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Telenor Microfinance Bank, EFU launch takaful plan

Telenor Microfinance Bank, EFU launch takaful plan

KARACHI: Telenor Microfinance Bank has joined hands with EFU Life Assurance to launch ‘Kamyab Mustaqbil Plus’, an enhanced version of the Bank’s existing mass market product.

A statement on Tuesday said that the signing ceremony took place at Telenor Bank’s headquarters in Karachi where executives of both organizations were present. It said that Kamyab Mustaqbil Plus is a Shariah-compliant term takaful plan. Offered in exchange for an affordable annual contribution, it provides takaful coverage for natural or accidental deaths as well as medical expense reimbursement in case of an accident.

“This partnership furthers our inclusion goals where we strive to provide the under served with easy and effective access to life’s basic necessities and prepare for its uncertainties,” said Shahid Mustafa, President & CEO, Telenor Microfinance Bank while speaking at the ceremony.

“With this partnership, we aim to extend the maximum possible benefits of Shariah-compliant form of insurance that Pakistanis demand, securing their futures and helping them better plan their lives,” he added.

Speaking on the occasion Taher G. Sachak, Chief Executive Officer and Managing Director of EFU Life, said that he was pleased to sign this agreement as it further strengthens EFU Life’s relationship with Telenor Microfinance Bank.

With the launch of Kamyab Mustakbil Plus, we aim to increase our outreach to even more segments of the society. Inclusive insurance is one of the key strategic pillars of EFU Life and that he was happy to witness that both organizations are working closely to enhance the financial safety net for the masses, he added.

Kamyab Mustakbil Plus offers highly flexible subscription plans of up to 10 units with each unit costing just Rs700. The plan is valid for one year from the date of premium contribution payment.