The National Bank of Egypt confirmed the extension of the service of a pension reel document at more than 100 branches of the bank by the end of June.
The pension reel document service is provided in cooperation with Misr Life Insurance Company, one of the Egyptian Holding Insurance Companies.
Below we provide the benefits of a reel pension document and the conditions for obtaining it.
Advantages of a pension reel document
1 – A retirement pension document gives a retirement amount, and the insured has 3 options when he reaches the agreed age of eligibility
– cash all in one
Guaranteed monthly payments for 10 years
Guaranteed monthly payments for 15 years
2- The pension amount is paid in one of the following cases, whichever occurs first:
– When the insured reaches the specified eligibility age.
– In the event of the death of the insured, God forbid, during the policy period and before the due date.
– In the event of a permanent total disability of the insured, God forbid, during the policy period and before the due date is reached.
3 – The document introduces a bi-annual drawing; The prize is an increase of 75% of the amount of a one-time payment or guaranteed monthly payments; The prize money will be paid on the due date in accordance with the agreed basic conditions.
4 – The policy is issued in one installment and the customer can add other installments during the insurance period to increase the value of the pension amount or his secured payments without committing to a date or a specific value for the premium.
5 – The amount of the retirement or guaranteed payments is calculated according to the age of the insured at the date of payment of the installment and the due date specified in the policy.
6 – It is not required to conduct a medical examination of the document “pension reel” for all ages and insurance amounts.
7 – The document is not canceled or its value reduced if the customer does not pay additional installments.
8 – The document is received within minutes directly from any of the branches of the National Bank of Egypt.
Terms and conditions of a reel pension document
To obtain a reel pension document, the insured must be between the minimum age of 18 years and the maximum 59 years.
The client can obtain up to 4 documents, up to a maximum of 1 policy per eligibility age.
The minimum document age is 5 years
The minimum single premium is 500 Egyptian pounds and the maximum is 60,000 EGP per policy during the year.
In the event of the decision to liquidate the document, the customer can filter the document only one year after its issuance, and the value of the liquidation starting from the second year is calculated as follows:
Second and third year: 95% of any single installment paid over one year ago.
End of the third year and beyond: 100% of any single installment paid over 3 years or more.
–
