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Travel insurance cover hits market
2008-07-31 10:12:34
By Michael Haonga
Phoenix of Tanzania Assurance Ltd has partnered with Mapfre Asistencia of Madrid to introduce travel insurance cover in Tanzania.
This was revealed on Monday by the company`s General Manager, Subhash Wadhawan, during an interview with this paper.
Insurance policies under this category would cover travel risks for people travelling abroad.
The insurance covers would be availed to both air and surface travellers, taking into account the risks related to hospitalisation abroad, accidents, transport or repatriation in case of illness.
Other benefits arising from the new insurance product include repatriation of family member of the insured, repatriation of mortal remains, travel for one immediate members, emergency return home following death of a close family member, delivery of medicines, relay of urgent messages, cover to losses of passport, national identity card, loss of checked in baggage during travel and delayed flights.
Mapfre Asistencia, with which Phoenix has entered into a joint venture, was an A+ (superior) rated company by AM Best since 1999 and AI rated by Moody`s since 2002 operating in most of the countries in Asia, Europe, America and Africa with over 120 million beneficiaries.
At the same time, Phoenix will introduce outpatient insurance cover very soon.
The premium for this product is pegged at 200,000/-.
Once paid, it would entitle the insured to get treatment of any type of disease in a hospital of ones own choice throughout the year without having to pay cash directly to the hospitals.
The limits for the in-patient or out-patient treatment would be selected by individuals at the beginning of the policy engagement depending on the ability of the insured to pay for policy cover.
All insured agents would be given special identity cards that bears their names, photo and type of scheme of the Phoenix of Tanzania Assurance Company Ltd, he said.
The out-patient insurance cover has come hardly a year after the company introduced health insurance cover to in-patients in the country. Phoenix has also invested in real estate.
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