Newly launched Imbewu StokVest aims to help people save and cover funerals all at the same time. The idea came alive after realising that a lot of people struggle with saving money and paying for funeral cover. So the founders of the App, Kunene Makopo Risk Solutions (KMRS) made sense to offer funeral cover and savings in a product that looks like a stokvel.
Launched by Kunene Makopo Risk Solutions (KMRS), Imbewu StokVest is an app which works like a funeral stokvel. KMRS is a registered financial services provider that offers medical and short- and long-term insurance solutions to companies. “Imbewu StokVest aims to meet the need to save and cover a funeral for those who don’t have savings or funeral cover. The administration is simplified by the app. Payouts are automated and payment processes, be it failed payments or missed debits, can be managed by the user”, said KMRS spokesperson, Bangi Makopo.
The app gives you three membership options based on monthly contribution rates of R175 (plan A), R550 (plan B) or R1,250 (plan C). Each plan comes with an annual payout and funeral cover for the main member, spouse and children up to the age of 25 (children aged 21-25 must be full-time students to enjoy cover).
“Imbewu ensures you get a payout regardless of who else has paid but if you fail to make your own contributions consistently, your payout will be based on what you did contribute”, explained Makopo. You also get a small benefit when a nominated member of your extended family dies. If you’re a member of plan A, you’ll get R1,000 to contribute towards the costs of your extended family member’s funeral. If you’re on plan B, you’ll get R2,000 and if you’re on plan C, R3,000.
The cost of the funeral cover, which is underwritten by Assupol Life, is built into your monthly contribution to the stokvel and is not optional. This explains the shortfall in your annual payout. For example, if you’re on plan A and contribute R175 a month for a year, you will be eligible for a payout of only R1,080 even though you would have contributed R2,100 over the course of the year.
One of the advantages of Imbewu StokVest is that you don’t suffer when other members of the stokvel fail to pay, as happens with a traditional stokvel. At the virtual launch of the product recently, host and actor Thapelo Mokoena made this point: “With a traditional stokvel, if I don’t contribute and it’s your turn to receive, you lose out, which is not fair.”
The app is not yet available in the iStore or Google Play Store and can only be downloaded off the Imbewu StokVest website: https://app.imbewustokvest.com/.