What is the term of micro insurance?
Overview: The International Association of Insurance Supervisors (IAIS) defines microinsurance as the protection of low-income people against specific perils in exchange for regular premium payments appropriate to the likelihood and cost of the risk involved. According to the IAIS, the term refers to servicing a ...
What is sum assured in whole life insurance?
A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder's demise. The insurance company pays this money as per the sum chosen by you at the time of purchasing the policy.
What are the micro insurance products in Tanzania?
The microinsurance market in Tanzania mainly offers life, hospital, and simple funeral insurance cover. Other products include personal accident, credit life and crop insurance. Microinsurance covers 4.5 million people which is only 18% of the adult population.
What are the advantages of micro insurance?
Microinsurance is a way many more people can insure and protect some of their most valuable assets. It can bring a sense of security to low-income families who could not afford insurance before. Other benefits include transparency. There's the ability to handle claims quickly and accurately.