About Bumaco Life Insurance

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We strive to provide safe future life to all

Bumaco Life Insurance rises from a core philosophy of “insurance as a development tool”. Bumaco is built with the mission of serving people in management and development. In respect to this, we have been serving the Tanzanian community since 1981. Our insurance history is traced way back in 1982 when we were an agency dealing with both life and non-life insurance. Following a wealth of experience in providing general insurance to the Tanzanian community and the ongoing national call for expanding the penetration of insurance in the country, Bumaco Life Insurance Company was registered in 2019. The Company is incorporated in Tanzania under the companies Act (2002) and chartered to operate as an insurer under the Insurance Act, 2009.

As our serving mission guides us, we strive to provide life insurance products, services and education to all Tanzanians. Our purpose is for every citizen to have a risk plan for themselves and their families. We, thus, have a range of products for both individuals and groups.

Our Vision

Providence

Our Mission

To initiate, propagate and institute among individuals, groups and communities lifestyles that embody providence and provide insurance services that support the actualization of this mission.

Core Value

For our customers, stakeholders, employees and society at large, Bumaco life Insurance Company Limited will strive for:

Integrity, compassion, team work, excellence, responsibility, accountability

Our Product

Bumaco Life Insurance Company Limited offers the following products:

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Anticipated Endowment

This assurance policy provide for lump sum benefits at periodical intervals. But in the event of death the full sum assured is payable

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Bumaco Life Provider

This assurance policy provide for lump sum benefits in the event of death and on survival, 2 times the full sum assured together with accrued bonuses will be paid

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Education Annuity

The sum assured and accrued bonus are paid by instalment over agreed period to provide fees for whether Primary, Secondary or University Education.

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Endowment

This product of assurance has both, protection and savings elements. It provides benefits on premature death of an employee or on retirement of the employee.

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Endowment Maturity at Age 60

In this policy the holder chooses to have the policy to mature when he attains age of 60 years

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Fixed Term Assurance

Term of assurance in this type of assurance is 7 years to 20 years

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Group Credit Life

This policy is designed to pay off a borrower's debt if that borrower dies within the loan period.

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Group Endowment

This policy pays the sum assured, together with the accrued bonus if applicable, on death of a member or on survival until attaining retirement age.

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Group Life Assurance Plan

This plan suits groups that are tied together for similar purpose. Each member of the group will have their own limit or sum of assurance and will be specified in the policy schedule

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Immediate Annuity

This is a plan where a policyholder chooses to purchase an annuity to be paid to him monthly for a term of 5 years or beyond if the annuitant is alive

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Super Education Annuity

The sum assured and accrued bonus are paid by instalment over agreed period to provide fees for whether Primary, Secondary or University Education in categories policy of Junior, Senior or Combo.

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Whole Life Assurance

In this type of assurance, the policyholder agrees to pay premiums into the policy for a specific term.

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Bumaco Life Team