Dubai: National Bonds said on Sunday it has launched an insurance product, which covers losses in case of layoffs, loss of life, critical illness among others.
The product called as Sanadi programme protection for job loss covers up to six monthly salaries, while protection against death, permanent disability and terminal illnesses covers up to 60 monthly salaries. Coverage for critical illnesses is provided for up to seven medical conditions over a maximum period of 24 months, along with provision for a second medical opinion and hospital cash benefits, government-run National Bonds said in an emailed statement. This product comes at a time when the UAE economy has been slowing down, resulting in job cuts across banks, hospitality, travel among other sectors.
“...we have designed the Sanadi programme as an integrated savings plan that helps customers to effectively handle challenges that may impact their well-being,” Mohammad Qasim Al Ali, CEO of National Bonds said. According to a survey done last year, only 20 out of every 200 individuals in the UAE have takaful-based coverage.
Win-win:
“The Sanadi programme is a win-win as it rewards customers who save regularly while also offering them a tailor-made takaful insurance cover for a better future,” Al Ali said.
The programme will address concerns about the challenges faced by companies in the GCC region with regard to securing end-of-service payments that are expected to reach $75 billion by 2020, according to the Towers Watson 2010 Report.
Currently, National Bonds has 800,000 customers from 200 different nationalities and managing Dh5.8 billion of corpus.
