Egyptian Life Takaful Company – GIG has launched a new product to provide life insurance cover with a savings policy in favour of Suez Cement Company’s employees, GIG’s managing director told Amwal Al Ghad on Thursday.
GIG’s endowment policy is designed to pay a cash lump sum in form of end of service gratuity for Suez Cement’s employees, Rimah Asaad added.
Asaad further added that GIG already provides a life insurance coverage for Suez Cement employees; in which total premiums had reached 15 million Egyptian pounds (around $955,542).
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term on its ‘maturity’ or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
Egyptian Life Takaful Company – GIG, is 60.62 percent owned by Kuwait’s Gulf Insurance Group.