Mashreqbank has launched a new product that simultaneously provides a capital guaranteed investment and savings plan at the same time as comprehensive life insurance protection for the investor’s family.
Underwritten by Oman Insurance with capital guaranteed by Societe Generale of France, the ‘Golden Shield’ product provides a complete savings plan, and an insurance cover to pay for Family Income Benefit (Annuity) in case of loss of life or accidental total permanent disability, over and above life and accidental total permanent disability insurance, from as little as Dh200 per month.
“Golden Shield is a complete financial and bancasurance package, with no hidden charges, designed for people with modest to healthy incomes who believe in safeguarding their family’s future. It takes into account such commitments as education and retirement plans at the same time as guarding against the breadwinner’s death or disability,” said Steven Pinto, Head of Retail Banking Group, Mashreqbank.
The investment plan is flexible in order to meet different investors’ requirements. The duration can be for 5, 10 or 15 years. Monthly payments, starting from as low as Dh200, are tailored to meet the investor’s future needs.
The 100 per cent capital guaranteed insurance plan has a terminal bonus depending upon the fund performance. There are no hidden charges such as administration or fund management fees, plus the family enjoys the protection of double life insurance and family income benefit.
“This is the first of its kind insurance product ever to be introduced in the Middle East. It is a dream solution for a very broad cross-section of people who care for the future and well-being of their families,” added Pinto.
In order to make it as customer friendly as possible there are no medicals required and only minimal documentation. Making payments is equally painless as this can be automatically debited monthly from a bank account or charged to a debit or credit card.
At the same time as the investor is building up his capital base, he also enjoys knowing that in the event of death or accidental total permanent disability, his family is fully provided for. If he dies or suffers a disability, the named beneficiary gets the total amount of the savings fund immediately, regardless of how many premiums have been paid in, and without having to pay any more installments. What’s more, from that month onwards they also receive a monthly family income benefit.
“Mashreqbank prides itself on introducing cutting-edge products that answer the real needs of our customers for reliability and financial safety, backed up by value-added convenience and unstinting customer service,” Pinto added.
Further information about MashreqLife insurance products can be found at mashreqbank.com, by calling 2174800 or visiting any of Mashrebank’s 34 branches across the UAE.
