NICO Insurance Zambia launches New Product on the Market dubbed Legal Expenses Plan
NICO Insurance Zambia Limited has launched a new product dubbed “Legal Expenses Plan” on the market aimed at assisting Micro, Small and Medium Enterprises (MSMEs) take care of their bills once faced with legal challenges.
The plan provides more affordable coverage for legal fees charged by a lawyer representing the customer in unforeseen legal matters.
Coverage can include civil, criminal, labour, family and contractual matters include taxation, conveyancing and trusts.
Launching the product in Lusaka yesterday, Legal Aid Board director Anderson Ngulube said this would no doubt add value and develop Zambia’s economy
Mr Ngulube said the product would make lives of entrepreneurs and the nation at large, easy in dealing with some of the challenges they are faced with.
“With this development, many of our Micro, Small and Meduim Enterprises as well as individuals will survive and their businesses will be sustained as the dear ones strive to access legal services at affordable fees,” he said.
Mr Ngulube said businesses would no longer focus so much on where to get money to deal with their legal battles as they would focus on their businesses instead, knowing that NICO would take care of their expenses.
“ I wish to state that as the Legal Aid Board, we will support such initiatives as this is a way of providing financial freedom to our citizens and the wider Zambia by affording them an opportunity to access to justice,” Mr Ngulube said.
Earlier NICO Insurance chief executive officer Geoffrey Chirwa said the company was targeting to sale legal expense plans to 10,000 individuals and 800 SMEs and other corporate entities.
Mr Chirwa said the company further intend to donate two per cent of the premiums which NICO Insurance would realise from this initiative towards paying legal education in Zambia.
In terms of coverage at individual level, four tiers are available namely bronze with a monthly price of k35 and a maximum annual payment of k35,000, silver at k65 with a maximum annual pay of K75,000, gold at 95 monthly price and 115,000 maximum annual pay.
Platinum with a monthly price of K125 and maximum annual pay of K150,000.
Packages available to corporate entities are Core at K172 and K50,000, Intermediate K257 and 75,000, inclusive K344 and 100,000 and comprehensive at K516 and K150,000 monthly price and annual payment respectively.
The plan provides more affordable coverage for legal fees charged by a lawyer representing the customer in unforeseen legal matters.
Coverage can include civil, criminal, labour, family and contractual matters include taxation, conveyancing and trusts.
Launching the product in Lusaka yesterday, Legal Aid Board director Anderson Ngulube said this would no doubt add value and develop Zambia’s economy
Mr Ngulube said the product would make lives of entrepreneurs and the nation at large, easy in dealing with some of the challenges they are faced with.
“With this development, many of our Micro, Small and Meduim Enterprises as well as individuals will survive and their businesses will be sustained as the dear ones strive to access legal services at affordable fees,” he said.
Mr Ngulube said businesses would no longer focus so much on where to get money to deal with their legal battles as they would focus on their businesses instead, knowing that NICO would take care of their expenses.
“ I wish to state that as the Legal Aid Board, we will support such initiatives as this is a way of providing financial freedom to our citizens and the wider Zambia by affording them an opportunity to access to justice,” Mr Ngulube said.
Earlier NICO Insurance chief executive officer Geoffrey Chirwa said the company was targeting to sale legal expense plans to 10,000 individuals and 800 SMEs and other corporate entities.
Mr Chirwa said the company further intend to donate two per cent of the premiums which NICO Insurance would realise from this initiative towards paying legal education in Zambia.
In terms of coverage at individual level, four tiers are available namely bronze with a monthly price of k35 and a maximum annual payment of k35,000, silver at k65 with a maximum annual pay of K75,000, gold at 95 monthly price and 115,000 maximum annual pay.
Platinum with a monthly price of K125 and maximum annual pay of K150,000.
Packages available to corporate entities are Core at K172 and K50,000, Intermediate K257 and 75,000, inclusive K344 and 100,000 and comprehensive at K516 and K150,000 monthly price and annual payment respectively.