UAE-based First Gulf Bank (FGB) has introduced a new insurance coverage, Insta, from its Bancassurance department.
Developed in collaboration with MetLife Alico, the new product is aimed at promoting the importance of insurance coverage amongst residents and to help them plan for future.
Insta is available in two types of coverage – Insta Protect Plus and Insta Care (Critical Care).
Under the Insta Protect Plus coverage, the company will pay the outstanding debt of any unpaid financial liabilities including loan after the death of the policyholder.
In addition, if the protection element of the product is not used during the term of the plan, the service offers return of 50% of total premium paid upon maturity.
Insta Care (Critical Care) will offer customers with an instant amount to pay expensive medical bills or compensate for the loss of income due to a critical illness.
FGB mass market segment head Girish Advani said that many people understand the importance of protecting themselves against the unexpected however some consider the process to obtain cover as inconvenient and expensive.
"As such, we’ve developed the Insta product line with MetLife Alico, keeping customer convenience and affordability firmly in mind, as part of a strategy to tackle the high level of uninsured or underinsured people within the UAE and the region," Advani added.
"The new products will help to raise awareness about how vital insurance coverage really is and encourage UAE residents to start planning for their future."