EcoSure USD packages offer value for policyholders

15 June 2023

WITH guaranteed payouts of up to US$5 000, EcoSure’s US dollar packages offer great value for money for policy holders, and – with monthly premiums as low as US$0,50 – the packages are proving to be quite affordable for the generality of the public.

Along with funeral cover, EcoSure also offers essential health-related products such as hospital cashback, personal accident cover, and Dura/Isiphala Pension Fund for all people under the age of 70.

The company, a leader in innovative insurance products, reintroduced USD packages recently in response to customer needs, and after the Government put in place regulations that allowed the insurance sector to offer policyholders the option of foreign currency-based products.

The move by the authorities, which was welcomed by the industry was meant to help the insurance sector protect policyholders’ contributions and the industry’s investments against inflationary pressures.

Since then, most policyholders – both for life and asset insurance – now prefer to pay their insurance in foreign currency to avoid constant premiums reviews. 

Statistics from the Insurance and Pensions Commission (IPEC) show that 70 percent of business underwritten in the insurance industry last year (2022) was in foreign currency.

This has led EcoSure – Zimbabwe’s largest life assurer by policyholders – to introduce various promotions to raise market awareness of the asset value preservation arising from paying premiums in USD packages.

Last year, EcoSure awarded hundreds of Burial Societies with cooking utensils under “EcoSure Mabhodho Promotion” after they registered at least 20 members or more on the EcoSure USD policy. The company currently covers over 5 000 Clubs and Burial Societies. 

In May this year, EcoSure unveiled another promotion that is rewarding Econet customers with free funeral cover of up to US$5 000 if they buy airtime through the EcoSure platform *900#.

Policyholders who pay premiums of US$0,50, US$1,00, US$2,00 and US$5,00 on EcoSure Lite, Basic, Standard and Premium packages respectively, are guaranteed funeral services that include a coffin, removal from place of death, hearse, undertaker services, washing and dressing, embalming and flowers among other things or the US dollar cash equivalent.

Zimbabweans living in African countries outside Zimbabwe are entitled to US$5 000 in benefits, in the event of death, if they pay premiums of US$5 per month, while those living in the rest of the world will get cash benefits of up to US$10 000, if they pay monthly premiums of US$10. 

EcoSure has partnered with various financial institutions, including CABS, POSB, Agriculture Finance Corporation, and Steward Bank, to ensure that customers conveniently make payments at their branches. Premium payments can also be easily made at any Econet Shop countrywide.

EcoSure, is owned by Econet Life, a subsidiary EcoCash Holdings Zimbabwe.