Four state-run banks will start offering on Sunday new life insurance certificates called “Aman” (Security) that target lower-income groups of society.
The four banks are the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Agricultural Bank of Egypt (ABE).
Under the directives of President Abdel Fattah Al-Sisi, the mentioned banks created a mix of banking and insurance certificates to provide life insurance for a large number of workers, especially day labourers, in partnership with Misr Life Insurance.
The new certificates will cover those who do not fall under the current social security umbrella, including temporary workers, working single mothers, farmers, and other individuals who do not have social security coverage.
According to ABE Chairperson Elsayed Elkosayer, the bank has completed all the necessary preparations to receive those wishing to purchase the Aman certificates through its 1,210 branches nationwide.
Elkosayer told Daily News Egypt that the new certificates, worth EGP 500, EGP 1,000, EGP 1,500, EGP 2,000, and EGP 2,500, with a three-year validity, can be renewed only twice and offer a 16% interest rate. They provide a one-time insurance coverage of EGP 10,000-50,000 in case of natural death of Aman certificate owners or EGP 50,000-250,000 for accidental deaths.
The insurance can be turned into monthly pensions dispensed over five years or 10 years and the Aman certificates can be refunded at any time.
Elkosayer pointed out that the certificates are available to those between 18 and 59 years of age and do not require a medical report.
He added that those wishing to obtain these certificates are required to present only their national ID, noting that the certificate holder can open an account at the bank that issues their certificate free of any expenses.