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.
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.
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.
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.
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.
