What is life insurance and why do I need it?

Life insurance is all about securing the family financially from sudden and unforeseen events of loss of the main bread earner. It ensures that your loved ones won’t suffer financially in your absence and that the family has some financial aid, which can support them in various ways, such as education, health, welfare in the event of a head of household’s death.

The recent pandemic is a clear example of how life can be unpredictable and with no insurance in place, there can be adversity in the life of those alive. Recently, the Aga Khan Economic Planning Board for Tanzania launched a life insurance scheme, called the Umoja Salama, which is a tailored life insurance scheme for the Tanzanian Jamat. The scheme has been negotiated with Sanlam, which is one of the most credible insurance service providers in the country and in the African region.

The scheme covers life and permanent disability for the age band of 18-70 years with a choice of two benefit covers: TZS 50M and TZS 100M. The premiums for the scheme are tiered based on the age brackets, with flexibility of paying the premiums on quarterly or annual basis. The scheme has been negotiated with best terms for the Jamat by waiving off pre- medical examination before enrollment to the scheme.

In addition to death and permanent disability, the scheme also provides last expense benefit in case of death of spouse or children and stillborn. The scheme comes with various competitive advantages such as flexible payment terms, no pre-medical examination before enrollment, meaning benefits at reasonable premiums, cover extending up to 70 years. Jamati members that are cognizant of life insurance need are strongly encouraged to enroll in this scheme. Immediate enrollment to the scheme can be done by completing the registration form and

payment of premium. The EPB office can also be contacted for any further details or questions pertaining to this scheme.

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