Pamodzi SME Group Life

This unique product is designed specifically for Small and Medium Enterprises (SMEs) to help them comply with Section 14 (1) of the Pension Act 2023, which mandates that employers provide death-in-service benefits to their employees. The scheme covers a death-in-service benefit amounting to one times the employee’s annual pensionable salary.
In addition to the death benefit, a funeral benefit may be offered, with the coverage amount selectable by the SME in increments of MK50,000.

Eligibility Criteria:
Minimum number of employees: 5
Maximum number of employees: 50
Wage bill range: Minimum MK 1.2 million; Maximum MK 50 million
No individual employee should earn more than 50% of the total wage bill of the group

Premium Payment Options:
Premiums are paid annually in advance.