Absa Insurance | Insure Your Property With Absa Bank

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Absa insurance | Insure Your Property With Absa Bank In this Article you will find How to insure your Product with Absa insurance ,Absa Motor insurance ,Absa Domestic Insurance, Absa Medical Insurance, Absa Travel Insurance, Absa Life insurance and Insurance Premium Financing (IPF) Also you will get Absa insurance claim procedure and Contact details stay with us.

Absa Insurance | Insure your Property with Absa Bank

Absa Motor Insurance

Motor Insurance Categorized in to two Comprehensive or Large insurance and Third part in other word small insurance as Described bellow:

Motor comprehensive insurance
  • Motor comprehensive insurance protects your vehicle against loss of parts of or the whole vehicle caused by theft, fire, accidental damage and road accidents, as well as damage to third party property or injury to persons.
  • This insurance applies to motor cars, motor cycles and motor tricylces.
Motor third-party insurance
  • Motor third-party insurance provides cover against accidental damage to third-party property or injury to third-party persons cuased by the insured. The legal cost to repair or compensate will be paid to the third party by the insurance company upon court ruling. You will not be paid compensation if your own vehicle gets damaged.
  • This insurance applies to motor cars, motor cycles and motor tricylces.

Absa Domestic Insurance

What does it protect
  • Building: this protects the building and structure of the house, walls and fences, water tower and servants’ quarters against fire and allied perils (floods, landslide, earthquake, etc.)
  • Household contents: this protects items like refrigerators, TV, furniture, clothes etc against fire and burglary/theft (contents to be stolen by a forced entry)
  • ‘All Risk’: this protects items such as mobile phones, jewelry and laptops from damage and theft if the items are inside the house or off the property
  • Public liability: this protects against accidental injury to guests or damage to their property if they are on your property
  • Domestic employees: this includes workmen’s compensation due to accidents that occur during daily work on your property

Absa Medical Insurance

How it works
  • This type of insurance cover pays for an individual’s or his/her family’s medical cost resulting from different illnesses/diseases/conditions or accidents. Usually insurance companies enter into an agreement with health centers or hospitals to provide medical services to their clients on credit. In some instances, individuals have to pay from their own pocket and then get a refund from the insurance companies upon producing a valid receipt.
  • Prices for medical insurance can be determined based on different parameters such as the size of the family, age of the members, type of the coverage (whether it is an individual cover or family shared cover), health history, family health background and coverage limits required.
What is covered
  • 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 hospitalisation of the client. It covers accommodation, check-ups during hospitalisation, 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.
  • Maternity: this covers maternity cost for pregnant women. Cost such as pre-natal clinics, delivery and post-natal clinics are covered. These cost can either be for normal delivery or caesarean delivery.

Absa Travel Insurance

How it works

This is an insurance policy purchased to cover potential losses caused by different events for a person who intends to  travel from one country to another. Most countries would require people visiting their countries to have travel insurance protection to cover themselves against various travel risks. At times, this insurance is a necessary visa requirement.

Most of the travel insurance policies settle claims in terms of reimbursement to their client. This means that once someone has incurred a certain covered loss, they will first have to bear the cost themselves and then claim reimbursement from the insurance companies either by showing the evidence or valid receipts. Premium/Cost for travel insurance mainly depends on the country you are travelling to and the length of stay.

What is covered
  • Loss of luggage: this covers against the loss of luggage whilst you are in transit or at the destination.
  • Repatriation cost: this covers the cost of returning the deceased body of the insured from a foreign country back to their home country.
  • Loss of documents: this covers replacement of lost documents such as passport, national ID or driving license once you have travelled.
  • Medical treatment and hospitalisation abroad: this covers reimbursement of cost incurred for medical treatment or hospitalisation in a foreign country if you are in an accident, fall sick or become ill.
  • Legal defense: this covers legal cost once one is involved in a case/legal liability while in the foreign country.
  • Emergency return home following death of a family member: this covers for any cost arising from change of tickets or any arrangements for early returns due to emergency situations.
  • Missed flights or cancellations: based on certain acceptable reasons, insurers pay a certain amount if you miss your flight or if your flight is cancelled.

Absa Life Insurance

How it works
  • Individual life policies provide a payout if the insured either dies (primary reason), is disabled or suffers certain critical illness. There are various types of individual life policies taken against the life of the assured. However, they come in two core forms: ‘pure risk’ or ‘pure risk plus savings/investment’.
  • A pure risk policy pays out only when a death, disability or critical illness (if covered) occurs. A pure risk plus savings/investment plan pays out if any of the above events occur, and, if none of those events occur, it pays out a defined amount on maturity of the policy. This resembles a bank saving accounts but differs only in the life assurance protection of the main member. Other versions of such policies pay out on both cases  (an event occurring throughout policy lifetime and again on maturity).
  • Premium for such policies depend on the length of the plan, amount required as a payout on death/disability and on maturity, age of the assured and the current medical condition of the assured. Premium can be paid monthly, quarterly, semi annually or annually. Some policies come with a ‘premium waiver benefit’ which gives the ability to continue receiving policy benefits without paying premium should an event occur throughout the lifetime of the policy.
  • The payout from a life policy can be used for different purposes by the beneficiaries. Some common life assurance plans are the ones targeted to cover for education cost of the children left behind and seem to be very attractive compared to other types of life plans. Education policies however are not the only life policies one can buy.
  • Life assurance is also a way to transfer wealth to the next generation. Good financial planning can assist an individual to provide for future protection against risks from achieving certain goals and also transfer wealth (sometimes with tax savings).

Absa Insurance Premium Financing (IPF)

How it work

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
  • 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

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:
  • National ID card or passport
  • Completed IPF application form
  • Premium quotation from insurer

Apply For Insurance Here

Bottom Line

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
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