NMB, Jubilee partner in new insurance initiative

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 ‘Fanaka Insurance,’ 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.
NMB Bank’s 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’s investment portfolio with a financial solution that offers guaranteed payouts.
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.
‘Fanaka’ 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.
The plan would offer a policy term option of 5-10 years and 11-20 years, according to Mr Mponzi.
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.
“Upon 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,” noted Mr Mponzi.
In case of permanent and total disability, the policy holder would receive double payment of the sum assured amount and waiver of premium.
In addition, Fanaka Plan offers an extension of life insurance from maturity up to 90 years.
“NMB Bank is committed to continually investing and partnering strategically with companies to enhance our ability to deliver to the market,” stressed Mr Mponzi.
“The market environment in Tanzania is very competitive but we always go a step further to introduce new products that add value to our customers.”
The director of Jubilee Life Insurance, Mr Karim Jamal, said “We are confident that, by leveraging NMB’s strong branch network, we are granting more customers access to life insurance policies.”