Alliance Life Assurance Limited has, through its Savings and Credit Cooperative Societies (SACCOs) Financial Protection Plan, handed over an insurance policy to Dar es Salaam based Wazo Hill SACCOs Limited, declaring plans to embark on aggressive expansion strategy.The insurance cover will pay the outstanding loan of a borrower in case of death or permanent disability and also pays a funeral benefit in case of death.
Speaking during a handover ceremony at the insurance firm’s headquarters in Dar es Salaam on Tuesday, Alliance Life Assurance Marketing Manager Aldeen Anderson said the company is committed to provide Life Insurance covers and services at both Individual and Corporate levels across Tanzania.
She said her company has been instrumental in providing insurance cover to financial institutions including banks, Microfinance Institutions (MFIs) and Saccos.
“We are proud to bring on board Wazo Hill SACCOs Limited. Many Saccos borrow money to lend to their members but when calamity nocks, the Saccos may suffer from the unpaid loan installments because claiming money from bereaved members is a burden,” Anderson said.
She added that her company is set to embark on its aggressive expansion strategy that will see it increase its footprint across the country in the next few years.She encouraged other Saccos to apply for the Saccos Insurance cover, adding that the company’s rates are affordable and competitive.
The Chairman of Wazo Hill Saccos Limited Jaffer Makumba, speaking at the event, noted that the Sacco’s members are set to get great benefits from the Insurance Policy.
Source: Daily News, reported from Dar es Salaam, Tanzania
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