By Bongiwe Dlamini

MBABANE:INSTACASH, a fastest growing eSwatini Mobile Money operator has unveiled a funeral cover product for customers.

The newly introduced ‘INSTACASH Funeral Cover Insurance has been facilitated under Liberty Life, one of eSwatini’s reputable insurance companies.

Speaking to this Swaziland News on Saturday, Mandla ‘Cheeks’ Nxumalo, the INSTACASH Managing Dorector said,introducing the insurance product was in line with the country’s financial inclusion strategy, which identifies the four pillars of inclusion as transaction products; savings,loans,and insurance products. 

“For a monthly premium as low as E15, a customer who signs up for our funeral cover will get a E10,000 cover, making it the most affordable funeral insurance in the country,” said the Managing Director.

On another note, the Managing Director stated that, the facility “is exclusively available to INSTACASH customers aged between 18 and 70 years” and is a member-only product.

“This is a member-only cover; meaning one cannot cover a third party. However, during the opting-in process, the customer is expected to provide details of their nominated beneficiary. The beneficiary is the one who makes a claim in the unfortunate event of a member’s demise,” he said. 

To sign up for this funeral cover, which is onboarded by the underwriter as a Group Cover, customers are urged to dial the INSTACASH ussd *365# and select 6 for Insurance, 1 for Liberty, 1 for Opt-in (signup), beneficiary’s details (phone and ID numbers), and authenticate the sign up by entering their unique 4 digit INSTACASH PIN.The customer will then get an approval notification via SMS in less than a week from the signup date. 

The Managing Director Nxumalo further explained that once approved, the customer will have a choice to pay monthly or make prepayments.

“There are four options for paying premiums: one month (E15), three months (E45), six months (E90) and 12 months (E180). Even with a two percent tariff, the service remains the cheapest by far,” he said. 

The Managing Director said,customers who want to claim must,after joining the Funeral Cover, wait for a period of three(3)months for natural causes,and forty-eight(48)hours for accidental deaths,most similar facilities have a six month waiting period. 

As this product is exclusive to INSTACASH customers,the Managing Director urged emaSwati who are not yet registered with INSTACASH to register at any INSTACASH agent identifiable by blue umbrellas written INSTACASH (street vendors) or blue stickers written the same (shops). 

Meanwhile,for clarifications, Nxumalo said customer care is available through a toll free line 365 as well as through WhatsApp line 79365000. 

INSTACASH has been in the market for slightly over a year, and already offers an array of convenience-centred services that include Send and Receive Money (only within Eswatini for now); Buy Airtime (for any network); Buy Electricity, Sports Betting (MulaSport for now); and Make Payments. The 100 percent Swazi-owned entity joined two players in the mobile money industry: eMali operated by Eswatini Mobile and MoMo operated by MTN Eswatini.