Africa-Press – Tanzania. NMB Bank Plc has partnered with Metropolitan Tanzania Insurance and Sanlam to launch two innovative products that will drive further insurance penetration in the country which is still below one per cent.
This is yet another milestone for NMB Bank, the largest lender and most profitable bank in the country to introduce insurance products in collaboration with key insurance partners for the benefit of its more than three million customers.
NMB bank is the first bank in Tanzania to secure bancassurance licence last year and more innovative products being introduced into the market within this short period of time.
The NMB Head of Bancassurance Department, Martine Massawe said in Dar es Salaam on Thursday that the two insurance products are responding and addressing the current needs of the changing life of the society.
“The insurance products introduced are Faraja life insurance and Group insurance scheme that will benefit both NMB customers and non-customers,” he said, noting these will give confidence to customers in case of unforeseen circumstances.
This new partnership initiative is in line with the government’s ten -year Financial Sector Development Master Plan that among others seek to have 80 per cent of adult people using financial services. For example, through the partnership NMB and Sanlam introduced improved Faraja insurance product with more benefits to customers where condolence handshake has been increased to 2m/- from 1m/- previously.
Sanlam Life General Manager, Corporate Business, Nura Masoud said the improved Faraja insurance product covers all the funeral services costs in the case of incidences of death or permanent disabilities of a customer, partner. Adding that a customer needs only to be an account holder of NMB to benefit from Faraja insurance that covers the costs for funeral services and in case of permanent disabilities.
In the same vein, NMB in collaboration with Metropolitan Life Tanzania Insurance have introduced a new group insurance for formal and informal groups. For example, WhatsApp groups, village community banks (Vicoba), clan groups and family groups. When a member of the group dies, the new insurance arrangement covers all the funeral services costs and also to at least four members of the family including wife and children.
The Metropolitan Life Tanzania Insurance, Chief Executive Officer, Amani Boma said with the new arrangement with NMB, more people are set to be reached through the widest bank’s branch network.
“This new group insurance cover will definitely reduce the burden of making contributions in case of death of a member, wife or child by covering all the funeral services costs,” he said.
