IPA Tanzania

Life Insurance Coverage Proposal

Introduction:

Innovations for Poverty Action (IPA) is a research and policy nonprofit that discovers and promotes effective solutions to global poverty problems. IPA brings together researchers and decision-makers to design, rigorously evaluate, and refine these solutions and their applications, ensuring that the evidence created is used to improve the lives of the world’s poor. In recent decades, trillions of dollars have been spent on programs designed to reduce global poverty, but clear evidence on which programs succeed is rare, and when evidence does exist, decision-makers often do not know about it. IPA exists to bring together leading researchers and these decision-makers to ensure that the evidence we create leads to tangible impact on the world. Since its founding in 2002, IPA has worked with over 600 leading academics to conduct over 830 evaluations in 52 countries. This research has informed hundreds of successful programs that now impact millions of individuals worldwide.

We are seeking proposals from reputable insurance providers to provide comprehensive life insurance coverage for our organization’s employees in Tanzania. The purpose of this Request for Proposal (RFP) is to obtain competitive pricing and terms for life insurance coverage.

Benefits Scope:

The life insurance coverage should include the following benefits:

1. Death (Natural & Accident): The coverage should provide a lump-sum payment equal to 2 times the annual salary of the insured employee in the event of their death due to natural causes or accidents.
2. Total Permanent Disability: The coverage should provide a lump-sum payment equal to 2 times the annual salary of the insured employee, based on the disability scale, in the event of total permanent disability.
3. Total Temporary Disability: The coverage should provide weekly benefits equivalent to 1/52 of the insured employee’s annual salary in the event of total temporary disability.
4. Critical Illness / Dread Disease: The coverage should provide a lump-sum payment equal to 50% of 2 times the annual salary of the insured employee in the event of critical illness or dread disease.
5. Medicals: The coverage should include reimbursement of medical expenses up to 10% of 2 times the annual salary of the insured employee.
6. Workmen’s Compensation: The coverage should comply with the specifications set by the Tanzania Labour Office.

Other Benefits:

In addition to the benefits, the coverage should also include the following:

1. Spouse (Dependent) Death Benefit: A lump-sum payment equal to a specified amount or percentage of the insured employee’s coverage in the event of the death of their spouse.
2. Child (Dependent) Death Benefit: A lump-sum payment equal to a specified amount or percentage of the insured employee’s coverage in the event of the death of their child.
3. Coffin / Casket Benefit for Covered Staff: The coverage should provide a specified amount to cover the cost of a coffin or casket in the event of the insured employee’s death.

Geographical Coverage:

The life insurance coverage should extend to all regions in Tanzania, ensuring that our employees across the country are equally protected.

Proposal Submission

Interested insurance providers are requested to submit their proposal and /or request for more information to [email protected]

Proposal Evaluation Criteria

1. The proposals will be evaluated based on the following criteria:
2. Cost-effectiveness and competitive pricing
3. Comprehensive coverage and benefits
4. Financial stability and reputation of the insurance provider
5. Claims settlement process and customer service.
6. Flexibility to customize the coverage to our specific needs.

Timeline

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1. RFP issuance: February 20, 2024
2. Proposal submission deadline: February 27, 2024
3. Evaluation and selection of insurance provider: February 28
4. Coverage start date: March 1, 2024