arrow_ttl.gifBank Takaful Life Insurance

 

Insurance services and programs provided by GIG 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.

 

GIG Life Takaful


 

GIG 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.

 

GIG 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.


 


Bancassurance Products Summary

The brief below represents the Bancassurance products presented by gig Egypt Life Takaful through Banque Misr Islamic Branches.

First: Investment & Protection Products:

  • These products have been designed mainly to cover and protect the family and help the usual current expenses (i.e. education in schools, wedding expenses, etc. ..) in the case of the customer suffered an unexpected event (i.e. death, disability or critical illness, etc. ..).
  • The customer chooses the regular premium frequency payment (monthly, quarterly, semi-annual or annual) based on the customer’s ability of savings.
  • Part of the insurance premiums payable to cover insurance benefits and the other part is directed towards investment.
  • For this reason, usually these products called Saving and Protection products.

1- i-Relax (Retirement Product)

This product aims to fulfil a personal objective, which is saving money to insure the same standard of living after retirement, that’s why it focuses on saving and critical illness medical insurance.


 

Investment & Protection Benefits:

  • Maturity Value
  • Lump sum in case of death
  • Waiver of premiums for 12 months in case of Critical Illness occurs
  • Flexibility of choosing the policy term with minimum 10 years and maximum until reaching age 65

 

2- i-Start (Marriage Product)

This product completely focused on the children’s future to insure a smooth & comfortable head start in life (saving for post-graduation education, marriage, own project, etc… ) . That’s why this product aims to insure that the objective will be achieved whatever happens.

This product presents the Joint Life Insurance, (i.e. husband & wife) for the first time in Egypt.

Investment & Protection Benefits:

  • Maturity Value
  • Joint Life protection - Lump sum in case of death
  • Joint Life protection - Waiver of the premiums in case the insured death or total permanent disability
  • Flexibility of choosing the policy term with minimum 10 years and maximum until reaching age 65

 

3- i-Study (Education Product)

This product mainly focuses on the children’s education to insure a well-structured education plan (saving for the university education, school and universities tuition fees, etc…). That’s why this product aims to insure that the objective will be achieved whatever happens.

This product presents the Joint Life Insurance, (i.e. husband & wife) for the first time in Egypt.


 

Investment & Protection Benefits:

  • Maturity Value
  • Joint Life protection - Lump sum in case of death
  • Joint Life protection - School fees coverage in case of death or total permanent disability
  • Joint Life protection - University fees coverage in case of death or total permanent disability (flexibility of choosing the university duration)
  • Flexibility of choosing the policy term with minimum 10 years and maximum until reaching age 65

 

Second: Protection Products

  • These products are designed mainly to protect the customers with a certain amount of insurance specified by the customer according to his/her needs, no premiums directed to investment at all (there is no investment return for customers at the end of the policy term).
  • The customer chooses the premium frequency payment (monthly, quarterly, semi-annual or annual).
  • All the insurance premiums are paid to cover insurance benefits. These products are usually beneficial for the bank's customers who apply for credit facilities and customer who are interested in insuring their families and beloved ones.
  • For this reason, usually these products called Protection products.

 

1- i-Shine (Ladies’ Product)

It is a complementary product to savings products that will suit ladies who are concerned about their health, and critical illnesses that is threatening them.

Protection Benefits:

  • Lump sum in case one of the Ladies’ critical illnesses occurs


 

2- i-Guard (Accidents Product)

It will be a complementary product to savings products and it suits customers surviving the daily risks threating their lives.

Protection Benefits:

  • Covering hospital expenses and Operations expenses due to an accident
  • Lump sum in case of partial or permanent disability due to an accident
  • Lump sum in case of death due to an accident
  • Annual Income for the family in case of death due to an accident


 

3- i-Protect (Protection Product)

This product is a complementary product to savings products, it is designed to suit credit protection purposes, and will suit the customer who cannot save for his family’s future but they still need to insure their families and beloved ones.

Protection Benefits:

  • Lump sum in case of death
  • Lump sum in case of death due to an accident
  • Lump sum in case of critical illness
  • Lump sum in case of total permanent disability

 

Third: Single Premium Product

 

1- Prestige (Single Premium Product)

  • This is a saving and protection product is designed to suit customers who prefer to pay one single premium (i.e. instead of paying regular monthly, quarterly, semi-annual or annual instalments) to insure fulfilling their future dreams and to protect their families and beloved ones in case of death or permanent disability.
  • At maturity date of the policy, the customer will choose the suitable method for him/her to get the invested amount: either the whole amount, or a monthly pension.
  • One part of the paid premium covers insurance benefits and the other part is directed towards investment.

Investment & Protection Benefits:

  • Maturity Value
  • Lump sum in case of death
  • Lump sum in case of total permanent disability

 

 
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