NMB launches new package

Business Reporter
NMB Bank has launched a new package of financial services after unveiling the NMBLife range of products at the ongoing Harare Agricultural Show. This takes the group’s progress, in terms of the bank’s financial inclusion strategy, to another level after it launched the NMBLite at the same exhibition last year.

NMBLife incorporates three assurance plans, namely a life assurance plan, a retirement plan and a funeral plan. All three policy products are underwritten by Old Mutual Life Assurance Company.

Visitors to the NMB stand at the Harare Agricultural Show will be able to sign up for the NMB Funeral Plan, NMB Life Plan or the Diamond RetirementPlan.

Those who sign up during the agric show week will receive a free gift, whether they do so at the stand or at any NMB Bank branch

The NMB Funeral Plan covers the policyholder including anyone with whom there is a direct relationship. The cover amount is paid out to beneficiaries upon the death of the person whose life is assured.

Premiums are paid monthly for 10 years, after which cover continues without further payments.

There is a waiting period of only three months for policyholders aged between 18 and 65 and six months for those aged between 66 and 74.

However, there is no waiting period for accidental death.

The life policy, the NMB Life Plan, comes with two options. The first option is astraight life assurance, where the sum assured is paid out when the policyholder dies.

The other option is a cash back option,which entitles the policyholder to receive back a payment of 50 percent of the premiums paid every five years, with the sum assured still fully payable on his or her death.

The NMB Life Plan provides cover of up to $75 000, depending on the premium option chosen.

Cover for death arising from natural causes commences six months after the policy has been taken out but at that stage is limited to a maximum of $20 000.

Beyond 12 months, the full sum assured is payable in the event of death.

The person taking out this policy must be at least 18 years of age and no older than 60. Premiums are only paid up to age 65.

The Diamond Retirement Plan is a savings plan that provides a lump sum payment and a monthly pension on retirement.

The lump sum is one third of the value of the accumulated capital. The remaining capital is used to purchase a pension annuity which enables the person to receive a monthly pension.

There is an option to forego the lumpsum so that the whole amount can be used for an annuity in order to receive a higher monthly pension.

The minimum age for the Diamond Retirement Plan is 16 while the maximum age is 65.

The regular minimum monthly contribution is a minimum of $50. The higher the contribution the higher the retirement benefit.

“All three NMBLife products are designed to give one peace of mind. It is wise to look to the future to ensure some financial security for yourself in old age and your family when you pass on,” commented NMB marketing manager Lindiwe Thebethebe.

Information on SME banking will also be available at the stand as there will be a fully-fledged team, which includes the NMB Women Banking specialists, stationed there to assist those who may be interested in SME banking.

Visitors to the NMB stand will still be able to open an NMBLite account as well as perform other banking related enquires.

Those who open an account at the stand will receive a free gift.

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