Local Insurance Firm Introduces New Product

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By Emma Kakololo WINDHOEK Capricorn Life Namibia, a company owned by NAMMIC, the investment arm of NUNW and Consolidated Financial Services Holdings last week introduced a new insurance product known as the Comprehensive Provider. The new product does not require medical testing including for HIV. The product is specifically tailor-made for the lower end of the market and is believed to have been developed to ensure better value for the client, thereby offering the long-awaited and vital satisfaction required by this market segment. Besides the usual benefits offered by existing insurance products, the Comprehensive Provider also offers additional benefits such as dread disease cover in cases of serious illnesses such as cancer, heart attack or a coma. Besides, it also caters for incidents such as retrenchment, personal accident cover, hospital cover and income protection from accidents. Another added feature is the family commuter, funeral and tombstone cover, covering up to six children and eight members of the extended family. The savings benefit has also been redesigned to offer higher maturity values as well. Speaking at the launch, Zorro Muhongo, the Managing Director of Capricorn Life, said the product was a response to an outcry in the lower end market for a comprehensive insurance product that is easily accessible, reliable, affordable and that offers a wide range of benefits satisfying the diverse needs of the different groups of people. He noted that this was done after extensive market research, consultations and interactions with the market, financial advisers and brokers. “The worries of the lower end market are a thing of the past. This product is their ultimate solution. It has all the benefits of the existing products with the inclusion of new benefits, previously inaccessible due to high costs. It provides the client with a basket of benefits, which he/she can pick and choose from, depending on his/her unique needs,” he announced. He said the Comprehensive Provider was the first of its kind, a truly Namibian insurance product designed to protect not only the head of the household but also providing cover for the entire family against various tragic occurrences. Muhongo maintained that their clients, as well as union members, would now be able to support and purchase insurance cover from their “own store” since Capricorn Life is not only Namibian owned but also a large stake is owned by the unions through Nammic. Consolidated Financial Services Holdings is also the owner of other larger businesses such as the insurance giant, Sanlam Namibia, the combined unit trust of Bank Windhoek and Sanlam as well as BW Financial Services.