Affordable insurance in Tanzania is available through mobile platforms and major banks, with options like VodaBima offering health and TTCL’s 15071# offering personal accidents. Major, low-cost options include CRDB for motor insurance, NMB for home/property, and Strategis for health.
Top Affordable Insurance Options in Tanzania
1. Health Insurance:
- Vodacom Tanzania AfyaPass (via VodaBima): Take care of your health at an affordable price with VodaBima AfyaPass. VodaBima in partnership with Assemble Insurance enables you to buy medical insurance for as low as Tsh 70,000 per year
- Exim Bank Tanzania: Provides tailored, comprehensive medical plans for individuals and families. Offers life Insurance, medical Insurance, Domestic Insurance, motor Insurance and travel Insurance
- Strategis Insurance: One of the first private insurers, offering affordable,, specialized Medical, Motor Insurance, Travel-Insurance, Fire Insurance, Asset All Risk Cover, Theft Insurance.
2. Motor Insurance (Car, Motorcycle, Bajaj):
CRDB Bank: Offers highly affordable, value-for-money cover to protect you against any loss of or damage to your motor vehicle resulting from an accident, theft, or fire. They also offer third-party liability.affordable coverage against accidents, theft, and fire.
Hazina Insurance: Hazina Insurance handles Risk Management for Corporates and Individuals by assisting on Needs Assessment and providing three types of insurance covers namely General Insurance, Medical Cover (Health Insurance) and Life Insurance. Under General Insurance Hazina Insurance offer Motor Insurance, fire insurance, Property Insurance, Goods in Transit Insurance, home insurance, disability insurance, Travel Insurance, Worker’s Compensation Insurance, Agricultural Insurance, Health Insurance.
3. Life & Funeral Cover:
NBC Bank: Offers embedded funeral insurance for savings accounts and credit life insurance for loans.
NIC Insurance: BeamLife provides a hybrid investment product with both savings and funeral benefits.
4. Home & Property Insurance:
TTCL Bima na T-PESA: Provides home owner policies via phone (e.g., Tsh 177,000/year for home coverage).
Stanbic Bank Tanzania: Domestic packages covering home, contents, and personal belongings.
NMB Bank: Offers home insurance with rates for buildings at 0.15% and contents at 0.3%.
Tips for Cheap Insurance in Tanzania
- Use Mobile Platforms: Dialing 15071# allows for quick, low-cost purchasing of, for example, “Safari Njema” personal accident cover.
- Compare Quotes: Obtain at least three quotes from different companies, as prices for the same coverage can vary.
- Use Brokers: Firms like Octans Insurance Agency can help negotiate better, lower-cost premiums.