Egypt - Aman certificates launched
Monday, 03 05 2018, Category: Insurance and Reinsurance, Country: Egypt
Four Egyptian banks will issue Sunday the Aman Certificate (Security Certificate), a new life insurance plan for casual and temporary workers.
The certificates can be purchased without any fees or opening an account. They range from LE 500-2,500, providing insurance coverage and monthly pensions for casual workers with a 16 percent interest rate.
The policy includes coverage for natural and accidental death and pays one-time benefits of LE 10,000-250,000 or monthly pensions of LE 200-1,000 over five years or LE 120-600 over 10 years.
The four banks are the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire and Agriculture Bank of Egypt.
The certificates can be purchased by any seasonal and temporary laborer between 18 and 59 years of age upon presenting his national identification card.
Official estimates show that the number of informal workers, including craftsmen, daily-hire workers and self-employed, is 15 million.
Source: Arab Finance