This is a life policy aimed at addressing a person’s financial needs, depending with the age and the future plans of the prospective policy holder. This can be getting ready for retirement, funding children’s education or investment.
Coverage
- Entry age is between 18 to 60 years..
- Policy period is from 7 to 18 years..
- The premium can be paid monthly, quarterly, semi-annually or annually.
Benefits
- Life protection; this will be paid immediately when the policy holder passes away and ranges from TZS 3,500,000 to 50,000,000. A burial permit is required prior settlement.
- Cash back; the policy holder will be refunded the premium paid on Life protection throughout the policy period, on different percentages depending on the term of the policy. For instance, for a policy of 7 years, the policy holder will get back 35% of the premium paid on Life protection, and a 100% for a 15+ years policy.
- Savings; a lucrative interest of 8% to 12% is given on the savings amount, throughout the policy period. Minimum saving amount starts from TZS 7500.
- Waiver of premium (WOP); should the policy holder pass away or become permanently disabled, Sanlam, will continue with the contributions of premium to maturity of the policy after which, the beneficiaries will be paid the total savings amount with the accrued interest.
Other benefits
- No medical examination is required, but there is a waiting period of 6 months from the inception date, with exception in case of death of disability caused by accident. On such situations, the waiting period will not apply.
- The benefits mature the last 5 years of the policy period, of which the policy holder will start to be paid his savings and interest on different percentages. So, for a policy of seven years, the benefits will start to be paid at the end of the third year.
