assetcovers

  • Fire and allied perils

    How it works
    • Protects business assets like buildings, contents and stock against damages caused by fire and allied perils such as flood, earthquake and landslides.
    • Policies can be bought as stand-alone or as part of a package.
    • Once your business has declared the values of assets or stock, the insurer will then either rely on the insured details provided or request for a further risk assessment for large/complex risks.
    • Policy pricing depends on the type or nature of the business 

  • Business interuption

    How it works

    This policy is sold as part of a package  and cannot be purchased as a standalone.

    It follows on from the damage caused by fire/allied perils or machinery breakdown and compensates for losses incurred such as

    • Loss of profit arising out of damages.
    • To cover additional cost of operating that the business may incur as a result of damage (for e.g. moving to another building or cost of temporally borrowing another machinery to continue business).

  • Machinery breakdown

    How it works
    • Protects business owners from financial loss resulting from machines being damaged during the course of work (this does not include wear-and-tear).
    • Machines can be protected against the cost of repair or cost of new purchase. 
    • Business owner must disclose the model and cost of purchase of machinery that will be insured

  • Burglary and theft

    How it works
    • Covers office or business contents such as computers, furniture, stock and other items against forced entry theft.
    • Insurance estimated value is issued on ‘first loss basis’, meaning the insured must declare the most probable loss amount should theft or bulgrary occur.

  • Cash

    How it works
    • This insurance policy is designed to compensate for loss of physical money stolen in events such as cash stolen from home or office or cash stolen in transit.
    • The business will be required to declare a limit that will be moved or stored at any given time. Premium will then depend on the limits declared.
    • This policy does not include cash/money lost from theft/fraud commited by an employee.

  • Fidelity guarantee

    How it works
    • Protects from monetary loss resulting from staff dishonesty/fraud committed for cash/money.
    • Business owner must declare if the cover is being taken against a position/designation or against specific individuals.
    • The price will depend on the number of people who will be insured against.

     

  • Goods in transit

    • Protects against financial losses arising out of loss of any raw material or produced stock while in transit. This includes protection against damage or theft. 
    • Transport methods include by land, water or air.
    • Policy purchase requires the insured to declare the value of the goods and destination of the insured goods upfront.

liabilitycovers

  • Public liability

    • Insures againts loss or damage to a third party
    • Protects the business owner on the legal obligation to compensate on damage resulting from accident originating from his/her business.
    • Any court liability brought forward against the insured by any public member can be compensated using this insurance cover within certain limits and relevant terms and conditions.

  • Product liability

    • Protects your business against the damages/liability claims brought forward by customers consuming your products /services.
    • This liability is ideal for hotel owners, food product producers, cosmetics producers, medical products producer. Machinery, vehicles, tools and production also fall under such liabilities. 

groupmedicalinsurance

This insurance protects individual employees and/or their families against medical cost resulting from different illnesses/diseases/conditions or accidents. Prices for group medical insurance can be determined based on different parameters such as number of staff, the size of the family (if cover is  extended to them on employer’s discretion), gender and age of the members, type of the coverage and products required.

Most Medical Insurance covers are divided into five benefits:

  • Outpatient

    This benefit covers against the cost of daily visits to the hospital for check up and medication. It covers consultation, diagnosis, tests and medicines prescribed.

  • Inpatient

    This covers medical cost for hospitalization of the client. It covers accommodation, check ups during hospitalization, consultations, surgeries, medication and most other patient management activities.

  • Dental

    This covers cost of dental treatment such as filling or extraction and medication. In most policies, they exclude cosmetic treatments such as braces and other elective procedures like teeth whitening.

  • Optical

    This covers the cost for eye testing, Lenses, frames and contact lenses for correction of eyesight up to a specified cover limit. Some policies exclude cost of cosmetic treatment such as sunglasses.

  • Maternity

    This covers maternity cost for expecting women. Covered are cost such as pre-natal clinics, delivery and post-natal clinics. These cost can either be for normal delivery or caesarean delivery. 

grouplifeinsurance

  • How it works

    • Group Life policies provide a payout if the insured staff member either dies, becomes disabled or suffers certain critical illness. 
    • Premium for such policies depend on the amount required as a payout on death/disability (based on a multiple of annual salary) and on age and gender of the staff.
    • Premium is paid on annual basis.
    • Only certain members of staff will need to undergo medical testing to get full cover. Such requirement is imposed based on the free cover Limit determined by the insurance company.
    • The payout from a group life policy can be paid to the employer or the beneficiaries as selected by the staff. This is usually agreed upfront during the time of signing an agreement with the insurer.
    • Employers prefer to buy Group Life Insurance policies to lessen the financial burden left by the staff to their families and dependents. It creates a fair method of compensation to every employee and gives an ability to finance teams to predict a determined cash outflow for management purposes.

  • What is covered

    • Death (included as a standard)
    • Permanent total disability (included as a standard)
    • Temporary total disability (optional add-on)
    • Partial permanent disability (optional add-on)
    • Critical illness (optional add-on)
    • Funeral (optional add-on for member only or extended to family members)
    • Education benefit (usually a complimentary benefit)
    • Life insurance can also be secured for some key staff/select group of individuals within the company through Key Man Insurance

  • Insurance available

    • Marine cargo, hull and liability insurance
    • Engineering all risks
    • Contractor’s all risks
    • Aviation
    • Assets all risk (Combined packaged policy to cover several sub-products)
    • Tour operators and liability cover
    • Erection all risk
    • Cybercrime
    • Professional indemnity (for professionals wanting to cover their liabilities arising out of work-related duties)
    • Plate glass
    • Specialized vehicles (for e.g fork lifts, earth-moving machines etc.)
    • Vehicle showrooms (motor trade cover)
    • Motor/Motor fleet insurance
    • Keyman insurance

ipf

ipf

  • How it works

    As an Absa customer, you also have access to an unsecured facility to help you pay for your insurance premium. Whether you are insuring your car, house or household contents, let Absa lift the financial burden and pay the premium on your behalf while you handle more important matters.

     

    Insurance premium financing is a short-term loan offered to individuals and entities to cover a cash-flow gap during the time of purchasing a new policy or renewal of an existing policy.

     

    Client is required to apply for an IPF Loan and once approved, Absa will remit the full premium with VAT to the insurer listed on our panel who has an account with Absa. The client will then repay the IPF loan over the instalment period chosen.

     

    IPF is offered for most products except travel insurance, individual/family medical insurance and individual life insurance. Group life assurance and group staff medical is covered under IPF among other general insurance products like motor insurance, business-related insurance, etc.

  • Features that apply

    • Loan tenure: minimum 3 months; maximum 10 months
    • Minimum deposit: 2 instalments
    • Affordable interest rate on reducing balance method
    • breakdown of instalments payable is provided to client for repayment assessment
    • Min IPF amount (premium + VAT): TZS300,000
    • Maximum loan size (premium + VAT): TZS500,000,000
    • Administration fee: 1% of the loan value (not premium value) minimum TZS30,000
    • No collateral or security is needed to apply for the loan
    • Quick application process
    • No need to obtain credit life cover

     

    A detailed requirement for IPF application can be shared with you depending on the product and type of customer (individual/entity).

  • Requirements that apply

    To be eligible for IPF, you must: 
    • Obtain insurance from one of the Absa-approved insurance providers. Visit a branch or speak to an adviser to obtain a list of approved insurers
    • Have an account with Absa
    Documents required to apply: 
    • Completed IPF application form
    • Premium quotation from insurer
    • Other document may be requested depending on the insurance type
Support 

We take care of all dealings with the insurer, including endorsements, claims and documentation and we give you timely renewal reminders.

Footprint

We have a wide network in Tanzania from where insurance purchases, renewals and claims can be done with a variety of insurers.

person with a star icon
Quick turn around

We enter into service level agreements with insurers to ensure timely service delivery.    

person with a star icon
Expertise

We offer expert insurance advisory services, as well as risk advisory services.

Are you interested in applying for insurance? 

Fill out the form below and we will contact you to get started




Absa Bank Tanzania is an authorized Bancassurance agent with licence no: BA20200004 from Tanzanian Insurance Regulatory Authority (TIRA). Our staff are qualified insurance experts who can provide advisory services for all your insurance needs. Our current partners are as follows:

General Insurance:

  • Jubilee General Insurance
  • Alliance General Insurance
  • Sanlam General Insurance
  • Britam Insurance
  • Phoenix Insurance
  • Assemble Insurance

Life Insurance: 

  • Jubilee Life Insurance
  • Alliance Life Assurance
  • Sanlam Life Insurance
  • Metro Life Assurance

Medical Insurance:

  • Assemble Insurance
  • Jubilee General Insurance
Need more help?

Call us:
0800750078 (Toll free)
+255 (0)746 882 000 (Network charges apply)

Email us:
talktous@absa.co.tz