Life Insurance

(i) Group life assurance

This product pays a lump sum benefit in the event of an employee’s death through accidental or natural cause. The benefit is payable to nominated beneficiaries through the employer.

(ii) Whole Life

This policy provides the protection cover only. Premiums are paid throughout the life of insured. Compared to other plans, this plan boasts of very low premiums. Benefits under this policy are payable on the death. The plan is ideal for estate planning. If for example one had a policy of Tshs.100,000,000/- she/he can write a will for dependant for the above amount.

(iii) Credit Life

This product covers the loaned to the extent of the bank’s financial interest in the loan (outstanding loan interest) and the actual monthly loan repayments amount subject to a maximum of six installments at the term of retrenchment. The cover protects against the risk of death from natural accidental causes.

(iv) Personal Accident Insurance

This insurance provides financial benefits for death or bodily injuries caused by accidents to the insured person. The insurance also provides some weekly compensation for loss of income to the accidentally incapacitated persons and also covers medical expenses arising out of accident and not otherwise. The policy can be arranged to cover individual persons, employees or associated groups e.g. directors.

(v) Endowment Plan

This is policy type that combines death protection and savings for a stated period of time. If the insured survives this time period, time insurance amount is paid to him.

• This plan offers you extra liquidity in form of two optional early cash payouts. • Is an ideas insurance product for who wish to have money over a number of years to meet financial needs that are due periodically. • The plan may take for terms of 12, 15, 18 or 21 years. The plan accumulates a cash value after the second year. • You can borrow against the cash value if any emergency should arise. • You can covert this temporary cover to a more permanent plan with enhanced benefits. • The policy can be renewed or continued at higher premiums to age 65.
• At the end of each 1/3 of the term selected, you will be paid 25% of the amount of insurance bought. • You can opt to leave the partial payout with the company to be invested for you at competitive interest rates. • If you die at anytime during the policy term, you’re named beneficial will receive the full insurance amount regardless of any partial payment made to you.
The plan earns you a bonus each year which adds substantially to the death benefit or final payout at maturity.
This insurance type provides death protection for a started period or term. It is intended to provide short term life insurance on a limited budged. It is suitable for short-range goals such as coverage while serving a bank loan or providing high benefit low premium life insurance protection during child raising years or college fee paying years for the children.
• High benefit low premium insurance plan. • Level term premium for 5, 10, 20 or 30 year period.