Tanzania: New Initiative to Offer Fuel Buyers Life Insurance

Dar es Salaam — Four key players in the insurance, finance technology services and energy sectors have launched a new product that will enable all customers paying for fuel at a minimum of Sh10,000 using Selcom Pay Mastercard QR or Puma card at Puma Energy stations in Dar es Salaam receive life insurance cover from Sanlam in real time, valid for seven days.

The cover underwritten by Sanlam Tanzania in partnership with TanManagement Insurance Brokers Limited, Selcom Tanzania and Puma Energy aims to add value to the purchase of fuel from all Puma Energy Stations across Tanzania.

Mr Khamis Suleiman, CEO of Sanlam Tanzania said, "We are translating Ministry of Finance Directive by action to ensure we meet the target set of having approximately 50 percent of the adult population with at least one insurance policy and increase the penetration rate to 5 percent of the GDP.

"Other benefits which will be received in this scheme will include the poverty alleviation and creation of wealth through claims payment ," he said.

He said the process flow assists clients who regularly purchase fuel at Puma Energy stations to cover themselves for Life Insurance whilst paying through their Digital Wallets, another move which has been promoted by the government to reduce use of hard cash and promote overall financial inclusion.

Mr Sameer Hirji, Executive Director of Selcom Tanzania said the initiative makes use of cutting-edge technology to ensure that they achieve the goal of the insurance service reaching out to as many as possible.

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