First National Bank launches funeral cover
First National Bank Insurance Manager Masoud Mndeme (left) speaks in Dar es Salaam yesterday during the launch of the bank’s funeral insurance cover that is designed to comfort families in dealing with the aftermath of a death of a family member. With him is head of retail banking, Francois Botha (centre) and an administrator at Metropolitan Insurance, Rachael Mwenda. PHOTO|THE CITIZEN CORRESPONDENT
What you need to know:
- The aim is to provide financial support to individuals and families to lessen the cost during funerals.
Dar es Salaam. First National Bank Tanzania (FNB) has launched a funeral insurance cover.
The aim is to provide financial support to individuals and families to lessen the cost during funerals.
FNB Retail Banking head Francois Botha said at the launch of the “FNB Faraja Plan that the product was underwritten by Metropolitan Insurance Tanzania, one of the leading insurance companies in Africa.
“Faraja” means “consolation” in Kiswahili.
“Considering that the cost of funerals has risen in recent years, failure to cover the cost of funeral could cause further distress to family members. After the death of a loved one, it can be an expensive, painful and frustrating process of having to put together a funeral to say farewell. With the FNB Faraja Plan it’s possible to have the cost of a funeral covered to save your family from having to pay for it,” Mr Botha said.
According to Mr Botha, the product is part of the bank’s efforts to meet the diverse needs of its customers. “FNB Tanzania will continue to develop innovative products aimed not only addressing the financial needs of our customers but also enriching their lives. “For as low as a monthly premium of Sh2,500, a customer can buy the funeral insurance policy covering up to six family members which would earn up to Sh5 million when the main member loses any of his or her family members registered with the funeral cover.”
Under The FNB Faraja Plan, the money is paid to the deceased family to support various costs including mortuary fees, the casket, flowers, the funeral programme, food and refreshments.
Metropolitan Insurance Tanzania chief executive officer Amani Boma said Metropolitan is excited to partner with FNB Tanzania in rolling out the FNB Faraja Plan.
Boma advised the public to purchase the funeral cover because it eases the pain of the bereaved family by offering a financial consolation. “Apart from helping family members to give a befitting burial to their loved ones, this insurance cover will also deepen insurance penetration in Tanzania.”
