Misr Life Insurance National Bank of Egypt sign deal

Egypt’s state-run Misr Life Insurance Company has signed on Sunday a bancassurance agreement to offer and promote its products through the National Bank of Egypt’s (NBE) branches.

The agreement was signed by NBE chairman Hisham Okasha and Ahmed Abdel Aziz, chairman and chief executive of Misr Life, in the presence of Egyptian Minister of Public Business Sector Hisham Tawfik and Basel El Hini, chairman of Misr Insurance Holding.

NBE will start promoting Misr Life’s products in 14 branches for the first phase of the agreement, to eventually increase the number to 150 branches at the end of June, Okasha told Amwal Al Ghad.

The agreement will see Misr Life offering insurance services to 500,000 NBE customers. The company is now working with six banks to offer insurance products under bancassurance agreements.

After signing the agreement, NBE and Misr Life announced the launch of a new pension product named “Maash Bokra” designed for customers aged between 18 and 59 years with payment period of five years.

Under the scheme, customers can choose either to get a lump sum at retirement or receive fixed monthly income for 10 years when they reach pension age or in case of death or full disability before pension age.

Beneficiaries of the new product can choose either to get a lump sum at retirement or receive fixed monthly income for 10 years when they reach pension age or in case of death or full disability before pension age.