FDH Bank introduces FDH Life Plan funeral cover from as low as K350 a month to offer K300,000

* The product guarantees a cash cover within 48 hours at the times of loss and has three other tiers

* Savings Plan at K1,100 for K1 million; Platinum Plan at K2,750 for K2.5 million and Eagle Plan at K5,000 for K5 million

* At FDH Bank, our goal remains to provide customers with innovative financial solutions aimed at easing financial pressure

By Duncan Mlanjira

Through its Bancassurance arrangement and in partnership with Old Mutual Malawi and Vanguard insurance companies, FDH Bank Plc has launched a new product named FDH Life Plan — a funeral cover that offers an opportunity for customers to plan ahead and ease the burden of worry in times of distress.

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At the launch on Monday, FDH Bancassurance Manager, Jonathan Kharika announced that the product gives FDH Bank customers an opportunity to cover themselves and family members up to nine of them through affordable monthly deductions from as low as K350 that shall offer K300,000 in case of death of a loved one.

He added that the product guarantees a cash cover within 48 hours at the times of loss and has four tiers — Basic Plan at K350 monthly contribution to offer the K300,000; Savings Plan at K1,100 for K1 million; Platinum Plan at K2,750 for K2.5 million and Eagle Plan at K5,000 for K5 million.

This caters for the principal member and a maximum number of nine beneficiaries of the customer’s choice and Kharika said the product can be accessed in all of 51 FDH Bank service centres across the country.

Jonathan Kharika

“We believe that this product will serve our customers’ pertinent needs as we strive to continue supporting them with solutions for their financial needs,” Kharika said.

“We all know that life is full of eventualities and we are offering an our customers an ease of burden when they lose a loved one by meeting their funeral expenses.

“At FDH Bank, our goal remains to provide customers with innovative financial solutions aimed at easing financial pressure as well as helping customers grow.”

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He added that they have a fully-fledged Bancassurance facility that focuses on various insurance and assurance needs on the market.

Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base — thus the partnership with Old Mutual Malawi and Vanguard.

FDH Group of companies continues to be innovative as just last week, FDH Money Bureau launched a promotion dubbed Golden Reunion — that entices Malawians in diaspora to send money to their loved ones back home through Western Union and Money Gram.

The grand prize is a Golden Ticket in which the lucky winner shall be accorded an all-expenses paid trip to any of the host country of the Forex sender that includes US$1,000 pocket upkeep and US$200 for accommodation per night.

Any amount sent automatically enters the promotion in which 67 lucky people — whether FDH Bank account holders or not — are expected to win other fabulous prizes on offer that include K500,000 each for 6 customers; two drawn every month. This is seen as a contribution towards gaining much-needed forex into the country, has launched a three-months promotion dubbed

The other monthly winners are 60 customers each winning 20% of the value of the money their relation sent and collected at FDH Money Bureau’s Western Union and Money Gram services.

Customers can also redeem from FDH service centre; FDH Bank’s 51 service centres and all FDH kiosks across the country and for Western Union and Money Gram, they can redeem their money using digital means such as FDH Mobile (525 Banking) and One Clock.

This is seen as FDH’s contribution towards gaining much-needed forex into the country.

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