EXIM Bank Tanzania has launched a new life insurance product dubbed 'Pamoja Hadi Mwisho' specifically for formal and informal groups, with the aim of increasing more community participation in accessing insurance services in the country.
The product under partnership with Alliance Life Insurance Company, includes life insurance for both formal and informal groups is aimed at protecting the groups' members against disasters ranging from death, permanent disability to education for the bereaved families' children.
Speaking at the launch of the product in Dar es Salaam on Wednesday, Exim Bank's Head of Branch Network, Agnes Kaganda, said the service goes hand in hand with the government's commitment to ensuring that every citizen has access to insurance services.
"This product has been introduced with the aim of ensuring that Tanzanians are not left behind when it comes to covering themselves, their families and loved ones with the best insurance service. That is why through this product we have touched on formal and informal groups including workers' groups, entrepreneurs, cooperatives, social media groups such as Whatsapp, Facebook, and Telegram and other such groups, " she said.
Elaborating on the benefits of the product, the bank's Acting Head of Bancassurance, Melchizedeck Muro said: "Through the product there is no waiting period. Benefits will be issued within 72 hours after receipt of all claim documents. A member of the "Pamoja Hadi Mwisho' insurance will get benefits himself, his partner, children (four children aged 0 - 21 years), parents, and parents in-laws."
On his part Alliance Life Assurance Bancassurance Manager, Juma Patrice said that, if a member or his/her dependent (spouse/children or parents or in-laws) dies due to an accident or illness, a condolence hand of 3.5m/- to 6m/- or 500,000/- to 5m/- will be given to the family of the deceased member, or to a member who has lost a child, partner , parent or son-in-law, adding, "This condolence hand will be issued within 72 hours, after receiving all the claim documents."
He further, explained that through the product, when a member becomes permanently disabled as a result of an accident, a condolence hand ranging from 3.5m/- to 6m/- will be paid upon receipt of all claim documents.
"The "Pamoja Hadi Mwisho' product recognizes the importance of education for children. Thus, if a member dies, leaving the children still in school, his/her family will be provided with a Sh1 million for the purpose of enabling his/her children to continue with their studies in the relevant year without interruption," Mr Patrice noted.
He assured the public that the service is of high quality while noting that they are committed to ensuring that the service is provided to meet the requirements and objectives of its design.