Mashreq unveils remittance protection insurance
Dubai, November 7, 2012
UAE-based Mashreq has announced the launch of a unique insurance protection for remittances called Remit Shield, which is designed to provide ultimate convenience with the guarantee of a sound and stable future.
The first-of-its-kind service is set to benefit customers with additional coverage in case of unfortunate events, a statement from the bank said. The new product offering is a clear demonstration of Mashreq’s continuity to offer tailor-made relevant products.
“Remittance is one of the key requirements for all expatriates and at Mashreq, we continuously look at providing financial solutions that accommodate customer banking requirements be it short term or long term,” said Tooran Asif, head of personal banking, Mashreq. “This product has been created with the objective to offer peace of mind to our customers. Now remitting couldn’t be more rewarding as we continue to extend real value-added products.”
A convenient way to offer financial security to family, Mashreq customers can now look forward to remitting funds as well as securing their future, the statement said. Under Remit Shield, the sender’s legal beneficiary will receive 12 times the total amount remitted in the last 30 days, with a maximum coverage of up to Dh100, 000 ($27,229.4).
With no increase in fees, Remit Shield is a free-of-cost benefit. Customers are required to remit every month to become eligible.
“We all realise the significance of family and the importance to sustain support to them. With Remit Shield customers can feel comfortable knowing that their bank will offer the assistance in times of need. We are pleased to pioneer in this product which enhances Mashreq’s leadership in the innovation and convenient banking aspect,” Asif said. – TradeArabia News Service