Benefit structure
| Type of account | Age | Funeral Cover (for account holder only) |
| Instant Savings Account | As required for account opening | K4,000 |
| Ultimate Account | As required for account opening | K4,000 |
| Ultimate Plus Account | As required for account opening | K4,000 |
| Prestige Current Account | As required for account opening | K12,000 |
| Prestige Plus Account | As required for account opening | K12,000 |
| Premier Current Accounts | As required for account opening | K20,000 |
| Premier Plus Account | As required for account opening | K20,000 |
Terms and conditions for Embedded Funeral Cover benefits
- Entitlement to insurance cover is on the basis of one having any of the accounts listed above, and this will form the basis of the contract between the underwriter and the plan holder
- The insurance company will pay on all accounts held by any one person upon their death
- Membership ceases upon closure of an account
- The minimum age at entry is the legal age required for one to open an account and there is no maximum age
- All references to age mean the actual age reached
- No medical underwriting requirements will apply to any applicant under the policy
- This insurance cover will be for account holders only and cannot be extended to family members
- The underwriter will not accept or pay any claim for benefits under the policy if any person whom the policy covers, commits suicide within 2 (two) years of the starting or restarting date of the plan
- The underwriter will not consider any claim if the cause of death, of any life insured under the plan, is as a result of that life insured having violated the criminal law of Zambia
Umoyo Family Protection Policy
Retrenchment Cover
Retrenchment is defined as the termination of the account holder’s full-time, permanent employment contract (or a fixed-term employment, with a minimum term of two years) with the employer due to any of the following:
- Change of business conditions of the employer that results in the loss of full-time permanent employees
- Introduction of new technology
- Reorganisation of the employer’s business
- Company closure
The enhanced Premier offering comes with embedded insurance benefits for all Premier and Prestige current account holders. These insurance benefits are Travel Insurance, Hospitalisation Cash Plan, Embedded Funeral expenses insurance and Retrenchment cover. Below is the table of benefits.
NB: Embedded insurance benefits on this segment were introduced in March 2010 and claims arising before this date are not payable. Note also that claims are only payable on accounts that have not missed membership fees for three consecutive months.
Compare the benefits
| Insurance benefit | Premier | Prestige |
| Funeral Insurance No extra fee |
Scope of cover: - A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder Benefits: - Account holder: K20,000 |
Scope of cover: - A lump sum amount is payable to the next of kin within 48 hours of notification of death of account holder Benefits: - Account holder: K12,000 |
| Travel Insurance Cover No extra fee |
Scope of cover: |
Scope of cover: - A customer is entitled to various covers during their travels outside the country - It covers various areas such as medical bills, loss of luggage, legal advice and death, etc. Benefits: - Medical expenses – up to $45,000 - Medical evacuation – $6,000 - Follow up treatment in country of residence – $1,500 - Repatriation of mortal remains/burial expenses – $6,000 - Accompanying family member – $1,000 - Premature return due to death or imminent death of relative or business associate – $1,500 - Legal assistance – $500 - Loss/Theft of luggage – $500 |
| Hospital Cash Plan No extra fee |
Scope of cover: - This policy will provide cash benefit in the event a member being confined to a hospital Benefits: - Cash Benefit – K350 per day - Benefits are payable to members only or their legal representatives and not extended to other family members - Benefit payable for a minimum of 4 days and maximum of 180 days |
Scope of cover: - This policy will provide cash benefit in the event a member being confined to a hospital Benefits: - Cash Benefit – K250 per day - Benefits are payable to members only or their legal representatives and not extended to other family members - Benefit payable for a minimum of 4 days and maximum of 180 days |
| Retrenchment Cover No extra fee |
Scope of cover: - This policy will provide cash benefit in the event that a member gets retrenched Benefits: - Cash Benefit – K30,000 - Benefits are payable to members only or their legal representatives - Benefits are payable over a period of six months |
Scope of cover: - This policy will provide cash benefit in the event that a member gets retrenched Benefits: - Cash Benefit – K15,000 - Benefits are payable to members only or their legal representatives - Benefits are payable over a period of six months |
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Tel: +260 (211) 366100
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