Cassava Smartech has launched an education insurance cover product called Enda Education Cover, an official has said. The launch of the Enda Education product, which is underwritten by Econet Life, Cassava Smartech’s Insurtech arm, offers a school fees benefit for primary and secondary education in the event of the death of the parent or legal guardian of the student.
Speaking at the launch of the product last Wednesday, Cassava Smartech chief executive officer Eddie Chibi expressed satisfaction over being able to contribute to the fourth sustainable development goal (SDG) of ensuring inclusive and equitable education and learning opportunities for all.
“Today, we launch Enda Education Cover fully aware that of the 5,8 million students enrolled for both primary and secondary education in Zimbabwe, an estimated 80% of those dropping out of school do so due to the death of a parent or legal guardian.
“And so, we couldn’t just sit and watch as children, who are the future of our nation, drop out of school. That is the reason we have introduced Enda Education Cover,” Chibi said, adding that part of Cassava Smartech’s mandate was to apply digital solutions to improve the quality of people’s lives.
Chibi highlighted that in case of death of a student’s parent or legal guardian, Enda Education Cover would take responsibility of the disbursing of funds for payment of school fees, uniforms and stationery, depending on the package selected.
He said premiums would range from as little as $2,50 per month, per child — with pay-outs of up to $3 000 per term.
“There is a guaranteed cash-back benefit, equivalent to 12 months’ premiums after five years of continuous contribution, in the event that no claim was made over that period. There is also a $500 burial assistance benefit, should the child or parent pass on while covered by the insurance package,” Chibi said.
Enda Education Cover’s administration would be done by EcoSure, with the payment of school fees directly to the school being administered by Higher Life Foundation.
Higher Life Foundation is the Econet Wireless group’s social investment arm, which has over the years provided access to education for more than 250 000 orphaned and vulnerable children, as well as academic support to highly gifted and talented students through the Capernaum and Joshua Nkomo scholarships.
Cassava Smartech, which will list on the Zimbabwe Stock Exchange on December 11, has developed a strong track record of leveraging technology to successfully deploy innovative insurance products that promote financial inclusion.
These include the EcoSure funeral cover and the Ecosure Moovah motor vehicle cover.–newsday.co.zw