MUSCAT, 6 February 2020
Bank Muscat, the flagship financial services provider in the Sultanate, has tied up with multinational insurance giant AXA to launch a unique Education Savings Plan for the benefit of all bank customers. The new plan will allow customers to save in regular instalments so as to provide their children with the best higher education possible and the comfortable life they deserve, even if any unfortunate event were to affect their family.
Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development, said: “Bank Muscat is happy to offer the AXA Aspire Education Plans in partnership with AXA Insurance. This unique product is in response to the genuine requirement for comprehensive plans that combine savings and life insurance under a single integrated policy for customers in Oman. As the Sultanate’s flagship bank which accords priority to the needs of its customers, our focus is to provide innovative services and products at competitive rates and in a transparent manner. This new product in partnership with AXA will allow young parents to plan ahead for the best interests of their children.”
Jonathan Jane, Senior Partnerships Director & General Manager - Oman & Bahrain, AXA, said: “We are very proud to strengthen our relations with Bank Muscat and remain committed in our efforts to offering new and innovative products. We have always believed in empowering people to live better and happier lives. We hope that by offering this Educational Savings Plan, Bank Muscat customers, especially breadwinners of young families, will be able to enjoy full peace of mind knowing that they have planned ahead to ensure the best future for their children and their families.”
The AXA Aspire Education Savings plan is a unit-linked insurance plan, which combines life protection and savings under a single integrated policy. In a unit-linked insurance plan, the premiums paid are invested in the capital markets into units of funds according to the investment option selected after an assessment of the customer’s risk profile in consultation with an AXA Financial Advisor. The savings strategy is customised, based on personal financial objectives, time horizon and risk profile. The value of the returns and the benefits one gets are therefore linked to the performance of the selected investment options. AXA Aspire provides customers with access to several investment options, which stem from different investment strategies, ranging from moderate risk to progressive, as well as to a US Dollar Cash Fund.
The plan also allows a choice of monthly, quarterly, bi-annual or annual payments over a period ranging from 5 to 25 years. Customers have the choice of saving in Omani Rials or US Dollars. The best part of this highly-flexible plan is that it accounts for the likely changes in a customer’s future needs and circumstances. Accordingly, provisions are available to decrease or stop paying the premiums without penalty, make partial withdrawals before the policy matures or even redirect investments to another investment option as a customer’s needs, circumstances, attitudes or time horizons change.
The new Education Savings Plan allows one to be the best parent to their children and plan ahead to ensure they have a better future. As the leading financial services provider, Bank Muscat is proud to offer highly customisable bespoke bancassurance products for all its customers in order to address their needs and circumstances in a fast changing world. For more details, please go to www.bankmuscat.com.