1. INTRODUCTION
The AFEDLife Insurance Scheme, initiated to provide comprehensive life insurance coverage to our community members across the Jamaats under the Africa Federation, has seen considerable participation since its commencement on 1st January 2024. This initiative reflects our commitment to securing the financial well-being of community members, providing coverage for death, critical illness, disability, and funeral expenses.
2. POLICY OVERVIEW
The Table below provides key highlights of the AFEDLife Insurance Scheme.
3. PARTICIPANT DEMOGRAPHICS
The scheme has successfully enrolled 260 members across several regions, with a majority from Dar es Salaam, Tanzania. Below is the breakdown; with three exits, making 257 members currently listed.
A. Jamaat, Region & Country
Below - A doughnut chart visualizing enrollment by country/region
B. GENDER DISTRIBUTION
Below - A bar chart showing male vs. female enrollment by Region/Jamaat-wise.
NOTES
The bar chart above indicates a significantly higher male enrollment.
C. DISTRIBUTION ACCORDING TO AFEDLife INSURANCE SCHEMES
Below - A bar chart illustrating scheme distribution (coverage amounts) across different Jamaat
NOTES
The most popular coverage choice was USD 100,000, preferred by 61.09% of members.
This preference highlights members inclination towards higher coverage options.
We may have demand for lower coverage options. The board will consider many schemes for lower coverage options.
4. FINANCIAL SUMMARY
The scheme covers a total insured amount of USD 18.9 million with a premium of USD 83,659. For every dollar contributed in premium, community members enrolled are insured for USD 225.91. The table below shows the total insured amount for each category, region/country wise.
Below - A bar chart showing the financial breakdown by coverage type for clear visual interpretation.
NOTES
The total insured amount reflects significant coverage extended to members, ensuring substantial financial security.
5.0 CLAIMS STATISTICS – CURRENT PERIOD
The table below shows the summary of Claims statistics as of 10th December 2024.
As of December 10, 2024, a total of seven claims have been reported, with the following breakdown:-
Death Claims:- 3 claims, totaling USD 150,000.
Principal Last Expense Claims:- 3 claims, totaling USD 4,500.
Spouse Last Expense:- 1 claim, totaling USD 500.
6.0 CLAIMS LOSS RATIO
Conclusion
The AFEDLife Insurance Scheme is making meaningful progress in safeguarding our community’s future. We appreciate our members' trust and participation. As we move forward, we aim to enhance our outreach and address feedback received to ensure the scheme's continued success.
CHB - YOUR HEALTH IS OUR PRIORITY
Secretariat
Central Health Board of Africa (CHB)
12th December 2024
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