MADISON LIFE Insurance Company is targeting two million people for life cover by the end of 2013 through a partnership with Celpay Zambia Limited aimed at providing free insurance products to Celpay customers countrywide.

And Celpay has transacted close to US$3 billion (about K15 trillion) threshold in terms of mobile transactions since the company started operations 10 years ago.

Madison Life Insurance Company and Celpay Zambia Limited signed an agreement on October 11, 2012 to provide insurance product to service the insurance needs of the current and future Celpay customers countrywide.

Madison Life Insurance Company managing director Agnes Chakonta said the launch of Celpay Life would help the company reach the two million life cover target by the end of 2013.

Speaking at the launch of the Celpay Life, Mrs Chakonta said the Celpay Life was a life benefit cover that was provided by Celpay to its customers.

The purpose of the policy is to provide free life insurance to customers of Celpay Zambia Limited as value added service.

Celpay insurance policy is underwritten by Madison Life.

"This is a great initiative and socially relevant and shows that we are committed to increasing micro insurance coverage and making life cover available to all Zambians.

The launch of Celpay Life will be enhanced with Christmas promotion where customers paying their DStv bills through Celpay in the month of December automatically qualify for life cover as well as stand to be amongst 20 lucky customers to win a shopping voucher worth K1 million," Mr Chakonta said.