Key man insurance is a specialized insurance cover on the lives of key employees of an organization. This insurance is specifically aimed at protecting institutions from losses that may be incurred when the key person, who may be critical to the successful completion of a project, is unable to deliver because of death. Developing economies like Tanzania are very dependant on loan capital for development projects.
Group Life Insurance
Group Life insurance is designed mainly to provide death benefits to employees and the premiums are usually paid by the employer as a staff benefit. A minimum of 10 people are required for Group Life insurance. A benefit equivalent to a multiple of the annual salary of the employee as decided by the employer maybe offered as sum assured.
Group Life insurance can be offered to any group where the compulsory membership requirement can be enforced and does not have to be limited to employer groups. Premiums for Group Life insurance are much lower than those for individual life assurance schemes. Currently total and permanent disability, personal accident and funeral benefits can be added as additional benefits.
Group Funeral Insurance
Group Funeral insurance is based on a fixed amount of cover on a member and his/her dependants to be used for the purpose of funeral in the event of their death. Funeral insurance can be arranged as an additional benefit attached to a Group Life insurance scheme. It provides for payment of a funeral expense within a short period.
Credit Life Insurance
Due to the exposure to the risk of unpaid debts caused by the death of a debtor, together with the long time it takes to claim from the estate and the prohibition against charging interest in such cases, we have come out with a Group Credit Life insurance which provides protection against all these eventualities. Group Credit Life insurance protects the financial institutions’ (lender) interests in the event of death or disability of individuals (borrower) who had taken loan from them.
Group Mortgage Protection Scheme
As the economy grows, so does the need for houses. Alliance’s Group Mortgage Protection Scheme is a form of credit life scheme designed to provide insurance cover to mortgages. In the event of death or total permanent disability of the person who has taken the mortgage loan, Alliance shall bear the amount of loan outstanding on the happening of the event. This scheme covers individuals taking loans for housing purposes from financial institutions or the employees of an organization who are given housing loans by their employer.
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