Author: ABDUEL ELINAZA
AfricaPress-Tanzania: CRDB Bank has for the first time in the country started providing farewell and body repatriation covers to its active account holders in case of unforeseen circumstances with no cost.
The product, Kava Assurance, is a partnership between CRDB Bank and Sanlam Life Tanzania and will offer a funeral cover, a permanent disability cover and body repatriation.
Under the partnership, the bank will offer tokens to an account holder or spouse once a customer passed away or in case of a permanent disability of between 2m/- and 5m/-.
The bank also said it would cover some costs of transport up to 15m/- if a diaspora customer died.
Tanzania Insurance Regulatory Authority (TIRA) Commissioner of Insurance, Dr Mussa Juma, said during the launch that the product would expand insurance penetration in the country which currently stood at below 1.0 per cent.
“I am pleased to launch this product which ultimately will raise insurance consumption in the country…CRDB Bank has one of the largest branch network and agency banking. This network will surely boost penetration,” Dr Juma, who was the chief guest, said.
CRDB Bank has so far 268 branches and over 17,000 agents countrywide. Dr Juma added: “Life can change in a matter of second especially if a bread winner dies or gets a permanent disability. Hence, this kind of insurance is very important.”
CRDB Bank Director of Retail Banking Boma Raballa said after thorough research they had realised their customers were facing a number of challenges during death and introduced a farewell cover for mass market of 2m/- and 5m/- for premier market, while for the diaspora was 5m/-.
“With Kava Assurance our individual customers will be getting more than just a bank account, with no additional costs, just being an active CRDB Bank account holder. “This covers all active accounts being for a simple saving account or salary account… what is needed is that the account shouldn’t be dormant,” Mr Raballa said.
He said for the diaspora the bank would meet the costs of repatriation of the body of its customer and pay a return ticket for one escort.
The bank will provide 15m/-. In case of a permanent disability the bank provides a token of 2m/-.
Sanlam’s East Africa Chief Executive Officer Julius Magabe said the partnership starting with 3m customer base was bigger than the population of Botswana or Namibia.
“This partnership is a big boost to insurance penetration in the country,” Mr Magabe said.
CRDB Bank has various accounts namely Tanzanite for the diaspora, current and savings, salary, FahariKilimo for farmers, Malkia for women to name a few.
