National Bank of Oman wins Best Life Insurance Product in the Middle East Award for delivering comprehensive financial protection to customers

• The bank introduced a new life insurance plan for its customers

• Takaful Elite Life Plan provides various benefits making it one of the bank’s top selling life insurance plans

• The bank aims to attract more customers through its digital onboarding process

5 November 2020, Singapore — National Bank of Oman received the award for Best Life Insurance Product in the Middle East at The Asian Banker Middle East and Africa Regional Awards Virtual Ceremony 2020.  

The bank introduced a new life insurance plan for its customers

National Bank of Oman launched a comprehensive life insurance plan that operates according to Islamic cooperative principles. It has a Shari'a-compliant plan with high value life insurance. The plan was made available to bank customers with an objective to provide financial security to the nominee or family members in case of the policyholder’s death during the policy term.

Takaful Elite Life Plan provides various benefits making it one of the bank’s top selling life insurance plans

Takaful Elite Life Plan has become the bank’s top selling life insurance plan. The claims payout is structured as a judicious mix with 60% of the sum cover offered as a lump sum and 40% of the sum cover divided into 25 equal monthly instalments. The payout structure is one of the key unique propositions of the plan.

The bank aims to attract more customers through its digital onboarding process

Close to 400 customers have opted for the plan with sum covered of OMR100,000 ($260,000) since the launch. On the premium side, the plan helped the bank to collect insurance premium that reached OMR90,000 ($234,000). The bank aims to digitise the customers’ onboarding process to provide tech savvy customers a world-class experience.

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You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/

For further information on the collaterals for winning banks, please contact:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

Email: mkazmi@theasianbanker.com