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African Life Assurance Leadership in Tanzania: High End Individual Policies

In October 2012, African Life Assurance, the leading life insurer in Tanzania became the first insurer to launch an innovative “High End” life assurance product that offers a comprehensive benefit set, catered for the middle to high income market segment, aimed at meeting their desire to provide for the future and protect their family’s lifestyles.

 Aptly called ‘ALAMAX’, the product provides life assurance cover from 50million TZS to any maximum desired limit subject to meeting minimal underwriting requirements. Benefits covered are death, total and permanent disability and critical illness. The policy has no waiting periods and can also be used as a surety for a loan.

Describing the product, Mr. Julius Magabe, CEO of African Life Assurance, stated that, “No other individual life assurance product in the market meets the realities of life as much as this one does. The retail life assurance market remains underserved at present and the addition of ALAMAX to our retail products’ menu underscores our mission of providing affordable financial security to individuals and families across Tanzania. We have put together our combined expertise and extensive experience to come up with a product that is perfectly tuned to the Tanzanian market and we’re proud to have delivered ALAMAX, a policy that is designed to offer much long-term financial protection.”

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African Life Assurance Tanzania is the leading life insurer in Tanzania with an A+ rating by Global Credit Rating Company (GCR). Having commenced operations in 2005 as the first specialist life insurer, African Life has grown to be  the No.1 one life insurer holding a 50% overall market share of life insurance business in Tanzania.

African Life Assurance is a member of the Sanlam Group, a leading financial services provider with over 95 years of establishment and experience in the life insurance and employee benefits business. The Sanlam Group has operations in over 10 African countries and therefore has a wider understanding and the ability to meet the needs of this market. Sanlam also has operations Europe, Asia, Australia and America, therefore bringing international expertise to compliment products and services offered in its African operations.

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