Mukuru, a well-established international remittance company known for its extensive network of over 300 distinctive orange booths across Zimbabwe, has recently expanded its services into the funeral cover sector. This move marks a significant diversification for the company, which has already been making strides in bill payments and satellite TV subscriptions.

The introduction of Mukuru’s funeral cover, in partnership with ZIMNAT, comes at a time when the funeral assurance business continues to outperform other insurance sectors in Zimbabwe. This trend, consistently reported by the Insurance and Pensions Commission (IPEC), underscores the unique value Zimbabweans place on funeral insurance.

Why Funeral Cover Resonates with Zimbabweans

Several factors contribute to the popularity of funeral insurance in Zimbabwe:

Affordability: Funeral policies are notably cheaper compared to other forms of insurance. Mukuru and ZIMNAT’s entry-level package, priced at just US$1 for US$1,000 cover, exemplifies this affordability. This pricing strategy aligns with competitors like EcoSure, making it accessible to a broad spectrum of Zimbabweans.
Inevitability of Death: Unlike property or vehicle insurance, which may not apply to everyone, funeral cover addresses a universal concern. This universal applicability significantly broadens its appeal.
Straightforward Valuation: Funeral cover sidesteps the complex valuation issues that often plague other insurance types in Zimbabwe’s volatile economy. This simplicity enhances trust and reduces the risk of disputes over payouts.
Overcoming Historical Mistrust: The funeral assurance sector has made strides in rebuilding trust, countering past perceptions of insurance companies failing to honour obligations or manipulating currency conversions.
Innovative Services: Funeral assurance companies have distinguished themselves through innovative offerings, such as providing WiFi and video services at funerals, particularly valuable for rural burials where network coverage may be limited.

Mukuru’s Funeral Cover: A Closer Look

Mukuru’s entry into this market brings competitive offerings:

Package Options:

US$1,000 cover for US$1 per month
US$2,000 cover for US$2 per month

These packages are designed to cater to different needs and budgets, ensuring a wide range of Zimbabweans can access funeral cover.

Comparison with Competitors

To understand how Mukuru’s offering stands in the market, let’s compare it with other prominent players:

Provider	Entry-Level Package	Premium Cover
Mukuru	US$1,000 for US$1	US$2,000 for US$2
EcoSure	US$1,250 for US$1.50	US$6,250 for US$7.50
Old Mutual	Varies (Flexi plan)	Up to US$30,000
First Mutual	Custom plans	Up to US$20,000

Mukuru’s pricing appears competitive, especially at the entry-level. However, it’s worth noting that competitors like EcoSure offer higher coverage options for those seeking more comprehensive protection.

How to Register for Mukuru Funeral Cover

Registration for Mukuru’s funeral cover is straightforward:

Visit any Mukuru orange booth
Provide necessary personal details
Choose your preferred coverage package
Complete the registration process with the assistance of a Mukuru agent

Payments can be made through various channels, including cash at Mukuru booths, mobile money, or bank transfers, offering flexibility to suit different preferences.

Frequently Asked Questions

Q: What is the waiting period for Mukuru’s funeral cover?
A: The waiting period is typically 3 months for natural deaths and 6 months for accidental deaths, but it’s best to confirm with Mukuru directly as terms may change.

Q: Can I cover my extended family members?
A: Yes, Mukuru allows you to cover extended family members, including parents, grandparents, and in-laws, subject to certain age restrictions.

Q: Is there an age limit for coverage?
A: While specific limits should be confirmed with Mukuru, most providers in Zimbabwe cap the entry age at 65-70 years old.

Q: How quickly are claims processed?
A: Mukuru aims to process claims within 48 hours of receiving all required documentation, which is competitive within the industry.

Another step in the bill payments sector

Mukuru’s entry into the funeral cover market represents a significant development in Zimbabwe’s insurance landscape. By leveraging its extensive network and partnering with ZIMNAT, Mukuru is well-positioned to capture a share of this robust market. Their competitive pricing and straightforward packages address the core needs of Zimbabwean consumers, potentially making funeral cover even more accessible.

As the market continues to evolve, it will be interesting to see how Mukuru’s offering impacts the broader insurance sector and whether it will drive further innovation among competitors. For consumers, this development presents another valuable option in ensuring dignified farewells for loved ones, reinforcing the cultural importance of proper burials in Zimbabwean society.

For more information on insurance trends in Zimbabwe, readers might find our previous article on The Rise of Microinsurance in Zimbabwe informative.