Roughly 40 branches of the National Bank of Egypt (NBE) has started selling its new insurance product – Ma’ash Bokra (Tomorrow’s Pension) – on Sunday.
The policy was launched in February 2020 by the bank in cooperation with the state-owned Misr Life Insurance Co., an affiliate to Misr Insurance Holding. It has been promoted in principle at 14 NBE branches.
NBE’s Chairman Hisham Okasha told Daily News that the insurance policy was launched following a thorough study of the needs of current and prospective customers, as the bank seeks to provide distinguished services that meet customer needs.
Ahmed Abdel Aziz, chairman and managing director of Misr Life Insurance, said Ma’ash Bokra is the first of its kind in the Egyptian market and has advantages not provided by other policies.
He added that the policy’s benefits include allowing clients between the ages of 18 and 59, with a minimum payment period of five years.
Following this, the pension is disbursed according to the client’s choice, either as one lump sum payment or through a fixed monthly pension paid over 10 years. This would happen in the event that the insured reaches the age of eligibility, or in the event of death or total disability, before reaching the age of eligibility.
Yehia Aboul Fotouh, Vice Chairperson of the NBE, stressed that the insurance programmes are offered in cooperation with Misr Life Insurance.
They are provided by the company through a number of the bank’s branches, and are chosen according to the intensity of customers in those branches. Customer demand was studied and taken into account as part of the branch selection, to best represent a nationwide approach according to specific stages and plans.
