The “Maash Bokra” pension policy, a unique policy that is now available in 40 branches of the National Bank of Egypt exclusively to its customers, came to life after the successful cooperation between Misr Life Insurance Company (MLI), a subsidiary of Misr Insurance Holding Company and the leading life insurance company, and the National Bank of Egypt (NBE), one of the biggest banks in Egypt.
The “Maash Bokra” pension policy implements financial inclusion and offers products that meet the needs of all the societal segments of Egypt, making it suitable for all. And the best part is that the policy doesn’t require a medical checkup as it allows policyholders to specify their preference on the amount of the pension while remaining flexible on the payment options. It all falls to the policyholder’s choice.
“The insurance sector is considered a transactions mediator and is the most adept for investing in the short, medium and long term, thus the introduction of products to meet customers’ needs in various sectors will help the growth of the national economy,” said Mr. Basel El Hini, Chairman and Managing Director of Misr Insurance Holding Company.
Mr. El Hini added that the joint action between Misr Life Insurance Company (MLI) and the National Bank of Egypt (NBE) through the bancassurance agreement to offer the “Maash Bokra” policy to the bank’s customers, is one of the channels where the company assists all of its existing and future customers in securing a pension scheme for the policyholders as well as their families.
Dr. Ahmed Abdel Aziz, Chairman and Managing Director of Misr Life Insurance Company (MLI) highlighted the benefits of the new policy, saying that “the “Maash Bokra” policy has been successful in attracting a large segment of the National Bank of Egypt’s clients due to its unique benefits. This includes that a medical checkup is not required, and it allows the policyholder to specify his/her pension amount while providing flexibility in payment options based on the choice of the policyholder with no need to pay fixed premiums.”
Dr. Abdel Aziz also stated that the new policy is expected to be available by the end of June 2020 in 150 different branches of NBE to successfully meet the needs of customers from different social segments.
“The agreement that was signed with the National Bank of Egypt is one of the most important agreements that was signed in the bancassurance sector, which has become one of the most important strategies for achieving growth and prosperity for life insurance products” stated Dr. Abdel Aziz. The agreement started by providing the “Maash Bokra” policy in only 14 branches of the National Bank of Egypt, that was back in February. Today, the policy has been implemented in 40 branches!
The policy also provides a number of online payments, including vast electronic payment channels that are currently available. “Installment payments can be made through a large network of electronic payment channels including the official Misr Life Insurance website, the MLI Mobile App, Fawry outlets available across the governorate, as well as mobile wallets and Fawry services available through National Bank of Egypt’s ATM machines,” clarifies Dr. Abdel Aziz.