.
“It is indeed fulfilling to see that our efforts are being noticed and that the brand is growing and becoming more visible in the market,” she said.
“We also want to truly thank our customers for their support and inspiration, without which we would not have achieved this.
“We can promise that there is much more to expect in the future and there will be still more interaction with the brand. Our purpose is to make life better for all and we will maintain this focus,” she said.
At the same awards last year, Zimnat received five awards for excellence and work done in 2018.
The Zimnat Group has four main business units, namely general insurance, life assurance, asset management and microfinance.
The group is driven by a determination to make life better. It is associated with the Sanlam Group, the largest non-banking financial institution on the continent.
A Guide to Financial Nourishment
‘It is not about how much money you make, how much money you keep but how hard it works for you, and how many generations you keep it for.’-Robert Kiyosaki much money you keep,]
Financial wellness is the ability to manage short-term finances while also saving for long term goals. Signs of financial wellness may include among others:
- Being able to pay monthly mortgage
- Affording to maintain a good standard
- Confident in ability to afford health-care related payments
Financial objectives are rarely achieved without foregoing or sacrificing current consumption (spending on goods and services). This restraint is accomplished by putting money into savings for use in achieving future goals. By saving, you are much more likely to have funds available for future consumption. Effective financial management separates the haves from the have-nots. The haves are those people who learn to live on less than they earn and are the savers and investors of the society. The have-nots are the spenders who live from pay-check to pay-check, usually with high consumer debt.
This article seeks to address concerns with saving and investment planning, one of the key pillars in financial planning. Discussed will be the fundamentals of establishing goals and objectives, investment portfolio and investment portfolio attributes. The objectives may include safety and security of the funds invested (principal amount), profitability (through interest, dividend and capital appreciation) and liquidity (convertibility into cash as and when required). These objectives are universal in character as every investor will like to have a fair balance of these three financial
objectives. Determining your objectives means that you must have a good understanding of your short-term, medium-term and long-term investment objectives. This is where a risk analysis must be completed in order to see your willingness or ability to take risk. You should consider one important thing and that is your income. It is important to note that your income and your ability to earn income are your biggest assets when it comes to accumulating wealth so protect it by taking out income protection insurance.
Investment Portfolio
An investment portfolio is a set of financial assets owned by an investor that may include bonds, stocks, currencies, cash and cash equivalents, and commodities. Further, it refers to a group of investments that you can use in order to earn a profit while making sure that capital or assets are reserved.
Components of a Portfolio
The assets that are included in a portfolio are called asset classes. The investor or financial advisor needs to make sure that there is a good mix of assets in order that balance is maintained, which helps foster capital growth with limited or controlled risk. A portfolio may contain the following:
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Stocks
Stocks are the most common component of an investment portfolio. They refer to a portion or share of a company. It means that the owner of the stocks is a part owner of the company. The size of the ownership stake depends on the number of shares he owns.
They are a source of income because as a company makes profits, it shares a portion of the profits through dividends to its stockholders. Also, as shares are bought, they can also be sold at a higher price, depending on the performance of the company.
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Bonds
When you buy bonds, you are loaning money to the bond issuer, such as the government, a company, or an agency. A bond comes with a maturity date, which means the date the principal amount used to buy the bond is to be returned with interest. Compared to stocks, bonds don’t pose as much risk, but offer lower potential rewards.
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Alternative Investments
Alternative investments can also be included in an investment portfolio. They may be assets whose value can grow and multiply, such as gold, oil, and real estate. Alternative investments are commonly less widely traded than traditional investments such as stocks and bonds.
INVESTMENT ATTRIBUTES
There are essential attributes of an investment that need to be considered when making an investment decision and these interact with your personal needs, goals and objectives. These attributes include but not limited to:
- Risk
- Liquidity
- Time
- Return
- Inflation
- Interest rates
Risk
Risk is the potential to make a loss from an investment. The risk profile of your portfolio of investments should change depending on your personal attitude towards risk. The more risk-averse you are, the more cash and fixed interest you will want to hold. People who are not risk-averse will be happy to carry more shares, property and perhaps debt in their portfolios as they seek better returns over the long term.
Liquidity
Liquidity is the ability to turn your investment into cash. It is very important during times of financial stress especially with the economic meltdown in Zimbabwe where people are in dire need of liquid cash. This one is also a double-edged sword. What good is an investment if you cannot get your money back out? What if you come across a better investment how fast can you get access to your money in another investment to go with the perceived better investment? On the other hand, the ease of getting access to your money potentially could aid you in making less than optimal investment decisions. Many great investments like many valuable things take time to mature.
Time
The longer you must invest, the more risk you should be able to theoretically be able to tolerate as markets tend to move in cycles. Should you need to realise money within one year, you will have very little tolerance for risk since there is no opportunity for you to wait for your capital to recover in poor market conditions. If you have a long-term strategy, you will be able to ride the ups and downs assuming you’re properly informed of the investment process and cycles. Its recommended not to change your investment strategy purely because of underperformance. You should rather stick to the asset allocation for you risk profile and maintain exposure to the higher risk investment vehicles.
Return
High “rates of return are deceitful sirens that sing but to lure the unwary upon the rocks of loss and remorse,” Arkad, the richest man in Babylon. Investments that promise high rates of return should be considered carefully. Conversely, an investment with a low rate of return should not be scorned. Make sure you consider the investment over a long period of time, say 10 to 20 years. Some investments that look terrible in the first three to five years may be one the best investments out there.
Inflation
The risk of inflation depleting an investment portfolio is a real threat. In a country such as Zimbabwe where inflation keeps plummeting with Zimbabwe's month-on-month inflation rate decreased to 17.70 percent in September 2019, its lowest level since May, from 18.07 percent in August, investments must outperform inflation otherwise the steady erosion of your investment in real terms reduces the buying power over the long-term.
Interest Rates
Investments such as government bonds and money market instruments are very closely linked to interest rate movements. In a lower interest environment, you may find that low risk fixed interest rate investments do not give sufficient income to live on. If interest rates go up, the capital value of a bond will decline, and opposite is true. If you were to speculate as to whether interest rates would go up or down, you could make a fatal error and invest in a long-term investment that is pegged at lower interest rate or suffer a capital loss if he sells it.
You should always make sure to have a personal investment portfolio to support your retirement portfolio. A well-diversified portfolio reduces risks and with the current economic conditions, it is recommended to invest offshore.
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GCR upgrades Zimnat General Insurance rating to A+
Global Credit Rating (GCR) revised Zimnat General Insurance’s national scale financial strength rating to A+(zw) Stable Outlook, from its previous rating of A-(zw).The financial strength rating (formerly claims paying ability) went up two notches.
GCR is the leading emerging market focused ratings agency, rating the full spectrum of security classes based on the best international standards.
It accords both International Scale and National Scale ratings. Together with its international affiliates, it rates almost 3 000 organisations and debt issues spanning four continents.
Explaining the rating upgrade GCR commended Zimnat’s sound business profile and disciplined approach to underwriting and capital management.
This comes after Zimnat has been on employing value preservation strategies, to counter the uncertainties presented by the operating environment.
“The insurer has maintained strong brand recognition and evidenced healthy growth momentum over the review period, with a significant increase in market share in the 2018 financial year, underpinned by comparatively high-risk uptake in key lines of business,” GCR said.
More operational flexibility comes with such a good rating, positioning Zimnat General Insurance as a strong short-term insurer of choice supported by the quest to provide the market with realistic insurance cover products that help clients achieve their set objectives and make their lives better.
Events – Sanlam Cape Town Marathon
By Takudzwa Zuze
Zimnat offered its social media followers an opportunity to win an all-expenses paid trip to Cape Town to participate in the annual Sanlam Marathon.
The marathon took place from September 22 to 23. It is the only Gold status marathon on the African continent.
Every year the marathon attracts over 23 international running clubs, including a world class elite field of athletes and more than 15 000 runners.
As a way of making life better, Zimnat gave away an all-expenses paid trip to three lucky winners – two social media followers and one member of staff – who participated in the marathon.
On arrival the three of them were chauffeur driven from the airport to the Radisson Red hotel situated at the world renowned Waterfront and had welcome dinner at The Yard, where they joined other runners invited by Sanlam across Africa, during which they shared ideas on how best to tackle the marathon the next day.
Here’s a video of the journey and stay in Cape Town for you to enjoy!
https://www.youtube.com/watch?v=2qreBfLPRzc&feature=youtu.be
After the race they were invited to the Sanlam hospitality tent to unwind and relax over some food and drinks, after which they had enough time to go shopping and sight-seeing of what is arguably one of the most beautiful cities in the world.
“We wouldn’t have made it without you Zimnat. Thank you for such a beautiful experience,” said Lilian whose eyes were filled with tears of joy and excitement.
Zimnat group marketing executive Angela Mpala was also excited about how the event turned out.
“As Zimnat, we continue to make life better in every way that we can,” she said. “Our partnership with Sanlam, the largest non-banking financial institution on the continent, provided us with an opportunity to enable Lilian, Tariro, and Patricia to participate in this top-class marathon, alongside athletes from many other countries.
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Zimnat offers travel insurance
Over the past 400 years insurance has become an intrinsic part of our lives. Whether in a store, driving, sleeping in a hotel, visiting a friend abroad or even walking to work, you or your assets are to some extent covered by insurance.
Travel insurance is one of the things we often forget to arrange in our rush to get ready for a trip, yet accidents and emergencies do happen.
These are never welcome but if they occur when you are away from home they come with an extra level of stress, since obtaining help in a foreign country can prove a challenge and be very frustrating.
If you are travelling anywhere in the world, whether alone or with your family and friends and whether for business, cross border trading or pleasure, Zimnat can at least make sure that an accident or emergency does not become a total disaster.
Zimnat General Insurance offers you and your loved ones cover that will help make your life better in your time of need, with cover ranging from emergency medical expenses and illnesses, including pre-existing conditions such as HIV, to legal assistance, transmission of urgent messages, replacement of travel documents, money or credit cards, injury, flight cancellations and even lost baggage.
Perhaps you or a member of your family falls sick and has to be hospitalised while on holiday, leaving you faced with huge hospital bills, or you are left stranded at a border because your travel documents and money have been stolen.
Situations like these are why travel insurance is a must. When you have travel insurance with trip cancellation benefits, you can obtain reimbursement for prepaid, non-refundable trip costs when you have to cancel your journey for a covered reason.
Covered reasons can include serious illness, injury or death of the insured person, a travel companion or a family member or a natural disaster or other event that renders your destination uninhabitable.
When you are wondering whether paying for travel insurance is worth it, weigh up the small cost of buying insurance against the massive costs of a medical emergency overseas or replacing stolen or lost goods and money.
For business people, whether they are travelling to other continents or to a neighbouring country, perhaps as a cross border trader, Zimnat travel insurance provides cover for travel delays, lost trade samples and cancellation costs.
It even has an optional hospital cash back plan in the event you are hospitalised.
For those travelling as groups, whether on holiday or on an educational trip, Zimnat offers affordable group cover schemes. A group might be made up, for instance, of friends, family members or students.
Insurance can be really affordable. When you request a quotation for travel insurance, Zimnat will present you with multiple coverage options, so you can pick the plan that best suits your trip and budget. The best way to find a low-cost travel insurance plan is to request a quote for your next trip and plan ahead.
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