* Supporters will be able to pay at a premium of K150 and K500 only after dialing *325#
* Those paying K150 per month will be receiving a benefit of K100,000 when death occurs
* While those paying K500 will be getting a benefit of K600,000
By Victor Singano Jnr, Correspondent
As one way of uplifting local elite football clubs financially and make sure the soccer fraternity is benefiting from being football followers, NICO Life has introduced a new policy named ‘Supporter Funeral Cover’.
At the official launch and contract signing with Super League of Malawi (SULOM) on Tuesday at Sunbird Mount Soche in Blantyre, NICO Life Chief Executive Officer Eric Chapola said the policy is mainly aimed at creating a platform where supporters will be able to pay at a premium of K150 and K500 only after dialing *325# — which will be giving instructions to every soccer fan, official as well as players and everyone interested in football.
Chapola disclosed that those paying K150 per month will be receiving a benefit of K100,000 when death occurs while those paying K500 will be getting a benefit of K600,000.
“Our main idea is that when funeral happens within the football fraternity, NICO Life must come forward and pay the benefits within 24 hours,” Chapola said.
“We don’t want to hear that a player has died and that they are still looking for a coffin, NICO Life will be coming in as long as the premium have been paid and pay the benefits of those people that will face death.
“Let me also emphasize that the money that will be collected by NICO Life from the premiums, part of it will be paying SULOM as commission.”
“And also at the end of the year, we will be doing assessment — if we’ve made profit will be sharing them with SULOM because we want to make teams to stop begging and support themselves through contributions of the policy,” he said.
In his remarks, SULOM president, Tiya Somba Banda commended NICO Life for accepting to introduce the policy which he said talks regarding to the initiative started way back in 2019.
Somba Banda said the Supporter Funeral Cover is part of the promises included in the manifestos because it is one way of promoting commercializing drive in football.
“This initiative will play a bigger role because apart from helping the teams to have money, it will also make the league to be competitive because all the 16 Super League teams will be getting the benefits based on how they stand on the log table at the end of the season,” he said.