A new product has been launched in Dar es Salaam for mobile users to mobile phones to get instant insurance cover on their phones worth up to Sh500,000, as a result of a new partnership between NMB Bank Plc and Reliance Insurance.

The new product applies only to the clients who subscribe to the Bank’s lenders mobile platform, NMB Mkononi, and the arrangement cover mobile phone damage. In a statement from the firms, clients are eligible to receive a maximum of two claims per 12-month period.

“While the claims process is supported by NMB Bank, Reliance Insurance Company will provide the insurance policy. With this insurance policy, customers will receive up to Sh500,000 per claim and a maximum of two claims per 12-month period,” it said.

NMB Bank’s retail banking chief, Mr Filbert Mponzi, explained that the arrangement provides cover for accidental damage in the event of an unforeseen occurrence.

“With an increasing number of phone users in the country, there is an increased urgency to drive greater efficiency and improve the overall consumer experience at every touchpoint of the customer journey…

“Keeping aside the actual cost of the gadget in one’s hand, it is a piece of great value for its user. The fear of damaging a smartphone can be of great extent for many of us. To get rid of this nightmare for once and for all is exactly why we are partnering with Reliance Insurance to provide this unique service for NMB Mkononi users,” he said.

The product is billed to be a tailor-made product and service basing on the expertise and underwriting experience in the banking sector with which it was made.