ECONET Telecom Lesotho (ETL’s) insurance arm, EcoSure, has introduced a new product, EcoSure Group.
The new product is an upgrade of the mobile communications giant’s EcoSure Re Bolokehile. The product will cater for the needs of stockvels, churches, corporates and Small, Medium and Micro Enterprises (SMMEs) where groups of people who often assist each other in the event of the death of a member or a dependent.
The product is underwritten by the Lesotho National Insurance Group (LNIG).
Speaking at the launch of the new product yesterday, Matikoe Letsie, the ETL general manager responsible for EcoSure, said the new product would benefit Basotho from all walks of life.
“The new project is aimed at accommodating Basotho who are interested in having a funeral policy,” Ms Letsie said.
“Minimum membership for Ecosure Group shall be 10 people. There is no maximum number of members. The age limit for members in the EcoSure Group is from 18 to 70 years.
“For a group to register, members must elect a committee led by a chairperson, secretary and treasurer. The minimum membership shall be 10 people with no upper limit. Each group shall provide a completed and fully signed form to join EcoSure Group. Application forms will be available at all ETL shops.
“The main member can add dependents on his/her cover. Premiums are to be paid via the EcoSure Group’s EcoCash merchant wallet.”
She said the insurance penetration was poised to grow given the company’s “second to none customer experience and greater convenience”.
EcoSure Group has four packages namely the EcoSure Lite with a monthly premium of M15 per member. The pay out in the event of the death each of the insured individuals is M10 000. For EcoSure Basic, the monthly premium is M30 while the pay-out is M20 000. For EcoSure Standard, the monthly premium is M45 for a M30 000 pay-out. The pay-out for Ecosure Premium is M50 000 while the monthly premium is M75 per individual.