Screenshot 2024-10-21 at 14.15.24

OVERVIEW OFLIFE INSURANCE: WHAT IT IS, HOW IT
WORKS AND BENEFITS

16.10.2024
Presenter: Jumanne Muruga- Retail Manager
Training Overview
● About Alliance Life Insurance

●The Overview of Life Insurance
●Benefits of Life Insurance
●How it works
●ALAL Products and how it works
●Questions and Discussion
ALAL is a ALAL OVERVIEW
Private Ltd
Company
2010 – Alliance Life

was established
2024
2009 – Insurance Law – Spli>ng

Life and Non-Life
1998 – Life Dept. at Alliance

Insurance Corpora9on
15%
Alliance Insurance
Corpora:on Ltd
Union Trust Investment Ltd
70% 15%
MAC Group
THE OVERVIEW OF LIFE INSURANCE
• Legally binding contract between a
policyholder and an insurer
• The policyholder pays regular premiums till
the term of the policy and the insurance
company pays agreed benefits to the
policyholder or the beneficiaries.
• Benefits are Death benefit to the nominee
when the insured dies or Maturity benefit if
the policy holder survives the term of the
policy.
• Important that policyholder pays premiums
regularly.
HOW DOES A LIFE INSURANCE POLICY

WORK?
• Policyholder pays a small sum as a premium
for ensuring a large protective amount (sum
assured).
• If all due premiums are paid, the insurer will
pay the sum assured to the beneficiaries of the
life insured in case of untimely death due to
illness or accident.
• If the policyholder survives the term of the
policy, s/he may receive a maturity benefit
depending on the type of life insurance policy.
ALAL- INDIVIDUAL LIFE- PRODUCTS
PRESENTATION
Presenter: Jumanne Muruga
ALAL-INDIVIDUAL LIFE ASSURANCE AllianceLife

ASSURANCE
COVERS
Alliance Life Individual Life Products are single endowment plan designed to cater for
future financial needs for education expenses and long term financial plan for any
financial dream of the policyholder while enjoy the life cover during uncertainties with a
fixed period of time.
Basically we have mainly three retail products as follows;
•Somesha Plan
•Jiimarishe Plan
•Maisha Zaidi Plan
ThinkLife,ThinkAllianceLife.
SOMESHA AND JIIMARISHE PLAN -BENEFITS
Benefit offered: Protection, Cash back benefit, Saving and WOP on TPD
SOMESHA AND JIIMARISHE PLAN
Fullmaturityon
Cashbackbenefitonreachingevery
Protection:Deathofthe WOPforTPD reachingtheend
PolicyHolder 36monthsofthepolicyinforce
ofthepolicyterm
•Education and Life Plan Minimum Sum Assured TZS 5m

•Policy term: Minimum term 5 years , Maximum 15 years
• CASH
Available on all the three products BACK BENEFITS
Somesha, Jiimarishe and Maisha Zaid Plan
• Payable after 36 months premium paid and applied to the policy.
• Policy should be in-force at the time cash back falls due.
• Cash back benefit = Return of 10 premiums to Policy holder Subsequent cash back benefits are paid
after each set of 36 premiums, provided policy is in-force.
FUND YOUR ENSURE YOUR

FUTURE CHILD’s FUTURE
MAISHA ZAID
• Retail Product : Offers triple benefits – Savings, Protection and Cash back.
LIFE PLUS PRODUCT : OFFERS THE
FOLLOWING BENEFITS
• Maisha Zaidi Minimum Sum Assured TZS 60M and there is no maximum Sum Assured
• Policy term: Minimum term 10 years , Maximum 15 years.
BENEFITS OF ALLIANCE LIFE RETAIL

• PRODUCTS
Alliance Life Retail products not only helps you meet your investment needs and secure your
family but also assist in
• meeting your children’s education costs.
• Life is full of uncertainties and seldom turns out the way we plan.
• Securing your family's well-being and future
• Protection for you and your family
• Your family depend on your financial support to enjoy a decent standard of living, that is why
life insurance is important once you start a family.
• Alliance Life Individual life covers are simple products that caters to your dream of making
good investment and securing your child’s future!”
INVEST IN LIFE
INSURANCE
ENHANCED PRODUCTS
Triple benefits
FEATURES
Savings, Protection, Waiver of Premium, and Cash back option
Entry Age (age last birthday) 18-60 Years
Policy Term 5,7, 10, 12, 15 years
Premium Paying Term Throughout the policy contractual term
Payment Method Employer Salary Deductions, Bank Debit Orders
Cover Range TZS 5m to 60M (Individual Life) and TZS 5M to TZS 100M
(Education Plan) Life Plus TZS 60M and there is no Maximum
Premium Frequency Monthly and Annual
Maturity Full sum assured amount together with earned bonus
BENEFIT ILLUSTRATION EXAMPLE

EDUCATION PLAN
Age 18-45yrs
Term 10
With Cashback Without Cashback
Guaranteed Sum Assured 20,000,000 20,000,000
Revisionary Bonus for 10 years 8,400,000 8,400,000
Terminal Bonus for 10 years 568,000 568,000
Total Cashback amount 8,280,000 0

Full Maturity Value 37,248,000 28,968,000
Monthly Premium 276,000 208,000
LIFE PLAN
Age 18-45yrs
Term 10
Terminal Bonus for 10 years 426,000 426,000

Monthly Premium 189,000 139,000

LIFE PLUS
Age 40
Term 10
Terminal Bonus for 10 years 2,840,000 2,840,000

Monthly Premium 1,300,290 961,030
MATURITIES :
INDIVIDUAL LIFE PLAN & EDUCATION PLAN
ENBOARDING PROCESS
1. Name
2. DOB
3. Gender
4. Sum
Assured
Medical -
Life Plus
IMPORTANT REQUIREMENTS
•Completed and signed Proposal form duly filled and signed by the Life
•Proof of Age (Passport/National Identity Card)
•First Premium payment
•Salary Standing Order form, Employee deduction code form or Bankers Order form filled and
signed by the customer.
Questions and Discussion

Thank you !

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OVERVIEW OFLIFE INSURANCE: WHAT IT IS, HOW IT

WORKS AND BENEFITS

● About Alliance Life Insurance

2010 – Alliance Life

2009 – Insurance Law – Spli>ng

1998 – Life Dept. at Alliance

HOW DOES A LIFE INSURANCE POLICY

Presenter: Jumanne Muruga

ALAL-INDIVIDUAL LIFE ASSURANCE AllianceLife

SOMESHA AND JIIMARISHE PLAN

•Education and Life Plan Minimum Sum Assured TZS 5m

FUND YOUR ENSURE YOUR

BENEFITS OF ALLIANCE LIFE RETAIL

Entry Age (age last birthday) 18-60 Years

Policy Term 5,7, 10, 12, 15 years

Premium Paying Term Throughout the policy contractual term

Payment Method Employer Salary Deductions, Bank Debit Orders

Premium Frequency Monthly and Annual

Maturity Full sum assured amount together with earned bonus

BENEFIT ILLUSTRATION EXAMPLE

Revisionary Bonus for 10 years 8,400,000 8,400,000

Terminal Bonus for 10 years 568,000 568,000

Total Cashback amount 8,280,000 0

Revisionary Bonus for 10 years 6,300,000 6,300,000

Terminal Bonus for 10 years 426,000 426,000

Total Cashback amount 5,670,000 0

BENEFIT ILLUSTRATION EXAMPLE

Revisionary Bonus for 10 years 42,000,000 42,000,000

Terminal Bonus for 10 years 2,840,000 2,840,000

Total Cashback amount 39,008,700 0

Questions and Discussion

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