Poverty in communities such as Alexandra could, in the long run, be dealt a severe blow following the launch of an insurance company that specialises in the creation of generational wealth for low-income households.
Envi Africa Life, a 100% black female-owned life microinsurance company, has its eyes focused on servicing the low to middle-end income markets as explained by the founder and executive director of the company Lebohang Mehalane. She describes the formation of her company as key to the transformation of the financial services industry.
“We have designed and developed insurance products that are relevant, accessible, and affordable for our target market. It ensures that no one is left behind when it comes to taking care of their loved ones and also creating the much-needed generational wealth safety net,” Mehalane told Alex News in an interview at the launch of her company.
“We recognise that many people in South Africa and Africa at large struggle to afford traditional life and funeral insurance hence we have developed these new products to provide affordable coverage options for those who may not otherwise have access to insurance such as the community that your newspaper serves,” she added.
Mehalane said the funeral cover products also provide a cash pay-out to cover funeral expenses, including burial or cremation costs, and also additional benefits that cover the costs of a memorial stone, groceries as well as a cow benefit in accordance with traditional African funeral customs.
“We want to make sure that our customers are protected when they need it most, with a product design philosophy that considers the cultural sensitivities of our target market. Our life and funeral cover products are designed to ensure the relatability of products in an affordable and accessible manner.
“They are meant to provide peace of mind to policyholders and their families regardless of how small their needs may be. Policyholder needs will be addressed throughout their life stages. We want to ensure insurance is not a privilege of the rich and few but for all,” said Mehalane, a veteran of the insurance industry.
Details: www.enviafrica.co.za
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