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BankMuscat Launches Hayatuna, Family Protection
Muscat.
14 April 2007: BankMuscat SAOG, the nation’s
leading bank, has launched a unique insurance
product, 'Hayatuna' Family Protection for its
customers. Through 'Hayatuna' Family Protection,
BankMuscat aims to provide an umbrella of
protection to the family members of customers
who opt in to this group life insurance product.
This new concept aims at providing a host of
benefits at an affordable price. A customer
needs to pay only RO 4 per month with a direct
debit option for future debits and avails a host
of protection benefits. A loss of life cover due
to illness for RO 5,000, a loss of life cover
due to accidents for RO 10,000 and a permanent
total disability cover due to accident of RO
10,000.
Speaking on the occasion, Sulaiman Al Harthy,
DGM-Consumer Banking, BankMuscat SAOG said:
“When we
were the first bank to launch bancassurance
products in the Sultanate, we had promised to
provide our customers with a series of
path-breaking products in the value-added
insurance space. The Hayatuna Family Protection
is one such product, which we believe, has the
potential to provide customers with significant
value at a highly subsidized price. The safety
and security of our near and dear one’s is
something none of us can choose to ignore. ”
Hayatuna
Family Protection is open to all BankMuscat
customers – nationals and expatriates - between
18 and 70 years of age. Unlike many regular
insurance products, Hayatuna customers do not
have to go through a medical examination. The
plan also offers an option of joint
applications, along with one’s spouse, at a
further discounted rate.
‘Hayatuna’ Family Protection is a part of a
number of new value added products that
BankMuscat has planned to launch this year.
Hayatuna has been under-written by Oman United
Insurance Company (OUIC), which is the oldest
established national insurance company in the
Sultanate with assets amounting to RO. 38.3
million (USD 100 million) in the 2006. Its
market share among the national insurance
companies for the year 2005 was 20.31% for
general insurance business and 13.83% for
medical & life insurance business.
OUIC is the only Omani national insurer with a
Standard & Poor's credit and Insurer strength
rating. Their S&P rating is BBB/Stable with a
long-term outlook.
BankMuscat is the pioneer in Bancassurance in
the Sultanate of Oman. Since launch of
Bancasssurance the bank has launched a number of
beneficial products for both the local and
expatriate population of Oman. More importantly,
the bank has been able to provide easy access
for customers to avail of insurance products due
to the reach and spread of its branch network. |
