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CBZ revives accident insurance cover for festive season

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By Alois Vinga

THE Commercial Bank of Zimbabwe (CBZ) has revived its accident insurance which provides cover for health and accidents ahead in the current festive season.

In a statement, the banking institution said the insurance cover had been revived ahead of the season.

“CBZ Insurance Operations has brought back the Holiday Accident Package which is a 3 in 1 package comprising of Personal Accident Cover with Funeral Expenses and Hospital Cash Benefits. The package provides much needed relief in the event of an accident befalling you or your family,” read the statement in part.

The Holiday Accident Package allows the insured to be fully covered from 1 November 2019 to 31 January 2020.

Under the scheme, those under personal accident cover will enjoy benefits amounting between $2 000 to $6 000 while the funeral expense benefit carries similar cover. Hospital Cash benefit ranges from $500 to $ 1 000.

The individual premium to be paid for the individual premium ranges from $10.60 to $21 while family premium $29.20 to $58.40.

Recently, CBZ declared a $137.4 million profits after tax in 2019’s first half and a growth in deposits of 29.4 %. The bank’s units have successfully weathered the prevailing and seemingly volatile environment.

The profit recorded indicates an increase of 300% compared to $34.3 in the same period last year.

The CBZ board has since proposed the declaration of an interim dividend of $5.5 million or 1.06 cents per share which translates to a growth of 113 % on the comparative 2018 interim dividend.

The diversified financial services group’s shares increased by 40% reaching 204.75% during the period under review, surpassing the entire market by increasing 255 % in the period under review.

The group also participated in corporate social responsibility activities through a robust strategy to integrate social and environmental concerns in its business operations.

CBZ has also tabled plans to finance the growing of soya beans on 30 000 hectares nationwide during the 2019/20 agriculture season in a bid to curb the ever-growing import bill with regards to agricultural produce.