BeamLife
Life insurance policies help provide security to either you or your beneficiaries after you pass away.
About this cover
BeamLife Insurance is a financial investment product that offers savings benefits. It provides a financial return to the policyholder upon maturity, as well as a funeral benefit (condolence payout) to family members in the unfortunate event of a claim before maturity. Benefits are payable in the following situations:
- Upon policy maturity if the policyholder survives the term
- In the event of the policyholder’s death during the policy term
- In the event of the death of the policyholder’s spouse or children
Key Features of BeamLife Insurance:
- Policy tenure: 5 to 15 years
- Flexible payment options: Lump sum or instalments
- Minimum lump sum payment: TZS 2,000,000
- Minimum instalment payment: TZS 5,000
- Lock-in period: 3 years
- Investment return: 7% per annum (compound interest)
- Payment methods: Salary deduction, bank standing order, or mobile payment.
Eligibility:
BeamLife Insurance is available to individuals aged between 18 and 75 years who have an insurable interest and the financial capacity to purchase the product.
Terms
- Cover begins once payment is complete and the certificate is issued.
- Claims are settled in line with the terms of your policy.
- NIC is registered and regulated by the Tanzania Insurance Regulatory Authority (TIRA).
This is a summary. The full terms are set out in the policy document you receive, and that document is what governs your cover.