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.



Bancassurance Products Summary

The brief below represents the Bancassurance products presented by Egyptian Life Takaful | gig to Banque Misr for distributing Bancassurance products through the Bank's branches in Egypt.


First Saving & 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 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 called the insurance and investment products
 
1 - i-Study (Education Product)
 
This is an objective completely focused on the child's education to insure a well-organized education plan. That's why it focuses on insurance to make sure the objective will be achieved whatever happens…

We insure the 2 lives (ex: husband & wife) with the introduction of 'Joint Life' for the first time in Egypt

Insurance Benefits:

  • Joint Life protection
  • School fees coverage in case of death or total permanent disability
  • University fees coverage in case of death or total permanent disability
  • Lump sum in case of death or total permanent disability
  • Flexibility of choosing the policy term with minimum 10 years and maximum until reaching age 65
 
2 - i-Start (Marriage Planning Product)
 
This is an objective completely focused on the child's future to insure a smooth & comfortable head start in life (post-graduation education, marriage, own project, etc… ) . That's why it focuses on insurance to make sure that the objective will be achieved whatever happens…

We insure the 2 lives with the introduction of 'Joint Life' for the first time in Egypt

Insurance Benefits:

  • Joint Life protection
  • Waiver of the premiums in case the insured death or total permanent disability
  • Lump sum in case of death or total permanent disability
  • Flexibility of choosing the policy term with minimum 10 years and maximum until reaching age 65
 
3 - i-Relax (Retirement Product)

This is a personal objective, which is saving money to insure the same standard of living after retirement, so it is not focused by any means on family.
That's why it focuses on savings with Critical illness medical insurance.

Insurance Benefits:

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

Second Protection Products:


These products have been designed mainly to cover and protect the customers and with a certain pre-specified amount of insurance by the customer according to his needs, no premiums directed to investment at all (there is no direct return for customers at the end of the document).

The customer chooses the premium frequency payment (monthly, quarterly, semi-annual or annual) based on the customer's ability of savings.
All of the insurance premiums payable to cover insurance benefits. These products are usually cheaper and according to the bank's customers who apply for credit facilities.

For this reason usually called pure protection products
 
1 - i-Shine (Ladies' Product)

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

Insurance 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 packages Or will suit younger customer surviving the daily risks threating their lives

Insurance Benefits:

  • Daily allowance upon entering a hospital due to an accident
  • Lump sum in case of death or partial or permanent disability
  • Annual Income for pre-defined beneficiaries

3 - i-Protect (Protection Product)

This product is a complementary product to savings packages, It is designed to suit credit protection purposes Or will suit the customer who cannot save for his family's future

Insurance coverage:
  • Lump sum in case of death
  • Lump sum in case of total permanent disability
  • Lump sum in case of Critical Illness
 
Third Single Premium Product

1 - Prestige

This product is designed mainly to cover and protect those customers who prefer to pay one single premium only covers their insurance policy (i.e. instead of paying regular monthly instalments, quarterly, semi-annual or annual) to cover and protect the family in case of death of the family breadwinner. The maturity date of the policy, the customer choose the appropriate method for him to get the amount: either the whole amount, or a monthly pension.

One part of the insurance premium covers insurance benefits and the other part is directed towards investment.