NMB bank launches range of life assurance products

NMB Bank yesterday launched a range of life assurance products at the Harare Agricultural Show branded
NMBLife. The new range of products embraces life assurance, a retirement plan and a funeral plan.
Those who sign up for any of the three NMBLife products this week are being given an instant gift in
addition to the benefits that come from the plan they sign up for.
The NMB Funeral Plan, in addition to covering the policyholder, can include anyone with whom the
policy holder has a direct relationship. Premiums are paid monthly for 10 years, after which cover
continues without further payments.
On the death of the policyholder or anyone else covered by the policy, the amount stated on the policy is
paid to the beneficiary of the deceased person.
There is a waiting period of only three months for policyholders aged between 18 and 65 and six months
for those aged between 66 and 74. There is no waiting period for accidental death.
The NMB Life Plan comes with two options. The first is straight life assurance, where the sum assured is
paid out when the policyholder dies. The other is a cash back option, which entitles the policyholder to
receive back a payment of 50 percent of the premiums paid every five years, with the sum assured still
fully payable on his or her death.
The plan provides cover of up to $75 000, depending on the premium option chosen. Cover for death
arising from natural causes commences six months after the policy has been taken out but at that stage is
limited to a maximum of $20 000. Beyond 12 months, the full sum assured is payable in the event of
death.
Anyone aged between 18 and 60 can take out this life assurance. Premiums are only paid up to the age of
65.
The Diamond Retirement Plan is a savings plan that provides a lump sum payment and a monthly pension
on retirement. The lump sum is one third of the value of the accumulated capital. The remaining capital is
used to purchase a pension annuity which enables the person to receive a monthly pension. There is an
option to forego the lump sum so that the whole amount can be used for an annuity in order to receive a
higher monthly pension.
The minimum age for the Diamond Retirement Plan is 16. The maximum is 65. The regular minimum
monthly contribution is a minimum of $50. The higher the contribution the higher the retirement benefit.
All three NMBLife products are designed to give peace of mind, according to NMB marketing manager
Lindiwe Thebethebe.
“It is wise to look to the future to ensure some financial security for yourself in old age and your family
when you pass on. These NMBLife products are designed to offer that security, so that you do not have to
worry about how you will manage financially when you retire or how your family will manage financially
when you pass away,” she said.

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