By JUDITH NAMUTOWE –
BARCLAYS Bank Zambia (BBZ) has launched a salary retrenchment insurance policy aimed at providing financial cover to its customers in an event that  they lose employment.
BBZ and Barclays Life Zambia (BLZ) have partnered to provide a range of insurance products on the Zambian market.
The retrenchment insurance cover which is the first to be offered on the Zambian market would cushion account holders against sudden job loss.
Speaking during the launch in Lusaka on Tuesday night BBZ acting managing director Banja Kayumba said the sum insured available under the product would be independent of the level of the actual net salary.
“Customers will not have to pay any extra amount other than the monthly maintenance fee to be covered  for them  to be covered .
“The sum insured will be paid as cash over a period of six months into the customers’ account,” Ms Kayumba said.
Ms Kayumba said that the great offering that BBZ was undertaking was in an effort to change the face of banking in Zambia.
BLZ acting managing director Rita Chisela said the salary retrenchment cover was meant to insure that the family needs are met even as the bread winner seeks alternative income generating opportunities.
Pensions Insurance Authority (PIA) registrar Martin Libinga   implored the industry through Insurance Association of Zambia (IAZ) to continue working  with the Authority in scaling up awareness campaigns.
Mr Libinga said PIA was committed to work closely with its regulated entities to ensure that the industry grows to levels that it will significantly contribute to the country’s economic growth.