Fidelity Life launches new product

BUSINESS WRITER

Listed assurer, Fidelity Life Assurance has launched a new product Vaka Yako which allows one to purchase a stand from the pool of residential stands available anywhere around the country.

The product also covers one who needs to buy a residential stand, build a house or renovate their existing structures.

The investment plan which caters  for both urban and rural settlements, has flexible payment options.

Vaka Yako helps to grow funds in a structured savings model which is affordable and guarantees one to own a home, the company said.

Fidelity Life Assurance  group marketing general manager Melanie Gumbo said the product is a unit linked investment product with a US$5000 death benefit for active members with all premiums paid in US$ on a monthly, quarterly or yearly basis.

“In response to the demand for modern houses in Zimbabwe, Fidelity Life Assurance has come up with a product called Vaka Yako. This product caters for the high appetite for urban accommodation and modernisation of rural settlements and growth points,” Gumbo said.

Fidelity Life Assurance has previously developed Fidelity Life Park Manresa and Fidelity Southview Park.

With Vaka Yako, customers are given a chance to save and  buy or  develop a stand at any location of their choice.

The product has a maximum term of 15 years, death cover is immediate and there is an automatic paid up option after two years.

Vaka Yako allows one to purchase a stand, build or upgrade your property portfolio.

It also allows one to modernise an existing property. The minimum benefit is US$10 000.

In the event that one is no longer able to continue paying premiums to the maturity date, one can apply for paid up status or opt out on condition that the contract would have been in force for at least two years from the date of inception.