Bancassurance
TCB Bancassurance
Tanzania Commercial Bank partners with top Tanzania insurance companies to offer you the best insurance products Tanzania. We are committed to indemnify or compensate you for covered unforeseen events or investment plans. TCB is registered Bancassurance agency by Tanzania Insurance Regulatory Authority.
Personal Insurance
Personal lines insurance helps to protect individuals from potential losses, they couldn’t afford to cover on their own and make it possible to do things like driving a car and own a home without risking financial status.
Motor Insurance.
This is an insurance contract designed to protect the owner of the vehicle against the damage arising from car accident, theft, fire or any legal liabilities arising from a third party death or injury.
Home/House owners Insurance.
This is a comprehensive policy ideal for House owners and tenants of private residential dwelling houses and flats. The building includes the domestic outbuildings, landlord’s fixtures and fittings, walls gates and fences all on the same premises. The policy is referred to as a “package” because it has five section (A, B, C, D, and E) that cover the building, the contents, personal effects, domestic servants workers and legal liabilities for claims against the owner or tenant (occupier).
Travel Insurance
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad.
Personal accident insurance
provide compensation in the event of death or serious injury by accident, and to mitigate loss of income and any additional expenses incurred if an individual is disabled from attending to their usual work
Sickness insurance
Provides benefits for disablement due to sickness
Medical expenses insurance
Provides individuals who seek medical treatment
Corporate and Commercial Insurance
Business All Risks Insurance
The market is quite vast and is indeed for all commercial enterprises using equipment’s, machinery and apparatus both of mechanical and electronic nature. It is designed for delicate or valuable items of personal nature or office equipment’s used both inside and outside the premises/offices e.g. calculators, typewriters, televisions, telephones, cameras, radios, computers, jewellery against unforeseen events like fire, accidental damages and theft.
Burglary
Burglary insurance is a type of insurance policy that recompenses for loss or damage caused to the insured property and valuable items such as jewellery, cash, stock of goods, furniture, etc. due to housebreaking or burglary. ... A forceful entry by an intruder into the insured premises
Business Interruption
Business interruption insurance is insurance coverage that replaces business income lost in a disaster. The event could be, for example, a fire or a natural disaster. Business interruption insurance is not sold as a separate policy but is either added to a property/casualty policy or included in a comprehensive package policy as an add-on or rider
Fidelity Insurance
Fidelity Guarantee Insurance policy provides cover against the financial loss suffered by the Insured as a result of fraud/dishonesty of employees of the insured up to the maximum limit selected for insurance per employee. Scope. The insured is covered against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed.
Goods in Transit
This is required by Transporters, Haulers, Importers, exporters, enterprises with various business locations e.g. Supermarkets, Distributors, Manufactures etc. Goods in transit refers to movement of cargo (goods) during inland transit by road, railway or waterway, this is where cargo originates from one inland point to another inland point. This could be within one town, between towns or between countries.
Fire and Allied Perils.
This is very wide as it ranges from companies, factories, wholesale and retail establishments, distributors, banks, warehouses and hotels etc. to enable us quote the proposer should indicate the current values for the following items to be inured: i. Buildings ii. Stock in trade iii. Machinery and equipment IV. Furniture, fixtures and fittings v. Goods held in trust/custody.
Money insurance.
Money insurance policy provides cover for loss of money in transit between the insured’s premises, bank and other specified places occasioned by robbery, theft or any other fortuitous cause. It also provides cover for loss of money in the business premises, safe or vault.
Aviation Insurance.
Aviation insurance is insurance coverage geared specifically to the operation of aircraft and the risks involved in aviation. Aviation insurance policies are distinctly different from those for other areas of transportation and tend to incorporate aviation terminology, as well as terminology, limits and clauses specific to aviation insurance.
Marine Insurance.
Marine insurance refers to a contract of indemnity. It is an assurance that the goods dispatched from the country of origin to the land of destination are insured. Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination.
Bonds.
There are a variety of bonds. However the most common bonds are:-
- Bid Bonds
- Performance Bonds
- Security Bonds
- Customs Bonds
- Transit Bonds
- Advance Payment Bonds
Engineering.
There are various categories of engineering insurance which can be arranged on behalf of our clients. There includes.
Machinery breakdown
Loss of profits following machinery breakdown
Deterioration of stock machinery breakdown
Contractor all risk (CAR)
Contractors plant and machinery (CPM)
Electronic equipment insurance
Erection all risk insurance
2. Life Insurance Products
2.1 Group Life Assurance.
This policy is usually purchased by the employer to cater for the death while in service or disability benefits of its employees. It is a known fact that when an employee dies or is disabled and out of work, it affects his or her family, customers, co-workers, managers and to a large extent the business can suffer significantly as a result. Typically, the amount of life cover provided is related to a number of years’ salary (i.e. 2, 3, 4, or 5 times annual salary)
2.2 Key Person Insurance.
A key person is someone who has special skills, knowledge or contacts which are essential to the success of a business.
2.3 Group Funeral/ Last Expense Cover.
A group funeral/last expense policy may cover employees, their spouses and children depending on the employer’s preference. The policy enables employers, large groups, unions etc. to provide funeral benefits to cover funeral expenses for their members. Regardless of the policy taken, this policy pays out the sums assured, within 48 hours, to assist in meeting the funeral costs.
2.4 Akiba Ya Maisha (Savings & Life)
This is a policy that provides a mechanism to save for a future event and also provides life cover. The money will pay at the end of the investment; will be paid to the main member or to the nominated beneficiary. The money paid will depend on the savings premium and the investment performance of the underlying assets.
2.5 Educare Life Assurance.
This is a policy that provides a mechanism to save for a future children education in- case of event which caused death to breadwinner or parents and also provides life cover (principal). The money will be paid to the main member if survives, university, college or to the ultimate nominated beneficiaries.
2.6 Nishike Mkono for both formal and informal groups.
This provides death benefits to group principal member, the spouse, children maximum of four and parents including in-laws up to Tshs 5M from minimum contribution of Tshs 1000 per month which is paid on annual basis.
2.7 Credit Life Assurance
This is provides cover to a lender against financial loss which they would be likely to suffer following the death or permanent disablement of a borrower before a loan is fully recovered. This prevents difficulties related to a collaterals and frees pledged securities to respective family members or dependents once breadwinner dies.
3. Micro-insurance
This is the protection of low-income people against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involved. This definition is exactly the same as one might use for regular insurance except for the clearly prescribed target market: low-income people. The target population typically consists of persons ignored by mainstream commercial and social insurance schemes, as well as persons who have not previously had access to appropriate insurance products.
4. Insurance Premium Financing (IPF)
This is a loan product designed to finance payment of non-life insurance premium due to an insurance company from the Insured. The Bank enters into an agreement with the Insurer and the Insured whereby the Bank agrees to pay immediately in full the insurance premium of the Insured on the terms and conditions stipulated in the IPF Agreement. IPF requires endorsement by an Insurer as it creates certain rights and financial interest of the Bank in the insurance policy financed and should therefore be noted in the policy appropriately. Both individual and corporate/business clients may apply through TCB branches.
5. Agricultural Insurance
5.1 Crop insurance (annual & perennial crops)
MPCI-Mult Peril Crop Insurance ( it covers fire, lightning, flood, drought-on some areas, Storm, Hail, and uncontrollable diseases)
Weather index insurance (it covers drought and excessive rainfall)
Area Yield Insurance ( Protects farmers from yield shortfall that may arise due to various perils (named perils) in a certain area usually district/ Province)
Livestock Insurance
Cover domesticated animals against accidental death due to Fire, flood, lighting, emergency slaughter recommended by veterinary surgeon and uncontrollable diseases.
Poultry Insurance
Provides cover against losses due to accidental death, uncontrollable diseases, and emergency slaughter recommended by veterinary surgeon.
Birds covered:
- Broilers
- Breeders
- layers