First Mutual launches e- FML – a cross network mobile life insurance product
First Mutual Life Assurance Company, one of the country’s largest life assurance company has introduced a low cost, ground breaking mobile based funeral assurance product that seeks to provide affordable funeral cover to the 12 million mobile phone users across all mobile networks in Zimbabwe
The launch of the product, called e-FML, affirms First Mutual Life’s thrust on providing life insurance to those people that historically have been excluded by insurance companies due to high costs and strict underwriting provisions.
“The product pays a cash benefit in the event of death of a life covered has been developed in-house with the full certification of Actuaries on the premiums levels and corresponding benefits. The e-FML product allows any mobile phone subscriber to register for the product and to pay monthly premiums over the mobile phone using the SMS platform and also via various mobile money platforms” said Ruth Ncube, First Mutual Life Assurance Managing Director.
e-FML will be sold via starter packs valued at $0,80 cents. The 80 cents will give the client a $500 cover valid for one calendar month. Once registered, the client will then pay monthly renewal premiums for of the same amount if they want to maintain a cover of $500. However, the product allows for increase of cover from this initial $500 up to a maximum of $3000 depending on affordability and client will be expected to pay monthly premiums in line with their desired level of cover. Waiting periods will be applied as per the terms and conditions of the product.
“FML continues to innovate in ways designed to bring economic dignity to our market, and we are proud to bring this convenient product and delivery channel to Zimbabweans nationwide”, added Ms Ruth Ncube.