NICO Life, MASM launch joint funeral scheme policy

Malawi’s leading insurance service provider, NICO Life and Medical Aid Society of Malawi (MASM) have launched a joint funeral scheme in which MASM clients will from July 1 enjoy funeral cover of up to K1 million, up from K300 000.

Named Dekhani (Keep Calm), the K1 million cover is for VIP Scheme members while K750,000 is for Executive Scheme and K500,000 for ECONO Plan.

The benefits will be paid immediately death occurs in the form of a service provided by MASM partners, Goodwill Funeral Services and other funeral service providers, that include a coffin, embalming services and transportation by road to any part of the country for burial.

At the launch on Thursday at Sunbird Mount Soche Hotel in Blantyre, NICO Life Chief Executive Officer (CEO) Eric Chapola said the initiative will help ease the pressure that comes with death and to allow clients the benefit of giving their loved ones a dignified send-off.

“As a market leader, NICO Life’s relentless pursuit for emerging opportunities enables us to deliver value to our customers,” Chapola said.

“Over the years, this pursuit for excellence in providing customer-centric solutions has enabled the company to show qualitatively superior growth under challenging environment.

“We, therefore encourage the corporates and individuals to maintain paying fully for their subscriptions and those who are not register with MASM to do so in order to enjoy these benefits,” he said.

MASM CEO, Sidney Chikoti said their core business is to provide health care solutions when their clients fall sick but since death is inevitable, they came up with the funeral cover because it brings with it extra burden to the bereaved.

“MASM came up with this funeral policy as an end product for our clients to play safe in the comfort that in the event of death, everything to do with funeral processes would be taken care of,” he said.

“But we remain focused on our core function, and that is to keep our members healthy by providing full medical cover when they fall ill.

“We are proud that two giants in the insurance industry have joined hands to change life and medical insurance in the country, both of which have large footprints across the country, making accessibility easy for both companies,” Chikoti said.

He added that due to the COVID-19 pandemic, the new medical and funeral cover rates start on July 1 but all the current fully-paid members will enjoy a three-months grace period before being effected with the new rates.

“MASM will always take care of its clients. We always say ‘you are with us from cradle to the grave’ and we now endeavor to do even better with NICO Life.

“We believe that death of a loved one should not be the cause of entering expensive debt nor should our customers opt for a less dignified burial of a loved one due to financial constraints,” he said.

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