By Sizwe Dlamini
The Swaziland Building Society (SBS) Managing Director (MD), Mbali Sibanyoni has officially launched the Society’s Enhanced Litsemba Group Funeral Plan.
The launch took place earlier today at the SBS Head Office, Boardroom.
During her remarks, Sibanyoni emphasized that while the Litsemba Funeral Plan is not entirely new, it has been enhanced to better meet the evolving needs of SBS customers.
“At SBS, we continually strive to enhance our products and services to surpass our clients’ expectations,” stated Sibanyoni.
“Today, it is our privilege to introduce this very important product, the Litsemba Group Funeral Plan.’ Litsemba,‘ meaning hope in SiSwati, embodies our commitment to providing peace of mind to our valued customers and their wonderful families.”
Sibanyoni acknowledged the emotional and financial challenges families face during bereavement. “Death often arrives unexpectedly and burdens families with significant funeral expenses,” she noted,
“I am happy to note that our product underwriters, the Eswatini Royal Insurance Corporation (ESRIC) are present here today to shed more light on this important venture. To qualify for the funeral plan that comes with an optional tombstone benefit, individuals must hold a savings or transactional account with SBS, enabling seamless payment of affordable premiums through stop orders. Notably, the plan extends coverage to include extended family members. It allows the policyholder to add extended family members, who may include parents, siblings, uncles, aunts, nephews, nieces, domestic workers, and anyone dependent on you,” Sibanyoni explained.
“We are confident that the Litsemba Funeral Plan will empower our customers to arrange dignified and memorial farewells for their loved ones, ensuring the policyholders’ peace of mind and emotional well-being during this often difficult time,” she said.
Phumlani Nkambule, the Head of Distribution at SBS gave more details of the Funeral Plan. He emphasized the flexibility and inclusivity of the Plan, noting that up to 22 beneficiaries can be added.
“Eligibility for the plan now extends up to 85 years of age. This means individuals nearing 85 years of age can still join the plan, and the policy covers children up to 25 years old as long as they are still in school.”
Nkambule further highlighted that there is no waiting period for regular members, while honorary members have a minimal waiting period of six months.
Coverage for members starts at a minimum of E5 000 and can go up to E50,000. While parents and parents-in-law receive coverage ranging from E3,000 to E20,000, and extended family members are covered from E5,000 up to a maximum of E20,000. Additional options like tombstone covers can be topped up by members who wish to do so.
Nkambule further noted the Plan is cost-effective, mentioning that stop-order services are provided free of charge. “Members can start their cover for as little as E16 per month. Cover for parents and parents-in-law starts at only E7.80 and extended family members cover begins at E11 per month.”
He concluded by emphasizing the efficiency of claims processing, ensuring that claims are cleared within 24 hours. “With our extensive market access, we can reach customers anywhere in the kingdom,” Nkambule added.
Also speaking at the launch was the Business Development Manager at ESRIC Melisizwe Mduli, who noted that they have been working diligently with SBS to come up with the various rates for the policy.
“We hope that we will have a similar event where we will be launching a similar product that speaks more to local clientele in the not-to-distant future. Ours is just to continue our work with SBS to improve our products” he said.
For additional details on the Litsemba Funeral Plan, the SBS MD encouraged members of the public to visit any of the SBS branches kingdom-wide, contact the customer care centre, or engage with SBS digital and social media platforms.