NMB Bank and Jubilee Life Insurance Unveil a new saving, investment and protection plan targeting NMB and Non-NMB Customers
· Customers will have an option to choose the
premium payment term and policy term based on their needs and goals.
NMB Bank's Chief Retail Banking - Filbert Mponzi and the Jubilee Life Insurance Director - Karim Jamal exchanging contracts moments after the official signing of a partnership agreement and the official announcement of NMB Fanaka Plan at a press conference in Dar es Salaam yesterday. Looking on, from right is the NMB Head of Bancasurance Martine Massawe and the Jubilee Life Head of Bancasurance - Dereck Rwezaura (left).
Afisa Mkuu wa wateja Binafsi na Biashara wa Benki ya NMB, Filbert Mponzi na Mkurugenzi Mkuu wa Jublee Life Insurance, Karim Jamal wakionyesha nyaraka mara baada ya kutiliana saini ya ushirikiano na kuzindua mpango wa Bima kwa ajili ya watu wa kipato cha kati na wafanyabiashara nchini uitwao, NMB FANAKA PLAN uliofanyika Dar es Salaam wanaoshuhudia. Kulia ni Mkuu wa Idara ya Bima NMB, Marteen Massawe na kushoto ni Mkuu wa Idara ya Bima kwa Mabenki wa Jubilee Life Insurance, Dereck Rwezaura.
Dar es Salaam, 20 December 2021 NMB Bank PLC in collaboration with Jubilee Life Insurance have today launched Fanaka Insurance plan, an endowment plan targeting middle income earner and the businessmen community in the country.
An ‘endowment plan’ is basically a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy at maturity in case he/she survives 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 pay outs.
Under this strategic corporation, Jubilee Life Insurance will offer endowment plan enabling customer 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 offers a policy term option of 5 -10 years and 11- 20 years.
Fanaka allows customer to save small amount of money as a premium hence allowing customers to have a disciplined and systematic way to save their finances where the sum assured, and premiums are determined at onset and they remain fixed throughout the term of the policy.
On maturity of the policy term, policy holder receives a survival benefit of guaranteed returns on the investment form a range of 10% up to 20% 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% of the sum assured and yearly accrued bonus depending on the nature of death. In case of permanent and total disability, the policy holder receives 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 90years.
Fanaka Plan gives customers peace of mind and income protection during unfortunate events such as death and total permanent disability where the policy makes cash available for loved ones.
“NMB Bank is committed to continually investing and partnering strategically with companies to enhance our ability to deliver to the market. 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,” said Mr. Mponzi.
Commenting on the partnership, The Director of Jubilee Life Insurance Karim Jamal Director said. “We are confident that by leveraging NMB strong branch Network, we are granting more customers access to life insurance policies. Fanaka is a unique plan that has a strong combination of guaranteed savings for future and guaranteed protection for loved ones. This is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents.
We are proud to add another tailor- made product for businessmen, traders and middle-income employees and at the same time unlock yet another big revenue stream for the company.” added Mr. Jamal.
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