Octagon Zambia Launches Inclusive KuKhuza Funeral Policy to Provide Financial Security for All
Octagon Zambia Insurance Brokers (OZIB), a subsidiary of Octagon Financial Services Limited, has launched the KuKhuza funeral policy, a comprehensive solution designed to meet the needs of the Zambian market.
KuKhuza caters to a wide range of Zambians, including those who are unbanked, contract and part-time workers, entrepreneurs, small business owners, and formally employed individuals.
The plan recognizes the importance of pre-planned coverage in Zambian culture, where funerals are often accompanied by community cost-sharing. By offering pre-planned coverage, KuKhuza alleviates the burden of collecting pledges and ensures peace of mind for policyholders’ loved ones.
“The launch of KuKhuza represents a natural progression for us as we continue to expand our reach and impact in Zambia,” said Mr. Charles Mate, Board Chairman of Octagon Financial Services Limited Zambia and Octagon Zambia Insurance Brokers. “KuKhuza allows us to make a tangible difference by offering financial security and stability when it’s needed most.”
Pension and Insurance Authority Deputy Registrar, Dr. Brian Machinshi, praised the plan for its inclusivity. “KuKhuza is more than just a policy; it’s a testament to cater to a diverse range of individuals as well as extend financial protection to a broad spectrum of society. This inclusivity perfectly aligns with the Authority’s vision of ensuring that insurance services are accessible to all segments of our population.”
Mr. Elvin Nasilele, Chief Executive Officer of the Zambia Chamber of Commerce and Industry, notes that the launch of this funeral plan signifies more than just a financial product; it embodies the promise of security and peace of mind during times of distress. He said it is a beacon of hope for those going through a loss, offering a lifeline amidst the storm.
At the same event, Mr. James Koni, Executive Director at BestLife Insurance Zambia Limited, emphasized the importance and affordability of the product. He underscored the importance of creating a product that suits the needs of all people by providing relief to those in times of grief.
Monthly payments for the KuKhuza Funeral Plan range from K95 with benefits up to K500,000 and K161 with benefits of up to K200,000. A funeral policy provides financial security for loved ones bycovering funeral expenses, regardless of price increases.
Octagon Zambia Insurance Brokers’ commitment to financial inclusion through KuKhuza contributes to enhancing financial resilience and security for all Zambians in times of need.
