{"id":43619,"date":"2021-12-21T17:08:04","date_gmt":"2021-12-21T17:08:04","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=43619"},"modified":"2021-12-21T15:00:14","modified_gmt":"2021-12-21T15:00:14","slug":"nmb-jubilee-partner-in-new-insurance-initiative","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/nmb-jubilee-partner-in-new-insurance-initiative","title":{"rendered":"NMB, Jubilee partner in new insurance initiative"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>Dar es Salaam. NMB Bank, in collaboration with Jubilee Life Insurance, yesterday launched a new scheme targeting middle income earners and the business community.<\/p>\n

Dubbed \u2018Fanaka Insurance,\u2019 the scheme is basically a life insurance policy which, apart from covering the life of the insured, would help the policyholder save regularly over a specific period of time so that they could get a lump sum amount on the policy at maturity – and, in case they survive the policy term.<\/p>\n

NMB Bank\u2019s chief of retail banking Filbert Mponzi said in the prevailing uncertain scenario, with a large section of individuals experiencing financial worries and stress, it is necessary to safeguard one\u2019s investment portfolio with a financial solution that offers guaranteed payouts.<\/p>\n

The plan would enable customers to build a fund over a period to meet any financial need such as building a home for their family, purchase of a dream car or provide the seed capital for their business.<\/p>\n

\u2018Fanaka\u2019 is designed for customers who have a mid- to long-term investment horizon for regular accumulation of wealth to achieve their long-term goals with low or medium risk appetite.<\/p>\n

The plan would offer a policy term option of 5-10 years and 11-20 years, according to Mr Mponzi.<\/p>\n

On maturity of the policy term, policy holders would receive a survival benefit of guaranteed returns on the investment form a range of 10 percent up to 20 percent of the sum assured and yearly accrued bonus depending on the policy term.<\/p>\n

\u201cUpon death of the policy holder, the family receives up to 175 percent of the sum assured and yearly accrued bonus depending on the nature of death,\u201d noted Mr Mponzi.<\/p>\n

In case of permanent and total disability, the policy holder would receive double payment of the sum assured amount and waiver of premium.<\/p>\n

In addition, Fanaka Plan offers an extension of life insurance from maturity up to 90 years.<\/p>\n

\u201cNMB Bank is committed to continually investing and partnering strategically with companies to enhance our ability to deliver to the market,\u201d stressed Mr Mponzi.<\/p>\n

\u201cThe market environment in Tanzania is very competitive but we always go a step further to introduce new products that add value to our customers.\u201d<\/p>\n

The director of Jubilee Life Insurance, Mr Karim Jamal, said \u201cWe are confident that, by leveraging NMB\u2019s strong branch network, we are granting more customers access to life insurance policies.\u201d<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. Dar es Salaam. NMB Bank, in collaboration with Jubilee Life Insurance, yesterday launched a new scheme targeting middle income earners and the business community. Dubbed \u2018Fanaka Insurance,\u2019 the scheme is basically a life insurance policy which, apart from covering the life of the insured, would help the policyholder save regularly over a […]<\/p>\n","protected":false},"author":84,"featured_media":43618,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-43619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nNMB, Jubilee partner in new insurance initiative - Tanzania<\/title>\n<meta name=\"description\" content=\"Dar es Salaam. 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