By Thandiwe Kubere
MASERU –
Letshego financial services Lesotho has launched funeral insurance – Sekhele. This is in partnership with Alliance Insurance as a means to diversify its products with affordability to Basotho.
According to the chief financial officer Abia Moabi, the financial service provider as a subsidiary of Letshego Holdings, came up with Sekhele funeral plan in order to provide the nation with access to cost friendly insurance services. He declared that Sekhele aims to offer a wide range of innovative and diversified products in support of funeral services. “Product diversification forms part of our five transformational strategic conversations at Letshego and today is a true testimony to that.”
September last year marked the 10 year anniversary of Letshego as financial services providers in Lesotho. Within their years of service in the country, they have only been providing payroll and personal loans. Moabi stressed that Basotho previously struggled with finding affordable insurance coverage and opted for community societies as well as informal insurance brokers for financial assistance during funeral occurrences. Therefore Sekhele funeral plan was brought up to cover funeral expenses in line with the customers’ preference.
Letshego financial services in partnership with Alliance Insurance brings Sekhele Funeral Plan to cover the entire family. The product owner, Thabo Sebetoane, explained the comprehensive family plan covers the main member, their spouse, up to seven children, four parents, two grandparents, and a maximum of four extended family members who are under the client’s responsibility. An individual can also get covered so as to be laid with dignity. The basic cash benefits pay-outs starts from M7, 500 up to M50, 000 which doubles in an accidental incident.
The age for cover begins from 18 to 84, but the principal member who is responsible for the cover should be less than 65. There is a premium waver of 12 months in a case where the main member dies or gets disabled. Another premium waver is for three months for when the main member gets retrenched.
On top of this, the customer has an option of choosing between bronze, silver, gold and platinum insurance cover. Monthly premiums range from M41 to M103 for the Member-only options and M56 to M188 for the comprehensive funeral plan. The optional added benefits include the M25, 000 educator benefit which covers up to three children who are still in school and under 25 years. There is also my provider benefit which offers monthly groceries of up to M5, 000 for 24 months in a case where the main member or bread winner passes on. Sekhele funeral plan also goes in accordance with Basotho traditions that a cow must be slaughtered in one’s final celebration by offering a benefit of up to M10, 000.
General policy holders of Sekhele funeral plan have a waiting period of three months but may vary according to the age of the one waiting to be covered. Those matured in age have a waiting period of six to nine months.
The head of employee benefits Alliance insurance expressed her excitement of collaborating with a company which understands Basotho and saw the need of coming up with a product that will understand and answer to the needs of Basotho.