Sanlam Insurance; a preferred life insurer beyond comparison


Sanlam Insurance; a preferred life insurer beyond comparison

Sanlam Life Insurance (T) Limited currently owns over 60% market share in the life insurance business category in Tanzania. We are also proud to be the leading insurer by profitability amongst all 30 insurance companies in Tanzania.

At Sanlam, a leading insurer in sub-Saharan Africa for over 100 years, established in 2005 as the first specialist life insurer in Tanzania, at present Sanlam Life Insurance Tanzania has issued insurance cover to over 3,000,000 lives and operates 5 Zonal Sales Offices across the country located in Dar es Salaam, Arusha, Mwanza, Mbeya, Zanzibar and Pemba.

Sanlam Life Tanzania is part of Sanlam Group which at present has operations in Africa, Europe, Asia, Australia and America. Sanlam is one of the biggest internationally active insurance groups globally, and is classified as an important Non-Banking financial institution in its selected markets.

Sanlam Life Insurance (T) Limited currently owns over 60% market share in the life insurance business category in Tanzania. We are also proud to be the leading insurer by profitability amongst all 30 insurance companies in Tanzania.

We contribute to financial resilience and prosperity of all our key stakeholders in all the markets where we are present.

Sanlam Life Insurance Tanzania has been rated AA-by Global Credit Rating Company (GCR), which depicts our financial stability and reliability in settling insurance claims. We always keep our promise and commitment to our clients by settling genuine claims promptly.

What is the range of products offered by Sanlam Insurance?

Sanlam Insurance has mainly classified its products into two categories; Group products and Individual products. Each one has contained peculiar product type as following:

Group Products

1.       Group Life Assurance

This policy is usually purchased by the employer to cater for the death while in service or disability benefits of its employees. It is a known fact that when an employee dies or is disabled and out of work, it affects his or her family, customers, co-workers, managers and to a large extent the business can suffer significantly as a result.

Typically, the amount of life cover provided is related to a number of years’ salary (i.e. 2, 3, 4, or 5 times annual salary) and is payable on the death of an employee. This forms the pre-determined sum to be assured and provides cover for the insured employee for death due to any cause, including illness and accident. The flexible nature of policy terms and conditions means that the individual needs of the client can be provided for.

Disability income recipients can also be covered

It allows for income protection during recovery and minimizes absence and the cost of replacing workers. Where an employee is completely unable to return to work, a specified lump sum payment is made allowing the employer to mitigate financial loss as a result of an unforeseen event.

Premium rates are guaranteed for 12 months. Medical Free Cover Limits are determined by the profile of the membership. Group Life Assurance policies are only offered on a compulsory basis, which makes the administration cheaper – leading to lower costs for the employer

Benefits to Employer

Demonstration of social responsibility Competitive employer – recruitment and retention Motivated workforce – more productive Employee commitment

Avoid claims against the company (risk retention) Costs may be budgeted for and not opened exposure Reduced administration

 

Benefits to the Employee

Peace of mind, Protection of personal income Access to credit and Savings opportunity.

2.     Group Credit Life Assurance Cover

This policy covers loans advanced by an employer to his/her employees (e.g. car loans, furniture loans, medical loans etc) payable over a number of years.

The main objective of the Group Credit cover is to provide a capital sum on death of any member of the scheme, equal to the loan outstanding in the books of the scheme at the time of death of the member, instead of the loan being written-off.

A loan cover can also be taken to provide a capital sum on the total and permanent disability of any participating member of the scheme equal to the loan outstanding in the books of the scheme at the 

3.         Mortgage Protection

This policy covers loans advanced by bank to individuals who use the loan to purchase/build a house payable over a number of years, usually long term (more than 5 years).

The main objective of the Mortgage cover is to pay a loan amount on death or permanent disability of any member of the scheme, equal to the loan outstanding in the books of the scheme at the time of death of the member, instead of the loan being written-off.

 Benefit to Borrower and Lender

A customer chances of receiving credit/ loan facilities is enhanced by the lender’s ability to protect against losses on such facilities, which would otherwise prohibit the lender from offering the facilities.

Additionally, customers are assured that should they suffer the demise of death or disability their beneficiaries under their estate would not have to worry about or be burdened with the debt, which the debtor has with the lender and therefore compromising their security.

The lender is protected from losing the money borrowed by the debtor.

4.         Key Person Insurance

A key person is someone who has special skills, knowledge or contacts which are essential to the success of a business.

Key personnel insurance protects a company against the following consequences upon loss a key member of that company:

  • Loss of the person’s specialist abilities or knowledge.
  • Cost of recruiting and training suitable replacement.
  • Loss of goodwill or clients who are attracted by the key person’s ability or personality.
  • Loss of profit

Company has to provide:

  • Company turnover, gross profit and net profit for the past three years (Financial Statement)
  • What is the key person’s precise occupation?
  • For new company – business plan setting out projections of turnover and profits. But these are only projections hence underwriters need to consider if they are reasonable.
  • Complete Financial Questionnaire
  • Complete Medical Test

5.     Group Funeral/ Last Expense Cover

A group funeral/last expense policy may cover employees, their spouses and children depending on the employer’s preference. The policy enables employers, large groups, unions etc. to provide funeral benefits to cover funeral expenses for their members. Regardless of the policy taken, this policy pays out the sums assured, within 48 hours, to assist in meeting the funeral costs. There is little benefit in receiving a cheque when the funeral of a loved one has already taken place!

 

The premium payable under this policy depends on the age and sum assured chosen. However, a typical annual premium for a cover of Tshs. 1,000,000.00 may be Tshs. 20,000.00 per annum per member. To give an adequate quotation, we require the individual ages, occupation, location and number of deaths in the group, over the last three years.

6.       Group Endowment Scheme

Group Endowment Scheme is an insurance policy designed to offer life cover coupled with a savings/investment element.

The policy would pay out a lump sum amount as agreed and set in the policy (i.e. 1,2 or years’ salary) in the event of death of a member (employee).Or would pay at specified date (i.e retirement) if the member survives to such date thus complimenting ones retirement package.

Cost Structure

Each compulsory group scheme is priced according to the scheme’s unique characteristics to achieve long-term stability with regards to rates.

Individual products

  1. Education care

Education Care is a fixed term insurance policy that provides our clients (a parent or a premium payer or policyholder) a long-term mechanism to save effectively for their children‘s future education of while enjoying a life insurance cover for unfortunate event of premature loss of life of the clients.

Main benefits of the policy

To provide a lump sum payment of life benefit as pre-agreed with the clients only in the event of premature loss of life of our clients before maturity of Education Benefit for their children and the same fund is intended to be used to meet immediate financial needs of the family of deceased clients.

To provide Education benefit to our clients (policyholders) to enable them fund their children's future education whether our clients survive to the maturity of the policy or not.

Detailed product features

  • Life benefit ranging from Tshs. 3.5 million to Tshs. 50 million.
  • Waiver of premium benefit on death of premium payer before age 65, also paid on Permanent and Total Disability of premium payer before age 60.
  • Savings benefit paid during the last five years of the product if the premium payer survives to the end of the term of the product.
  • Surrender benefit of the value of the investment account.
  • Paid up benefit instead of surrendering when the surrender value is at least Tshs.120, 000.
  • Partial withdrawal benefit of up to 50% of the surrender value
  • Unemployment and pregnancy bridging facility of up-to 12 months allowed only once during the term of the policy where the cover stops and only resumes when the policy holder starts paying premiums again.

2. Akiba ya Maisha

Akiba ya maisha is a fixed term insurance policy that provides our clients a mechanism to effectively save from very little monthly instalment in order achieve their long term future goals/dreams while guaranteed lump sum payment of life benefits payable to the nominated beneficiaries, only in the event of premature loss of life of our clients (policyholders) before maturity of the policy.

Main benefits of the policy

To provide our clients’ dependants with a life benefit lump sum payment as pre-agreed with the clients in case of premature loss of life of clients before maturity of the policy.

To provide our clients with lump sum savings benefit to enable to the clients to finance achievement of long-term goals/dreams.

Detailed Features

  • Savings benefits
  • Life benefits
  • Paid up value
  • Partial withdrawals
  • Surrender value
  • Inflation protection
  • Minimum monthly saving contribution of Tshs. 15,000 ie. No maximum.
  • Flexible investment term (minimum 5 years)
  • Unitized investment
  • Life cover from Tshs 3.5M to 15M
  • No underwriting required

 

3. Amani Family Finance Plan

Amani Family Finance Plan is a policy that provides our clients with fund to finance burial needs to immediate and extended family members while saving for achievement of other long-term small goals/dreams

Main benefits of the policy covers:

To provide our clients with pre-agreed lump sum life benefits in order to fund unexpected expenses in the events of premature losses of lives of the clients and their insured dependants.

Benefit summary

  • Peace of mind
  • Timely funeral funding assistance
  • Financial security
  • Lump sum Saving
  • Burial Repatriation

Detailed features

  • Financial benefits range from TSH 300,000/- to TSH 3,400,000/- per person covered.
  • Optional transportation benefits.
  • Optional cash bonus savings rider.
  • Optional benefits available from as little as 1,040 additional monthly premiums.
  • 10% premium payback every 5 years.
  • Insurer continues paying the premium for covered dependants on in the event of loss of life of the policyholder before the policyholder reaches age 65.

4. Safari Njema

Safari Njema is a mobile travel term life insurance policy offered by Sanlam Life Insurance and Ndege Insurance Brokers to provide our clients with life and medical covers while travelling by any mode of transport within Tanzania.

Main benefit of the cover

To provide a payment of a lump sum life benefit in case of loss of life of the client while traveling only during policy term.

Safari Njema Features

  • Death cover and Total Permanent Disability benefit is 10 M
  • Medical Reimbursement of Tzs 500,000/
  • Funeral benefit of Tzs 500,000/-
  • PPD benefit as per continental scale
  • Minimum and maximum age at entry is 18 and 69 years respectively
  • No medical examination required.
  • Premium payments of Tzs 5,000/-securing 7days cover.
  • Means of payment are through phones by dialing *150*23#
  • Coverage intervals are 7 days

Benefits Payment

  • The Death benefit is payable upon death of the life assured.
  • The Total permanent disability benefit is payable on the happening of an event that renders the life assured permanently disabled.
  • The Medical Reimbursement is payable following the expenses incurred following an accident.
  • The Partial permanent disability benefit is payable on the happening of an event that renders the life assured temporarily disabled.

 

5. Vital Risk Policy

Vital Risk Cover is a term insurance policy that is designed to provide our clients (policyholders) with meaningful levels of   life, disability and critical illness covers with reasonable underwriting requirements.

Main Benefits of the covers

To guarantee our clients with a higher level of lump sum payment of life benefits upon the happening of an unfortunate insured event i.e. Death, Total and Permanent Disability or Critical Illness.

Vital Risk Features

  • Available in terms of 5 to 15 years
  • Minimum Sum Assured and Maximum S.A are 50 M and 1.2 Billion respectively
  • Minimum and maximum age at entry is 18 and 60 years respectively
  • No medical check up for cover below Tzs 200m
  • Fixed regular premium payments
  • Can be provided under either USD or TZS currency
  • Benefits of Death, Total Permanent Disability and Critical Illness
  • Mode of payment: Annually, Half Yearly, Quarterly and Monthly
  • Premium Payment options: Debit order, Cash or Salary Stop Order
  • No waiting period for cover above Tzs 200m.
  • Can be used as surety and as a key person insurance.

If you were to mention social fabrics that hold of company together, what would that be?

If you ever stepped in our offices, certainly these are among the core social fabrics that keep our bond much stronger. We are talking about friendly work environment that enables productivity, equal opportunity employer where everyone stand equivalent chance to anything within the compound and good corporate citizen caring for all key stakeholders including the communities around us.

How does Sanlam grapple with increasing demand of insurance service in the country?

We grapple with an increasing demand of insurance service in Tanzania through innovation and technology, educational campaigns, direct marketing and promotion campaigns and partnering with various distributors, agencies, brokers and banks.

What have you achieved as company, and how has that achievements link with improving people’s welfare?

One of the greatest achievements garnered by Sanlam Life Insurance are being employer and insurer of choice, resulted from investing in development of our staff, best rewards and recognition for our staff, innovation and efficient service delivery and embracing high performance and execution culture.

Please Contact us:

Head Office: 9th Floor Amani Place, Ohio      Street

P.O. Box 22229,

Dar es Salaam, Tanzania.

Telephone: +255 22 2127151/2/3, Fax:

+255 22 2127154

 

Zanzibar : Cineafrique Building, Ground Floor, Malindi Area

Tel: 024 223 4654

PO Box 3933 Zanzibar

                               

Arusha : Blue Plaza Building, 4th, India Street

Tel: 027 2234654; Fax: 027 223 4654

PO Box 703 Arusha

 

Mwanza : NSSF Building, 4th Floor, Kenyatta Road

Tel: 025 250 0655; Fax: 025 250 6056

PO Box 11031

Mbeya: Ground Floor, Sokomatola,  Umati Building

T +255 25 2503128   F +255 25 2503128  

PO Box 2298,

 

For more information about Products

Please call above office numbers or, text or WhatsApp below numbers:

Mobile: +255 782 127 151 / +255 782 127 152