National Bonds insurance for job loss, critical illness at low cost

National Bonds Corporation (NBC), a UAE-based Shariah-compliant savings company, will be offering a takaful (Islamic insurance) product to companies and individuals, which will offer eight covers such as loss of job, critical illness, home, education and life.

“The takaful product will be offered to employers and individuals by end of first quarter 2015. For employers, it should not cost one per cent of their total payroll while individuals can choose the coverage they want and it will cost them bare minimum,” Mohammed Qasim Al Ali, Chief Executive Officer, NBC, told Emirates 24/7.

The company is currently in talks with five takaful operators to provide product.

“We have evaluated more than five takaful operators and we will launch the product in first quarter of 2015,” said Mohammad Bitar, Chief Commercial Officer, NBC.

“We want to take the monthly saving plan to the next level. The saving plan addresses specific needs which is the future in terms of retirement, kids, house, but what about being exposed to risks now.

“If I lose my job what happens, if I get critically ill then what happens. So what we did is we took all the benefits of takaful and identified all common insecurities that an average employee would face and bundled all of them together for their peace of mind,” he added.

The cost of the product would be less than one per cent of person’s income per month, which makes it five times cheaper if consumers want to get it on their own.

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