Finance Bank and Professional Life dare to make insurance accessible by all
Professional Life Assurance Limited (PLAL) has partnered with Finance Bank Zambia Limited (FBZ) to deliver affordable life assurance policies through FBZ’s 52 branches across the country. The partnership was launched on Wednesday 30 June, at Finance Bank Headquarters, Lusaka.
Speaking at the launch FBZ managing director and CEO Mr. Barkat Ali said his bank will act as the distribution channel for the insurance products under the partnership and PLAL will underwrite the policies.
The Bancassurance partnership will cover two particular products namely Bantubonse and Credit Life. The partnership is seen as a way to make it easier for the low income bracket to access to affordable insurance services. Clients will now be able to conduct their banking and have access to the insurance services all under one roof.
The Bantubonse life assurance policy offers protection to the policy holder and their family in an event of death. With a minimum of K2, 500 per month paid for at least three months, the beneficiary would receive a minimum of K1m in the event of death of a policy holder.
Credit Life is designed to protect policy holders from credit related losses in case of termination of employment through redundancy, death of the insured, total and permanent disability among others.
PLAL managing director, Mr Rajagopal Krishnaswamy, said the Bantubonse life assurance policy has been received well among the targeted clients, in the low income bracket, in the peri-urban areas of Zambia.
He also indicated that the information regarding the policy will be made available in local languages in respective provinces.
During the event FBZ managing director and CEO Mr. Barkat Ali said Credit Suisse are still partners in FBZ with 40% shares and FBZ still enjoys a customer base of over 120,000 customers across Zambia. FBZ has a deposit base in excess of K1 trillion.
Source: iMatambo Blog