Egypt - Aman certificates beneficiaries hit 859,000
Monday, 07 06 2020, Category: Insurance and Reinsurance, Country: Egypt
The Central Bank of Egypt (CBE) said the number of beneficiaries the initiative to provide insurance protection for irregular workers through Aman certificates has reached 859,000.
They bought certificates worth EGP 858 million, it also said.
The National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Agriculture Bank of Egypt (ABE) have jointly issued the certificate in March 2018.
This certificate aims to provide an insurance protection net for seasonal and temporary workers, as well as workers who do not have a fixed income, alongside with breadwinner women.
The three-year certificates are classified to segments ranging between 500 EGP and 2,500 EGP with an annual interest of 16 percent.
The insurance amount that can be paid in case of natural death is EGP 10,000 and between EGP 50,000-250,000 in case of death of unnatural causes, depending on the value of the certificates.
The value of the monthly pension in the case of dying of natural causes ranges between EGP 200-1,000.
Source: Egypt Today