By Bongiwe Dlamini

MBABANE: The INSTACASH Funeral Cover that was introduced February 2024, is already a hit in the market given its affordability and ease of sign up.

In a statement,INSTACASH Managing Director Mandla ‘Cheeks’ Nxumalo said, a number of prominent churches, political, community, and business leaders have been calling for the introduction of a bulk payment option as they wish to assist their congregants, constituents, residents and employees respectively.

Regulation requires that policy holders should voluntarily sign up or opt in for a funeral cover on their own. Third parties can still pay premiums for the same policy holders as long correct details are captured. 

In this regard, Nxumalo revealed that INSTACASH has created a facility where an organised group made up of individuals who opted in for the cover can have their premiums paid for by a third party. 

While the ‘Pay for other’ function is now available for bulk payments, Nxumalo revealed that the same will soon be available for individuals as well who wish to pay for other policy holders.

At only R15 monthly premiums, the INSTACASH Funeral Cover is arguably the cheapest in the country as it pays out beneficiaries E10,000 in the event of the policy holder’s demise.

Prepayments of premiums are also permissible. The INSTACASH Funeral Cover is a member-only policy for now, and is only available for INSTACASH customers who are aged between 18 and 70.

Starting November 2024, the product will be underwritten by Orchard Insurance, an entity licensed and regulated by the Financial Services Regulatory Authority. 

INSTACASH is a mobile money fintech licensed and regulated by the Central Bank of Eswatini, and is the first non-telco owned Mobile Money Operator in Eswatini.

To register as an INSTACASH customer, one simply goes to any INSTACASH agent countrywide and should carry their national ID with them.

Meanwhile, employers, pastors, MPs, and other leaders of various entities who wish to know more about bulk payments for their members’ policies may contact INSTACASH on toll free line 365 or WhatsApp line 79365000.