Life insurance for the marginalised in Egypt

Four Egyptian banks started issuing life insurance certificates called Aman (“security” in Arabic) on Sunday with the aim of providing a safety net for temporary labourers.

The certificates, designed on the directive of President Abdel-Fattah Al-Sisi to provide decent incomes for the families of marginalised groups, are available at the National Bank of Egypt, Banque Misr, the Banque du Caire and the Agricultural Bank of Egypt.

One certificate is worth LE500, and up to five can be bought on the presentation of ID to any of the four banks. The three-year life insurance certificates can be renewed twice.

The scheme covers individuals between the age of 18 and 59 who do not fall under the current social security umbrella, including temporary workers, labourers with unfixed incomes, and working single mothers, and it aims to provide stability for their families in the case of the death of the policy-holder, whether the cause of death is accidental or natural.

Beneficiaries can choose between cashing in the entire amount of the life insurance and receiving a monthly pension.