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I&M Bank Tanzania - Insurance Premium Financing

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Insurance Premium Financing

Insurance Premium Financing is a loan product designed to finance payment of non-life insurance premium due to an insurance company from the Insured. The Bank enters into an agreement with the Insurer and the Insured whereby the Bank agrees to pay immediately in full the insurance premium of the Insured on the terms and conditions stipulated in the IPF agreement. IPF requires endorsement by an Insurer as it creates certain rights and financial interest of the Bank in the insurance policy financed and should therefore be noted in the policy appropriately.

Examples of such Insurance policies:

  • Applicable for new or renewal of insurance under General Insurance Policies
  • Facility is available in USD and TZS with minimum premium amount of USD 5,000 or equivalent in TZS.
  • Bank may finance 100% of the premium amount and maximum repayment period shall not exceed 10 months.
  • The payment of premium to be made through I&M Bank only with first installment collected prior to remittance of premium
  • Interest charged is 4% up to 7.50% flat for facility in TZS and 2% up to 4% flat for facility in USD basis tenor of the facility
  • Quick Turnaround with minimal documentation

Benefits

100% finance on applicable insurance premiums

100% finance on applicable insurance premiums

No credit appraisal

No credit appraisal

No hidden charges and commitment fees

No hidden charges and commitment fees

Convenient and simple documentation

Convenient and simple documentation

Competitive pricing

Competitive pricing

Additional Details

  • Fire and perils

  • Motor Commercial or Private

  • Industrial All Risk

  • Workmen’s compensation

  • Burglary

  • No hidden charges and commitment fees

Want Insurance Premium Financing?

For more information contact your Relationship Manager or Customer Service representative or Email us at invest@imbank.co.tz or call +255 784107999.

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