Bwenzi Funeral Plan is a funeral product that pays out a lump sum amount of money up to MWK1,000,000.00 upon death of the life assured. With a monthly premium, core cover is provided for the main member, spouse and up to 4 children. Additional children pay an additional premium.
The plan allows principal member to add to his/her policy other dependants of his/her choice, such as parents, etc.
No underwriting is required on this policy.
Principal member must be older than 18 years at policy inception.
Principal member and extended family members must not be older than 65 years at policy inception.
The spouse and parents must not be older than 75 years at policy inception.
Children are covered up to the age of 21.
The policy has a cooling-off period of 30 days. This is to allow the policyholder to decide if the funeral plan meets their needs.
If the policyholder decides to cancel the policy within the 30 days cooling-off period, all premiums paid will be refunded–unless a claim has already been paid.
Premiums are payable monthly in advance on the first day of the month.
If a premium is not paid on the due date, a grace period of 1 month applies. The policy will still be active during the grace period.
If a claim occurs when the policy is in the grace period, the claim is payable after deducting outstanding premiums.
If a premium is not paid at the end of the grace period, the policy lapses and it will not be of any effect.
Immediate cover if death is because of an accident, subject to receiving the first premium.
Waiting period of 3 months for immediate family members (Main member, spouse, and children)
Waiting period of 6 months for extended family members and parents
VLA will only cover risks that are specified in the policy. Exclusions include the following:
War
Violation of criminal law by the life assured
Suicide – whether sane or insane,
National disaster
Benefits under this policy cannot be ceded, pledged or assigned in any way.
The policy does not have a surrender value of paid-up value.
Policy benefits are paid in the lawful currency of Malawi.
Carried out on an annual basis (Allowing for actual experience)
Premium rates may change following rate review, in the case of significantly adverse claims experience,
VLA reserves the right to review rates, subject to giving 3 months’ notice.