The National Bank of Commerce (NBC), one of the largest retail banks in Tanzania, has launched its Free Credit Life Assurance (Loan Insurance) product.
Speaking at the launch of the product which was held at the NBC Head Office in Dar es Salaam, the bank’s Head of Insurance, Ms. Kemibaro Omuteku said, “This is another key milestone for our bank, as our brand purpose is to help people achieve their ambitions – in the right way, the product is for all the Individual borrowers for Term loans, Vehicle loans, Personal loans, Group Scheme loans, and Overdrafts (Sole Proprietors). This benefit excludes Registered Companies. Free cover limit will be TZS 350 million for Personal loans, Term loans and Overdrafts”.
This insurance cover pays the outstanding balance of the personal loan in the event of death or total permanent disability of the borrower provided that loan repayments are up to date as contracted with NBC Limited.
It is a free product because NBC Limited will pay the Borrower’s Insurance premiums (charges).
Ms. Omuteku added that the Free Credit Life Assurance cover is only for new loan applications from 4th April 2014 and Top-up Loan applications for Term loans, Vehicle loans, Personal loans, Group Scheme loans and Overdrafts (Sole Proprietors). This benefit excludes Registered Companies.
“This is not a special offer as NBC has committed to pay the insurance premiums for all eligible individual borrowers for approved New loans and Top-up loans from 04 April 2014.If you already have a loan with NBC then it means that you are already covered for Loan insurance. You will only be eligible to enjoy the benefits of the Free Credit Life Assurance once you either apply for a new loan (on completion of the current loan) or your loan Top-up request is approved.” She added.
NBC has a range of insurance products in two categories, Non life insurance are Motor Insurance, Fire & Allied Perils, Domestic Package, Burglary and Plant All Risks and Life insurance are the embedded Funeral Assurance for Transaction/Ordinary Savings Account holders, embedded Accident and Funeral Assurance for Private Banking Account holders and NBC Direct Account holders.
NBC is one of the largest retail banks in Tanzania with a staff of 1,300, 52 branches and 280 Visa enabled ATMs.
The bank also services over 250 Points of Sales strategically located throughout the country.
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