Jubilee Life Insurance: A Company With Excellent Insurance Claims Procedures and Settlement
Life insurance is an essential aspect of financial planning which provides individuals with the necessary financial security to protect their loved ones in the event of their untimely demise. In Tanzania, life insurance is gaining prominence as people recognize the importance of securing their future and safeguarding their family’s financial well-being.
Although insurance penetration remains below 2%, the country’s economy continues to grow, making the need for life insurance increasingly evident. In this article, we will explore the intricacies of life insurance, delving into the numerous benefits it offers, the claim settlement process, and the options available to customers for contract termination. Whether you’re considering purchasing a life insurance policy or already have one, understanding these key aspects will help you make informed decisions and maximize the value of your coverage.
Jubilee Life Insurance (JLICT) has been providing life insurance services for more than two decades now. The dominant products in the retail life business are Career Life Plan and Fanaka Life Plan that offer life insurance coverage with a bonus (return from investment) component which essentially safeguards the future of the clients and their loved ones. Also, these policies provide lifelong coverage and include the bonus component that accumulates value over time.
The vital benefits in these products include maturity, loss of life, disability, policy loan and policy surrender. These benefits enable to build a strong financial foundation and provide financial protection to client’s families by offering a powerful and reliable financial solution. The need for life insurance is influenced by the rise of awareness regarding the uncertainties in life, hence prompting individuals to be proactive in securing their family’s financial stability.
What are the benefits of investing with Jubilee Life Insurance?
Investing in a life policy with Jubilee Life Insurance is a wise decision due to the multiple benefits customers can receive. The company is known for its innovation in designing life insurance products that meet the needs of customers.
Investing with Jubilee Life Insurance is a step towards achieving your financial goals and supporting community development because the company pays claims and compensations promptly, making it more reliable in the market. Jubilee Life Insurance is a market leader in efficiently paying insurance claims. For the past 5 years, Jubilee Life Insurance managed to settle claims worth Tshs 3.6 billion arising from both Fanaka and Career life plan
What is the general claim settlement process, and how does Jubilee Life Insurance handle it?
An insurance claim is a request made by individuals or organizations to the insurance company to receive compensation or payments in relation to their insurance policy. These policies could cover issues such as accidents, loss of life, disability, or other defined losses.
Claim procedures involve the process of reporting the incident to the insurance company while adhering to all procedures to obtain compensation or payment. The insurance company conducts an assessment and may initiate an investigation of the claim before making payments, based on the insurance policy in force at the time of the claim.
Our company’s claims’ philosophy mandates that we assess claims efficiently, fairly, and promptly, in accordance with the law and the guidelines set by the Tanzania Insurance Regulatory Authority (TIRA). We have a dedicated claims department that ensures the timely and accurate payment of valid claims.
What does the customer need to do to receive compensation after the maturity of his/her insurance contract?
When an insurance contract matures, it means the policy has reached its end date, and the policyholder is eligible to receive the agreed-upon amount along with any accrued bonuses. For instance, in policies like Fanaka Plan and Career Life, upon maturity, the client receives the initially agreed-upon amount along with all cumulative bonuses. Additionally, if the policy includes whole life insurance coverage, it means the policyholder will continue to be covered by the insurance for their lifetime.
Our company notifies clients about the maturity of their policies two months in advance through email, phone calls, and intermediaries. The notification communication provides instructions on the necessary documents to facilitate payment processing when the life insurance policy matures. These documents typically include the original policy document, a copy of the National ID, driver’s license, or passport, and bank account details for payment.
Upon receiving the documents, we conduct an assessment within three working days and communicate with the customer if any additional requirements are necessary. Once this process is complete, we proceed to issue the discharge voucher.
The discharge voucher is a document provided to the client or beneficiary, outlining the breakdown of benefits and the net amount payable. Upon agreement with the stated amount, the client or beneficiary is required to sign the discharge voucher and submit it for payment processing. In case the client disagrees with the net amount payable, a further review is conducted to ensure there is consensus before initiating the payment process.
Once the agreed-upon amount is determined, we process the payment and provide the client with proof of settlement for their records, thereby closing the policy file. However, if the policy includes whole life cover, it remains active until the policyholder reaches 90 years of age from the time of entry.
Can a customer terminate his insurance contract?
Jubilee Life Insurance provides an option to terminate an insurance contract if the customer is unable to continue with the life policy, only if they meet all the terms and conditions outlined in the life insurance contract. For example, the client is allowed to cancel the policy within thirty days from the date of its inception and receive a refund of the full amount of premium paid.
In addition, the client can cancel the policy and receive a cash surrender value provided the policy has been in force for three years or five years and all premiums have been paid.
Documents required for terminating the insurance include the original policy document, a letter from the customer explaining their intention to terminate their contract, a copy of the National Identification Card, driver’s license, or Passport (both sides), and bank account details for payments.
Upon receipt of these documents, we conduct an assessment within three working days. Subsequently, the loan amount is disbursed to the client’s bank account, and we provide proof of payment for their records.
Is there any other option for clients in case they need financial assistance and do not want to cancel the policy?
Customers have the option to take a loan against their policy and commence repayment within a specified period before the maturity due date. This loan is exclusively available if the policy has accumulated cash surrender value, and all terms and conditions are fulfilled.
Failure to repay the loan since its disbursement will result in a proportional reduction of the maturity amount of the terminal benefit. This reduction will be equivalent to the loan amount plus the accrued interest for the entire loan period.
The documents necessary for a loan application include the original policy document, a completed loan application letter, a properly filled loan bond form, and a copy of the client’s National ID, driver’s license, or Passport. Additionally, the client’s bank account details are required for payment processing.
Upon receiving these documents, we conduct an assessment within three working days. Once approved, the loan amount will be disbursed to the client’s bank account. Finally, we provide the client with proof of payment for their records.
What happens if the insured person dies or becomes permanently disabled under the insurance contract?
The process of initiating a death claim begins with the receipt of notification, typically in the form of a letter or email, from the deceased’s relatives, beneficiaries, administrator, or estate agent, informing Jubilee Life Insurance of the client’s passing.
The death claim notification and accompanying documents must be submitted to Jubilee Life Insurance within 90 days from the date of death. Required documents include the death certificate, original policy documents, completed certificate of the attending physician, claimant statement, certificate of identity, copy of National ID, driving license or Passport (both sides), and bank account details for payment. In the case of death due to an accident, a police abstract report or postmortem report would also be necessary.
Upon receiving the documents, an initial review is conducted, and the beneficiary or guardian is informed if additional documents are needed for further assessment. Once all required documents are received, a final review and assessment are carried out. If the claim is payable, a discharge voucher is shared with the client for signing. Upon receipt of the duly executed discharge voucher, payment is processed within five working days. Proof of payment is then shared with the client for their records, and the policy file is closed. If the claim is not payable, a repudiation letter is shared with the claimant, specifying the reason for the denial.
For permanent disability claims, the claimant must notify Jubilee Life Insurance through a letter or email. Notification and supporting documents should be submitted as soon as possible, but within 90 days from the date of the event resulting in the disability claim. Required documents include a completed claim form, original insurance policy document, discharge summary, comprehensive medical report, copy of National ID, driver’s license or passport (both sides), and bank account details for payment. In cases of disability due to an accident, a police abstract report may also be required.
Upon receiving the documents, an assessment is conducted, potentially involving the company doctor or an independent doctor appointed to provide a second medical opinion on the degree of disability and the possibility of recovery and return to work. Within fourteen working days, the client is informed whether the claim is payable. If additional documents are needed, the claimant is notified promptly.
Once all necessary documents are received, a final review and assessment are conducted. If the claim is payable, a discharge voucher is shared with the claimant for sign-off. Upon receipt of the duly executed discharge voucher, payment is processed within five working days, and proof of payment is shared with the claimant for their records. The policy remains in force for subsequent instalment payments over a period of thirty-six months.
In conclusion, the prompt and efficient settlement of valid claims is a crucial aspect of post-sales activity, fulfilling the commitment made at the time of selling insurance policies to the market. At Jubilee Life Insurance, we believe that such promptness in settling claims fosters trust and enhances public confidence in the insurance industry as a whole.
