Pamodzi SME Group Life Assurance Schemes

This unique product is intended to cover Small and Medium companies (SME) to enable them to comply with Section 15 of the Pension Act 2010 which makes it mandatory for an employer to cover his employees for death in service benefit for a minimum amount of one times annual salary.

The product covers death in service benefit of one times the annual pensionable salary in the event of death of the employee. In addition, a funeral benefit may be provided depending on the amount chosen by the SME in bands of MK50,000.00.

Pamadzi Standards

To qualify for Pamadzi SME Scheme the employer must have the following

Access to Cash

Number of employees Minimum 5 Maximum 50

Asset Protection

Wage bill Minimum MK1.2 million and Maximum MK15 million

Safe Accumulation

No individual member should earn more than 50% of the total wage bill of the total membership