The Central Bank of Egypt (CBE) has approved the issuance of Aman certificates worth EGP 870.3m for 671,000 customers on Tuesday.
The National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Agriculture Bank of Egypt (ABE) have started offering these certificates on 4 March 2018, in cooperation with Misr Life Insurance.
The CBE said the value of issued Aman certificates reached nearly EGP 744.4m until January 2019 for 775,000 clients. The certificates were launched in several categories, starting from EGP 500 and its multiples, with a maximum of EGP 2,500 for each person.
This certificate aims to provide insurance protection for seasonal and temporary workers, as well as workers who do not have a fixed income, alongside with breadwinner women. Additionally, the certificates are available for all Egyptians not just daily workers, given that citizens would be between the ages of 18 and 59.
This certificate’s maturity lasts for three years, renewed only twice with an annual interest of 16% after deducting insurance instalments.
The certificate allows clients to choose between either a monthly pension for five or 10 years, or a financial compensation whose heirs can benefit from after their death.
The value of pensions and compensations differs according the causes of death.
The insurance amount that can be paid in case of natural death is EGP 10,000-50,000, and EGP 250,000 in case of death of unnatural causes depending on the value of the certificates.
The value of the monthly pension in the case of dying of natural causes ranges between EGP 200 -1.000.
The value of the pension, in the case of death from an accident for a term of five years, starts from EGP 1,000 to EGP 5,000. If the pension was for a term of 10 years, it starts from EGP 600 up to EGP 2,000.