Makananelo Manamolela
LESOTHO PostBank has launched a new funeral insurance product, Ntšelise Funeral Cover, aimed at providing affordable and reliable financial support to Basotho families during bereavement.
The product was officially unveiled in Maseru this week, where the bank’s Managing Director, Mokhachane Mopeli, described it as a simple and accessible solution tailored for Basotho needs.
He said the cover was underwritten by LNIG Hollard Life, which he described as a trusted life assurance provider.
Mr Mopeli said the bank remained committed to addressing the financial challenges faced by its clients, noting that the introduction of Ntšelise was built on existing insurance offerings such as credit life cover.
“As a bank, we are dedicated to solving Basotho’s financial needs. While we have long provided insurance through credit life to protect clients from debt burdens after death, this product goes further by responding directly to people’s everyday realities,” Mr Mopeli said.
He emphasised that the bank intended support its customers throughout their financial journeys, especially during difficult times.
“Death can occur at any time, and beyond sending messages of condolence, we believe in providing tangible support. Losing a loved one is emotionally overwhelming and often comes with unexpected financial strain. This cover helps ease that burden, allowing families to focus on honouring their loved ones with dignity,” he added.
The Ntšelise Funeral Cover was said to include a range of benefits such as embedded cashback, double payout in cases of accidental death, and a grocery benefit. Mr Mopeli also highlighted its potential to create employment opportunities, particularly for young people whom he said could join as agents to market the product.
PostBank’s Chief of Sales, Lineo Masupha, said the product was developed after identifying a gap in the market despite the bank’s multiple service channels.
“We continuously listen to and assess our clients’ needs, and this cover is a direct response to that feedback. It is available to all Lesotho Postbank customers, and one only needs to have an account to access it,” Ms Masupha said.
She explained that the cover extended to a wide range of beneficiaries, including children from birth up to 21 years (or 25 if still studying), parents, dependents, and even employees of the account holder.
Addressing common concerns about funeral policies, she said many people worry about paying premiums for years without receiving any benefit if no claim is made.
“With Ntšelise, policyholders receive a cashback equivalent to six months’ premiums every five years, regardless of whether they have claimed or not. In addition, there is double cover in the event of accidental death,” she said.
The cover would offer compensation ranging from M10 000 to M70 000, with eligibility for new members from birth up to 84 years, and older individuals allowed if already covered as beneficiaries.
Ms Masupha described the product as simple, affordable and dignified, with predictable low premiums designed to support Basotho families in time of need.
