What is it?
This is a funeral policy that pays up to K5 million in case of a death that occurs abroad. This is dependent on the package that is chosen during onboarding. It is designed to be purchasable by clients in Malawi, for those abroad and those already abroad from as little as K6,500 per month.
A member who buys the policy, known as the principal member, can add a spouse and up to four children as immediate family. The principal member can further add up to five extended family members including parents.
What you need to know
- It is a funeral product for individuals.
- It allows flexibility in the planning of the funeral as it pays in cash.
- Claims are settled in under 48 hours upon NICO Life receiving required documents.
- The mode of premium payment is direct deposit/transfer into NICO Life’s bank account, bank debit orders or mobile money transfers.
- The policy starts when you pay first premium. There is a waiting period of three months for immediate family and six months for extended family.
- The policy has no surrender, paid-up or any surviving cash benefit. The benefits under this policy cannot be assigned to a third party.
|Category||Minimum Premium||Main Benefit (Principal Member & Spouse)||
|Extended Family Benefit||Additional premium per extended family|
Send an email to firstname.lastname@example.org for more information.