This cover provides you peace of mind when misfortune happens since you are assured your loved ones will be covered based on the selected plan and with an additional benefit of saving plan for the future.
Get benefits on both situations; upon death or upon survival up to maturity of the plan.
Upon death, benefits from the life part will respond while upon survival up to maturity, that is all the savings throughout the term plus the interest which has been accrued each year will respond.
Benefits of Life Insurance
- Life insurance Benefits – In case of death, a lump sum monetary compensation starts from TZS. 3.5m to TZS. 50m which will be given out immediately to add up on what you were saving as there will be no possibility of saving any more.
- Savings Benefits – upon maturity of the plan, all savings will be paid out plus accrued interest for the entire period.
- Partial Withdrawal – This enables you to make withdrawals between the policy period (the withdraw cannot be more than 50% of the current fund value).
- Waiver of Premium Benefit (WOP)– In case of death or permanent disability an insurance company will continue to pay on behalf, the same amount of saving which you were paying before death or disability.
- Surrender Benefit– This allows you to end a policy at any time before maturity without penalty.
- Paid Up Value Benefit – This allows you to continue with investing and grow the fund already inside the plan in case of failing to continue making regular savings
- Cash Back Benefit – The aim of cash back benefit is to return to the customer sum or total of the risk premium paid by you for the entire policy period
- Premium Holiday – There is a premium holiday for one year to a pregnant woman and for unemployed person, where the benefits will also be inactive.
- Payment Flexibility – The payment can be made on a monthly, quarterly, semi-annually or annually basis.
Features of Life Insurance
- Life insurance cover is part of the savings plan.
- Life insurance cover starts with the benefit of TZS. 3.5m to TZS. 50m up on Death.
- Its eligible for individuals between 18 years and 60 years, where by the cover cease at the age of 70 years.
- The payment plan should be between 7 years to 18 years.
- The minimum monthly saving is TZS. 7500 with no maximum amount limit.
- Payments should be made within 30 days after the due date or the plan will lapse.
- There is a waiting period of six months on non-accidental death.
- There is double benefit in case of accidental death.
- Beneficiary can be any body whom a client is having full trust on
- On the absence of the intended beneficiaries, there is an option to replace with another child.
- Payments can be made by cash or standing order by using any channel to insurer’s account.