FML launches mobile life insurance product

Published: 27 November 2013

First Mutual Limited has launched a low cost cross network mobile life insurance product called e-FML which is an enhancement of the Funeral Cash Plan.

FML Assurance company MD Ruth Ncube said e-FML affirms FML's thrust on providing life insurance to people that historically have been excluded from insurance due to high costs and strict underwriting provisions.

She noted that the product will bring delivery channel convenience and instant access to the clients through the use of their mobile phone.

"Let me start by saying that this is not a new product for FML. We do have a product called Funeral Cash Plan (FCP). FCP has been enhanced to be supported by a distribution channel through a mobile phone.

"So we've come up with a product that is supporting the distribution of the existing product. The biggest advantage to it is that it is affordable," she said.

Ncube indicated that 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.

The product, as pointed out by Ncube will be sold via starter packs valued at 80cents which will give the client a $500 cover valid for one calendar month.

"Once registered, the client will then pay monthly renewal premiums of the same amount if they wish to maintain a cover of $500.

"However, the product allows for increase of cover from this initial $500 up to a maximum of $3 000 depending on affordability and client will be expected to pay monthly premiums in line with their desired level of cover," she added.

Turning to the benefits of the products she stated that no underwriting is required while monthly premiums can be made via EcoCash, stop order or cash at FML offices.

"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 Ncube.

- zfn

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