arrow_ttl.gifBank Takaful Life Insurance

 

Insurance services and programs provided by the Egyptian Life Takaful Company are offered within Banque Misr Islamic branches (which are 11 branches in the first phase). These services are considered part of the advanced services provided by modern commercial banks and serve the wide family segment among Banque Misr’s clients.

 

The concept of Takaful Insurance:

Takaful Insurance is provided in accordance with Islamic provisions to establish the principle of Takaful via legitimate practices based on the principles of common responsibilities, mutual cooperation and solidarity to protect against specific risk.

 

Principles of Takaful Insurance:

Contributions paid by the policyholders are channeled towards the company as donations to the Takaful Fund and then invested in Shariah-compliant investments.

At the end of each financial year, the balance of this fund is determined, according to which:

In the case of surplus in the Takaful Fund, the surplus shall be distributed between the company and the policyholders, in accordance with the rules established by the company’s Board of Directors.

In the event of a deficit in the Takaful Fund, the shareholders will grant the fund an interest-free loan to be repaid from the fund's surplus in upcoming years.

 

What added value does this service provide to our clients?

  • Confidence and security in the choice of the service.
  • Enables customers to obtain all their financial needs from one place.
  • The insurance programs are flexible enough in terms of determining the premiums and insurance values according to the customers’ capacities and needs, in accordance with the provisions of Islamic Shariah and under the supervision of a certified legitimate body.
  • Flexibility in choosing the right age and time for the policy.
  • Updating and developing the financial services available through the bank.
  • The breadth of the bank's services grants our customers the confidence to continue working with our bank in all financial services.
  • Provides protection for customers against any unexpected future events.

 

Egyptian Life Takaful Company

The Egyptian Life Takaful Company was established in 2006 and is the first company providing Takaful Insurance in Egypt that is specialized in life insurance. The majority share of the company was acquired by the Gulf Insurance Group in 2011.

 

Egyptian Life Takaful Company Shareholders

  • Gulf Insurance Group (59.5%)
  • National Bank of Egypt (8%)
  • Banque Misr (8%)
  • Social Fund for Development (8%)
  • Faisal Islamic Bank (8.25%)
  • Misr Iran Development Bank (8.25%)

 

Gulf Insurance Group

Gulf Insurance Group has a presence in the Middle East and North Africa and includes more than 1,200 insurance experts and 50 branches spread across the Middle East and North Africa.

 

Insurance policies available through Egyptian Life Takaful Company:

 

1.    Prestige Product

  • A protection and savings plan designed for customers who are seeking a premium quality of living during their retirement years by paying one or more subscriptions.

Insurance coverage:

    • Takaful Insurance against risk of death
    • Insurance against full or partial disability

 

2.    Pre-retirement Product (I Relax)

  • This is a personal product and as such does not focus on the family. It focuses on saving periodical subscriptions and medical insurance.

Insurance coverage:

    • Exemption from payment of contributions in case of critical illness.
    • Medical treatment abroad with a maximum value of $2 million in medical coverage.
    • Flexibility in selecting policy duration.
    • Maturity: One payment/monthly pension.

 

3.    Education Product (I Study)

  • This product focuses entirely on the family and so it was necessary to make sure that the target would be achieved no matter what. Thus, the company offered joint Takaful (e.g. husband and wife) for the first time in Egypt.

Insurance coverage:

    • Joint Takaful
    • Coverage of educational fees in the event of the death of the policyholder
    • The full value of the insurance policy in the event of the death of the policyholder
    • Coverage of university fees (and flexibility in determining the start date)

 

4.    Marriage Product - Starting Professional Life (I Start)

  • This product focuses on the child’s future and the beginning of his/her career and so it was necessary to make sure that the target would be achieved no matter what. Thus, the company provided joint takaful (e.g. husband and wife) for the first time in Egypt.

Insurance coverage:

    • Joint Takaful
    • Exemption from payments in the event of the death of the policyholder
    • The full value of the insurance policy in the event of the death of the policyholder

 

5.    Emergency Events Program - Coverage of Expenses of Accidents (I Guard)

  • This product complements the savings products and is suited to customers who face daily life risks.

Insurance coverage:

    • Payment of hospital costs
    • The full value of the insurance policy in the event of the partial or full disability of the policyholder
    • The full value of the insurance policy in the event of the death of the policyholder
    • Coverage of car repair costs

 

6.    Emergency Events Program - Women’s Product (I Shine)

  • This product complements savings products and suits women who are concerned about their health or critical illnesses that may afflict them.

Insurance coverage:

    1. The full value of the insurance policy in the event that the policyholder is afflicted by a critical illness

 

 

7.    Emergency Events Program - Credit Insurance (I Protect)

  • This product complements savings products and is designed for credit protection purpose or suits customers who cannot save for their families or customers who do not need to save.

Insurance coverage:

    • The full value of the insurance policy in the event of the death of the policyholder
    • The full value of the insurance policy in the event that the policyholder is afflicted by a critical illness