Objective of the policy
With the development of economic and political conditions after the revolution of January 2011, and the social insurance pension guaranteed by the count within the limits of available financial resources it is not considered a pension commensurate with the real income of the insured, it was necessary to think of an individual insurance policy to market them among group of insureds Who feel a gap between their actual income level and the pension they are expected to receive when they reach retirement age.
1) In case of survival until the end of the insurance period: a guaranteed monthly pension is paid for a specified agreed period.
2) In case of death during the insurance period: the same monthly pension mentioned in the preceding paragraph, or for the remaining period from the date of death until the end of the insurance period which ever is greater.
Question and Answer:
Who can participate to this policy?
Any person may be not less than age 20 years old at the start of insurance and the age shall not exceed 70 years old at the end of the insurance period.
What are the available insurance periods?
Insurance is for any period 30/27/24/21/18 years
The period of payment of the guaranteed pension shall not exceed two-thirds of the insurance period.
What is the minimum monthly premium?
The net monthly premium starts from 100 Egyptian pounds per month for the insurance period or even the death of the insurer which ever is earlier.
A person is 25 years old who chooses insurance for 30 years and a guaranteed pension for 20 years:
In case that he remains alive until the age of 55 years old, a guaranteed monthly pension for 20 years will be paid at 528 Egyptian pounds per month for every hundred Egyptian pounds of the monthly premium.
If the death occurred during the insurance period, the pension mentioned in the preceding paragraph shall be paid and the minimum period remaining until the end of the insurance period. In other words, if the death occurred after the expiry of two full years from the start of insurance, the mentioned monthly pension is paid for a period of 28 years (remaining on the expiry date of the original insurance period).
The value of the monthly pension mentioned in the example can be doubled by doubling the value of the monthly premium, i.e. paying a premium of 200 Egyptian pounds per month, instead of 100 Egyptian pounds, the monthly pension will be 1056 Egyptian pounds.