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| First National Bank (FNB) Insurance Manager, Masoud Mndeme (right) speaks to journalists (not in the picture) in Dar es salaam during the launch of a funeral insurance cover dubbed “Faraja Plan” and designed to comfort families dealing with the death of a family member. In the centre is FNB Head of Retail Banking, Francois Botha and Metropolitan Insurance Scheme Administrator, Rachael Mwenda (left). |
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| FNB Insurance Manager, Masoud Mndeme (right), Metropolitan Insurance Scheme Administator, Rachael Mwenda (centre) and FNB Head of Retail Banking, Francois Botha(left) hold posters to mark the official launch of a funeral insurance cover product dubbed “Faraja Plan”, designed to comfort families dealing with the death of a family member. |
Launching the product, the FNB Head of Retail Banking, Francois Botha said the product has been named “FNB Faraja Plan”, and is underwritten by Metropolitan Insurance Tanzania, one of the leading insurance companies in Africa.
Botha said the word “Faraja” means “Consolation” because it is designed to comfort families dealing with the aftermath of a death of a family member. “Considering that the cost of funerals has gone high over the recent years, failure to cover the cost of funeral could cause further distress to family members. After the death of a loved one, it can be an expensive, painful and frustrating process of having to put together a funeral to say farewell. With the FNB Faraja Plan it’s possible to have the cost of a funeral covered to save your family from having to pay for it.”
Taking that into account, First National Bank Tanzania has partnered with Metropolitan Insurance to provide the insurance cover which is expected to ease the financial burden to families when they lose a family member.
Botha said the product is part of the bank’s effort to meet the diverse needs of its customers through the provision of competitive financial products and to also improve the financial inclusion of people who did not have access to financial services. “FNB Tanzania will continue to develop innovative products aimed not only addressing the financial needs of our customers but also enriching their lives.”
“For as low as a monthly premium of Tshs 2,500, a customer can buy the funeral insurance policy covering up to six family members which would earn up to five million shillings when the main member losses any of his or her family members registered with the funeral cover.
He said the FNB Faraja Plan covered the main member and other five family members i.e. spouse, children etc and the money is paid to the deceased family after their death to support various costs including mortuary fees, the casket, flowers, the funeral program, as well as food and refreshments.
The Chief Executive Officer of Metropolitan Insurance Tanzania Amani Boma said Metropolitan is excited to partner with FNB Tanzania in rolling out the FNB Faraja Plan.
Boma advised FNB customers and the general public to to purchase the funeral cover because it eases the pain of the bereaved family by offering a financial consolation. “Apart from helping family members to give a befitting burial to their loved ones, this insurance cover will also deepen insurance penetration in Tanzania, he said.”
About First National Bank
First National Bank trades as a division of FirstRand Bank and can trace its origin back in 1838. FNB currently operates in South Africa, Namibia, Botswana, Zambia, Mozambique, Lesotho, Swaziland, Ghana and Tanzania. And it has declared a vision of becoming Africa's preferred financial services provider.
FNB Tanzania officially opened for business on 27 July 2011, and was officially launched on 02 February 2012. Arusha being the 10th outlet in the country; others include Main branch at FNB Head Office, Peninsula branch, Quality Centre branch, Mbezi Beach branch, Sinza branch, Mbagala branch, Kariakoo branch, Kimweri branch and Mwanza branch.
For more information, visit www.fnbtanzania.co.tz or email info@fnb.co.tz
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