HSI launches new insurance product ‘myFuneral Plan |03 July 2021

H Savy Insurance (HSI) has launched ‘myFuneral Plan’, a new funeral insurance policy that covers funeral expenses for the local market.

As of July 1, 2021, people can buy the new insurance product that is available for individuals as well as families.

“We’ve launched this product following numerous requests from customers and also based on our evaluation. We feel that there is room in the market for another funeral product. In basic terms, the policy allows one to save for their funeral and that of their family members ahead of time so that they don’t find themselves in financial hardship when death occurs,” says Life’s Manager, Michelle Lafortune.

‘myFuneral Plan’ will cover death by natural causes, illness (including death from a pandemic) and accidents. There is a 12-month waiting period for death as a result of illness and no waiting period for accidental death. Proposers and their family will not have to undergo medical tests but they will have to complete a health declaration.

The plan is available in packages of R30,000 and R45,000 and coverage is from 1 year old until death. The maximum age to qualify for the cover is 68 years of age and premium payment stops at 78 years of age. After that the policy will continue free of charge until death. As a launch offer HSI is offering one year free cover for all children up to 15 years of age under a family policy.

“myFuneral Plan is the latest product that we are launching as part of our five-year plan to revitalise our Life Insurance business and to cater to the demands of our policy holders and the evolving insurance market,” says Ms Lafortune.

“As part of our strategy to increase our reach and product awareness, we’ve been very visible in the past year on both traditional and new media and our vision is to become the first choice for life insurance in Seychelles,” Ms Lafortune adds.

Apart from the new funeral product, HSI Life also sells individual life insurance, mortgage protection and group life insurance.

Press release from HSI