Bwenzi Funeral Plan

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.

Coverage

Eligibility

  • 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.

Cooling–off period

  • 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.

Grace period

  • 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.

Waiting period

  • 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

Exclusions

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

Other terms

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.

Rate reviews

  • 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.