26 March 2014
Muscat: National Life and General Insurance Company (NLGIC) has launched Damanati, a low-cost insurance product for loans.
Damanati is a hassle-free insurance product offered to the individual customers at a competitive rate, which is almost 40-50 per cent less than the current market rate of insurance for availing loans from any financial institution.
With Damanati transfer of loan from one financial institution to another for the same loan amount and term can be made easily without any additional cost. Damanati also offers higher refund of premium on loan pre-closure.
Damanati covers the outstanding loan amount in case of death by any cause or disability of the customer and OMR1,000 towards funeral expenses.
The launch event was graced in the presence of Yahya bin Said bin Abdullah Al Jabri, the chairman of the board of directors of the Duqm Special Economic Zone Authority and also the chairman of the board of directors of the Capital Market Authority, and Anwar Hilal Hamdoon Al Jabri, chairman of NLGIC, and dignitaries of various ministries and many other delegates of several organisations in Sultanate.
After formally launching the product, Al Jabri said that the Oman's insurance industry is reporting a solid growth year after year due to rising insurance awareness among people and also because of the availability of customised insurance products to suit the specific needs of the public.
Anwar Hilal Hamdoon Al Jabri, chairman of National Life & General Insurance, said that Damanati is National Life's innovative and low-cost insurance product, which would definitely benefit the society at a larger extent as the loan portfolio has been growing over the years.
S. Venkatachalam, chief executive officer, said that the product would be an exclusive one for individuals residing in Oman and is designed to help the customers with credit protection at a very low cost. He also said that NLGIC is committed to making its quality insurance products more accessible and affordable for customers, and has hence established various sales channels through brokers, NLGIC existing clients and insurance desks at various clients' premises.
NLGIC is the total insurance solutions provider in the Sultanate offering solutions in both Life & General Insurance.
Muscat: National Life and General Insurance Company (NLGIC) has launched Damanati, a low-cost insurance product for loans.
Damanati is a hassle-free insurance product offered to the individual customers at a competitive rate, which is almost 40-50 per cent less than the current market rate of insurance for availing loans from any financial institution.
With Damanati transfer of loan from one financial institution to another for the same loan amount and term can be made easily without any additional cost. Damanati also offers higher refund of premium on loan pre-closure.
Damanati covers the outstanding loan amount in case of death by any cause or disability of the customer and OMR1,000 towards funeral expenses.
The launch event was graced in the presence of Yahya bin Said bin Abdullah Al Jabri, the chairman of the board of directors of the Duqm Special Economic Zone Authority and also the chairman of the board of directors of the Capital Market Authority, and Anwar Hilal Hamdoon Al Jabri, chairman of NLGIC, and dignitaries of various ministries and many other delegates of several organisations in Sultanate.
After formally launching the product, Al Jabri said that the Oman's insurance industry is reporting a solid growth year after year due to rising insurance awareness among people and also because of the availability of customised insurance products to suit the specific needs of the public.
Anwar Hilal Hamdoon Al Jabri, chairman of National Life & General Insurance, said that Damanati is National Life's innovative and low-cost insurance product, which would definitely benefit the society at a larger extent as the loan portfolio has been growing over the years.
S. Venkatachalam, chief executive officer, said that the product would be an exclusive one for individuals residing in Oman and is designed to help the customers with credit protection at a very low cost. He also said that NLGIC is committed to making its quality insurance products more accessible and affordable for customers, and has hence established various sales channels through brokers, NLGIC existing clients and insurance desks at various clients' premises.
NLGIC is the total insurance solutions provider in the Sultanate offering solutions in both Life & General Insurance.
© Times of Oman 2014
