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Save for a rainy day, Insurance commission

The Insurance and Pensions Commission (Ipec) has said the public should save for retirement and insure their assets against future losses.

BY FREEMAN MAKOPA

Addressing the public during an Ipec roadshow in Mount Darwin on Saturday, Ipec manager Nhau Chivingira said, “We would also like to encourage you to save for your retirement because you may not have the energy to continue working and generating income when you are old.”

Chivingira urged the public, including those in rural areas, to insure their assets and save for retirement to protect themselves against future losses and old age poverty respectively.

He also warned the public against buying insurance products from touts that sell insurance cover notes outside Zimpost offices adding there was a high risk of being duped.

“You should only buy insurance from registered companies where you actually walk into an office. You should not buy insurance from the people who sell from outside.”
Ipec spokesperson, Lloyd Gumbo told the gathering insurance was not only for the employed.

“There are some who think insurance and pensions are for those who are formally employed only. That is not true. Anyone can access insurance and pensions irrespective of your enterprise as long as you earn something, whether you are a vendor or a farmer,” Gumbo said.

“The insurance companies that are registered with Ipec have insurance and pension products that are appropriately designed for those in the informal sector so that they can insure their assets such as livestock or crops. They can also save for retirement by contributing to individual pension schemes and they can pay their contributions even once a year after the sale of their crops such as tobacco, as long as they would have agreed with the life assurance company.”

He said policyholders and pension scheme members who feel they would not have been treated fairly by insurance companies or pension funds, should report to the regulator for recourse.

Zimbabwe Association of Funeral Assurers general manager, Taka Svosve said people should only buy funeral policies from funeral assurance companies that were registered with Ipec.

The insurance and pensions regulator also distributed brochures and newsletters to the public with messages that focused on insurance and pension rights, what the public needs to know about insurance and pensions, pension trustees, insurance fraud and the dos and don’ts when buying insurance.

Source:Newsday

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