Refiloe Molise
Lesotho Post Bank (LPB) has expanded its suite of financial services with the launch of a new insurance product, the Ntšelise Funeral Plan, as it moves to strengthen its promise of delivering inclusive and relevant financial solutions to Basotho.
Unveiled this week at Lancers Inn, the funeral cover product marks the bank’s latest step in diversifying beyond traditional banking, positioning itself as a holistic financial services provider that responds to both the economic realities and social needs of its customers.
Implemented in partnership with LNIG Hollard Life, the introduction of the Ntšelise Funeral Plan comes as part of the bank’s broader strategy to deepen financial inclusion while helping customers better manage life’s uncertainties, particularly the high and often sudden costs associated with bereavement.
Speaking at the launch, LPB’s Chief Sales Officer, Lineo Masupha said the product was developed after the bank identified a growing demand for funeral cover among its customer base.
“We engage with our customers through our branches and call centre and we discovered a strong need for a funeral cover, and as a bank that listens, we developed Ntšelise to meet those needs,” she said.
Masupha noted that the plan is available to Post Bank customers with active accounts, offering cover ranging from M10,000 to M70,000.
She further explained that the cover extends to family members, including children and parents, and can also be adopted by businesses seeking to provide cover for employees.
She explained that the product was structured with flexibility and inclusivity at its core, allowing customers to choose premium payment options aligned with their financial capacity.
“One of the key features of the product is a cashback benefit after every five years, regardless of whether a claim has been made,” she said.
This feature, she said, positions the Ntšelise Funeral Plan as more than just a safety net, but also a long-term financial tool that rewards consistency.
Masupha further highlighted that in cases of accidental death, the policy provides a double payout, offering additional financial relief to grieving families.
Children are covered up to the age of 21, or 25 if still in school, while adults must present valid identification documents to enroll.
She added that while individuals cannot join the plan after the age of 85, those who enroll earlier remain covered for life, ensuring long-term security.
Masupha added that members who consistently pay their premiums will receive a six-month premium benefit after every five years, further encouraging commitment and consistency among policyholders.
LPB’s Managing Director, Mokhachane Mopeli, said the product reflects the institution’s enduring mission to improve the livelihoods of Basotho through accessible and practical financial solutions.
“Lesotho Post Bank is a bank for Basotho. We have always looked out for our people, and this product is part of our continued effort to improve their lives,” he said.
Mopeli emphasised that the bank is building on its prior experience in insurance, particularly in credit life products, to broaden its offering into funeral cover.
“This is not something entirely new to us. We have been offering credit life insurance for a long time, and this product builds on that experience to provide even more comprehensive support,” he said.
He noted that funeral expenses often place significant financial pressure on families, particularly when death occurs unexpectedly.
“When death occurs, families often face both emotional and financial challenges. Through Ntšelise, we aim to provide support during those difficult times and ensure that families are not left struggling,” he said.
Summary
- Lesotho Post Bank (LPB) has expanded its suite of financial services with the launch of a new insurance product, the Ntšelise Funeral Plan, as it moves to strengthen its promise of delivering inclusive and relevant financial solutions to Basotho.
- Unveiled this week at Lancers Inn, the funeral cover product marks the bank’s latest step in diversifying beyond traditional banking, positioning itself as a holistic financial services provider that responds to both the economic realities and social needs of its customers.
- “We engage with our customers through our branches and call centre and we discovered a strong need for a funeral cover, and as a bank that listens, we developed Ntšelise to meet those needs,” she said.
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