Residents urged to embrace life insurance for their social security

LAKE ZONE: RESIDENTS of the Lake Zone have been encouraged to invest in life insurance to safeguard their health and financial security.

The call came from Lake Zone Manager for the National Insurance Corporation (NIC), Ms. Stella Marwa, during an interview following the 19th East African Trade Fair in Mwanza City.

The NIC used the event to educate Mwanza residents and those from nearby regions about the benefits of insurance services.

Ms. Marwa explained that NIC, fully owned by the government under the Ministry of Finance, offers a range of property, accident and life insurance services.

“Property and accident insurance cover homes, agriculture, vehicles and accidents, along with a variety of life insurance products,” she said.

She highlighted life insurance options that provide not only protection but also investment opportunities and savings for the future.

Despite ongoing efforts to educate the public, Ms. Marwa expressed concern that many Tanzanians remain hesitant to join insurance schemes.

She cited home insurance as an example, noting that it protects against risks such as fire, storms, floods and earthquakes.

“If disasters occur and damage your house, insurance compensates you, preventing significant financial losses,” she said.

Ms Marwa also emphasised that insurance is essential for anyone looking to invest, as it shields individuals and businesses from financial setbacks that could destabilise their economy.

“Insurance is crucial for anyone aspiring to be a good investor,” she said.

She further mentioned the importance of third-party motor insurance, a legally mandated policy that covers vehicle owners from liability in case of accidents.

Despite its affordability, many still do not purchase this coverage and risk being caught by traffic police.

“For just 118,000/-, one can obtain this required insurance, reducing the impact of road accidents,” she noted.

Ms Marwa urged bus passengers and other public transport users in the Lake Zone to ensure that the vehicles they travel in are insured.

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With online systems in place, passengers can easily verify the insurance status of their transport.

On life insurance, she explained the benefits of protection, savings and investment, with policies tailored based on the individual’s age and the chosen coverage period.

“Life insurance provides assurance, with immediate compensation in the event of an unfortunate incident.

If the policyholder passes away, their beneficiaries will also receive compensation,” she said.

Ms Marwa encouraged Tanzanians to join life insurance schemes for the financial security of themselves and their families.