Econet, LNIG launch Ecosure Groups

Econet, LNIG launch Ecosure Groups

MASERU – ECONET Telecom Lesotho in partnership with the Lesotho National Life Assurance Company (LNIG) launched Ecosure Groups yesterday.
’Matikoe Letsie, the Ecosure general manager, said they will cover a minimum of 10 people subscribing to the same policy.
“Ecosure Group members will still pay the same subscription as Ecosure Family cover members,” Letsie said.
“Members will also have a minimum cover of M10 000 and a maximum cover of M50 000, while paying subscription from M15 to a maximum of M75,” she said.

Ecosure Groups is aimed at solving the strife faced by various groups in our communities who have good intentions and are assisting each other to bury their loved ones.
’Makabelo Sepetla, the Ecosure specialist, said the main challenge facing these groups is the value of their contributions.
“Members often contribute on a monthly basis to enable them to assist when there is a funeral in the group,” Sepetla said.
“Though their intention is a good one, you will find that the contributions are low and their assistance can only go so far,” she said.
With this product, Sepetla said, they are giving groups a chance to subscribe to a cover of the group’s choice and get a minimum of M10 000 cash payout when one of the group members dies.

To minimise conflicts that arise within these groups Sepetla said when the funeral money has been issued Ecosure Groups will issue cash payout to the deceased’s beneficiary and not the group.
She said if one of the group members dies, the group will continue even if their number is no longer ten.
“What matters is when taking out the policy the group must have at least 10 people or more. However, even if members die and the number goes below 10 they will still continue with the cover,” she said.

The same applies when new members are allowed to come in during the lifespan of the cover.
“The only thing that changes is the amount on the invoice,” Sepetla said.
Maleshoane Phoofolo-Mosoeu, the LNIG Head of Operations’ Life Department, said members are allowed to take both the Ecosure Family cover and the Ecosure Groups.
This means that a member with both covers will be issued out with two cash payouts in the case of a funeral.

“The money will be paid only to the beneficiary and not the group. Members are allowed to choose who they want as their beneficiary and that person is the one that will receive the cash payout,” Phoofolo-Mosoeu said.
Sepetla said even though the Ecosure Groups can be taken by an employer on behalf of their employees the money will still be paid out to the beneficiary not the company.

Lemohang Rakotsoane

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