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PIA Board Members |
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PIA and the Pensions Industry in Zambia |
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LIFE ASSURANCE PRODUCTS IN ZAMBIA
There are various assurance products being offered in the insurance industry,which are basically broken down as Individual Life Assurance, Group Life Assurance and Unity Linked business. These Products are further broken down and designed into specific products as to meet the needs of a particular client. The contracts are of long term nature and policies normally provides for payment of the Sum Assured upon death of the life assured or payment of a lump sum on the chosen maturity date. A life policy shall name the beneficiary as per provisions under the Insurance Act number 27 of 1997 as protection of the proceeds of the life policy and further protects beneficiaries of life policy on death of the policy holder.
During the year 2006,an estimate of 94,110 policies on Individual Life Assurance were issued with premium income of K39,226,587,032.00 while Group Life Assurance recorded 15,030 policies issued with estimated premium income of K64,257,082,266.00 and as for Unity Linked business 11,420 policies were issued and recorded premium income estimated at K3,488,746,906.00
The types of policies issued in the insurance market are as follows:-
(a) Individual Life Assurance:-
Whole Life
Whole Life-Limited premium
Endowment Assurance
Anticipated Endowment
Cash and Security
Cash and Security-Limited Premium
Child’s Deferred Endowment
Pure Endowment
School fees
Level T erm Assurance
Retirement Annuity
Family funeral Plan
Barclays Funeral Support Plan
Medical Insurance
Funeral Expenses
Mortgage Protection
Credit Life
Health and Travel
Consideration for Annuity
Universal Policy
Funeral Assurance
Providence Education
Providence 2010
Weathbuilder Life Assurance Policies
Netsecure Personal Pension Plan
Enhanced Whole Life Assurance Policies
Baby Present Investment Policies
Immediate Annuities (Pension)
(b) Group Life Assurance Policies
Group Life Assurance
Credit Life Assurance
Group Funeral Assurance
Group Medical Insurance
Gratuity Policies
( c) Unity Linked Business
Swift Save
Classic Investment Plan
With the separation of insurance business from composite companies as per amendment in the Insurance Act number 26 of 2005, it is envisaged that the volume of Life assurance business will increase as individual companies will put all their effort on their particular line of insurance business.
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