NBE, Misr Life Insurance Launch 'Tomorrow Pension"

The National Bank of Egypt (NBE) and Misr Life Insurance Holding Company organized the Financial Inclusion Conference on Sunday.

During the conference, Hisham Tawfik, Minister of Public Business sector said: " The financial inclusion is one of the elements required to achieve economic development in Egypt."

Tawfik stressed the importance of technology in achieving financial inclusion in Egypt.

"The financial banking services were very efficient and had customers everywhere, but such achievement would be difficult for non-banking financial services, especially in the insurance sector, due to the difficulty of convincing people of its importance," he added.

"The insurance sector needs more efforts to raise awareness about insurance."

Tawfik attended the launching of a new insurance product provided jointly by the NBE and Misr Life Insurance named 'Tomorrow Pension.' It is a new bank insurance product for customers after retirement.

The minister stated: "In addition to modernizing and enhancing insurance facilities and providing new insurance products, the new product would improve the output of insurance companies affiliated to the ministry."

NBE Chairman Hisham Okasha said: "Tomorrow Pension is one of the most important agreements signed in the banking insurance sector."

Okasha added: "The insurance program targets clients aged between 18 and 59 and the minimum payment period is five years; the pension would be paid out at the customer's discretion. It can be paid once or through a fixed monthly pension for 10 years if the insured reaches the eligibility age, dies or suffers disability before reaching the eligibility age."

"So far, Misr Life Insurance has concluded six agreements with the banking sector," he said.

On his part, Misr Life Insurance Chairperson and Managing Director Ahmed Abdel Aziz said: "The new product was the result of a major cooperation agreement between a life insurance company and an Egyptian bank to deliver innovative insurance products and solutions through the NBE branches in order to reach the largest segment of clients."

Abdel Aziz added: "For 2,600 families, the total compensation paid to Aman Certificate holders amounted to around EGP 90 m."

"Since its launch in March 2018, the credential holders have exceeded 900,000 inpiduals in partnership with the NBE, Banque Misr, Banque du Caire and the Bank of Egypt for Agriculture" he stated.

"In cooperation with the four banks, Misr Life Insurance spent "EGP 14 m on awards for certificate holders, within the framework of the company's and its partners ' social responsibility," Abdel Aziz noted.