Saturday 08 May 2021
I wrote – Manal Al-Masry:
4 banks continue to provide the Egyptians’ safety certificate with an annual interest of 13%, which was introduced 3 years ago to provide insurance coverage for the lives of citizens with a rewarding return, after the deadlines for the first entitlement to the certificate during the past week, according to bank officials.
Four banks issued safety certificates for Egyptians in 2018 in response to President Abdel Fattah El-Sisi’s call to provide insurance protection for seasonal and temporary workers, workers who do not have a fixed income, and female breadwinners, in order to ensure the stability of their families in the event of death.
The Egyptian safety certificate used to give an interest of 16% annually at the beginning of its presentation to the citizens, but last year the yield decreased to 13% annually, to be in line with the current prices in banks and also maintain the highest rate of return submitted on certificates until the present time.
The Egyptian Safety Certificate was able to achieve sales that exceeded one billion pounds only with more than one million clients in 4 banks, in cooperation with Misr Life Insurance Company.
The basic idea of this certificate is that a large number of workers in Egypt work in the field of contracting, agriculture, handicrafts and dangerous professions, without social or insurance protection for their families in the event of their death.
Upon requesting the purchase of the certificate, the client specifies the method for disbursing compensation in the event of his death, whether it is disbursed directly to the legal heirs identified by the inheritance notification, or to persons identified by name, or a monthly pension is disbursed, with one name specified for the beneficiary.
The certificate allows the client to choose between obtaining a monthly pension for a period of 5 or 10 years, or a monetary compensation, which his heirs benefit from after his death.
Masrawy provides details and steps for purchasing Egyptian security certificates offered in 4 banks:
The banks that sell the certificate: there are 4 banks and they are Al-Ahly, Egypt, Cairo, and Al-Zirai Al-Masry.
Required papers: A copy of the national ID for people from the age of 16.
The value of one certificate: 500 pounds.
The maximum limit for purchasing the certificate: 5 certificates, with a total value of 2500 pounds.
Certification periods: 3 years, renewable for 3 more courses, according to the client’s desire.
The periodicity of paying the return: the insurance part is deducted from the return, and the remainder of its return, if any, is spent at the end of its terms.
Compensation disbursement: Compensation applies to all clients after purchasing the certificate on the same day, but it varies according to the value of the certificate and also according to his desire in cash compensation or a monthly pension.
The value of monetary compensation due to natural death: The compensation value that can be paid in one payment to the heirs starts from 10,000 pounds, if the certificate is 500 pounds, and up to 50,000 pounds if the certificate is 2,500 pounds.
The value of monetary compensation as a result of an accident: The compensation starts from 50 thousand pounds, if the value of the certificate is 500 pounds, and up to 250 thousand pounds if the value of the certificate is 2,500 pounds.
The compensation value for the monthly pension as a result of a natural death: starts from 200 pounds to a thousand pounds, if the pension is for a period of 5 years, and it starts from 120 pounds to 600 pounds if the pension is for 10 years.
The compensation value for the monthly pension as a result of death in an accident: It starts from one thousand pounds to 5 thousand pounds, if the pension is for a period of 5 years, and it starts from 600 to two thousand pounds, if the pension is for a period of 10 years.