Standard Bank Enhances Funeral Plan, Introduces Tombstone Benefit
Monthly premiums range from K1,400 for the basic Mtendere Plan covering up to eight family members to K30,000 a for the top-tier Premium and Diaspora plans.
BLANTYRE, Malawi-- Standard Bank Plc has announced improvements to its Funeral Plan cover, extending the offering to Malawians living abroad and introducing an additional tombstone benefit called "Last Mile to Lasting Memories", writes Michael Nasiyaya.
The enhancements emphasize the bank's commitment to serving customers through all life stages, including the loss of an insured member or dependent covered under a funeral policy, executives said.
"Our funeral plans aim at relieving bereaved families of the financial burden of managing a funeral and the subsequent tombstone cost at the one-year anniversary," said Charity Mughogho, Executive Head of Personal and Private Banking.
"The Bank is aware that for most Malawians it is customary to erect a tombstone at the one-year anniversary and we want to walk every step of the journey with our clients."
The improved funeral plan now comes in three packages -- Premium, Diaspora Gold and Diaspora Platinum -- offered in partnership with Nico Life insurance company.
The "Last Mile to Lasting Memories" benefit provides funds for a tombstone one year after the funeral.
"We realize that after the last mile for our insured clients and their dependents, the remaining family members are left with the obligation to build a befitting final resting place which includes a tombstone that preserves fond memories," Mughogho said.
"This cover has been designed to cater for this need."
The two new Diaspora plans offer higher coverage limits to assist families in repatriating loved ones' remains from abroad, catering to Malawians living overseas.
"Standard Bank fully appreciates the emotional strain and logistical hurdle families face when repatriating the remains of loved ones," Mughogho said.
"The improvements are testament to our dedication to providing innovative solutions for Malawians both home and abroad."
Monthly premiums range from K1,400 for the basic Mtendere Plan covering up to eight family members to K30,000 a for the top-tier Premium and Diaspora plans.