This week we are pleased to announce that U Microfinance Bank (U Bank), a subsidiary of Pakistan Telecommunication Corporation Limited, an Etisalat company has partnered with MicroEnsure Pakistan to launch a life and permanent total disability insurance product for its deposit customers.
U Microfinance Bank has over 140 branches in Pakistan, the majority of which are in peri-urban & rural areas. The bank’s focus is on micro-lending to farmers and small entrepreneurs with a special emphasis on women, to empower them financially.
Insurance is being offered to U Microfinance Bank customers who maintain at least ten thousand rupees in their Business Current Accounts and are aged 18-65 years. Customers are offered free insurance which covers death and permanent total disability. U Bank have launched this product in partnership with MicroEnsure Pakistan to deliver excellent service and value to their customers.
Mr. Kabeer Naqvi, President of U Microfinance Bank, spoke at the launch and said “We stand at the forefront of fighting poverty. U Bank strives to continuously develop its product offering to improve the lives of its customers and provide them with the means to gain access to affordable financial services. We aim to provide products in collaboration with like-minded partners to help improve the service we offer to our customers.
Mr. Rehan Butt, Group Business Director at MicroEnsure said, “This product is a result of joint efforts by the teams at MicroEnsure and U Microfinance Bank striving to offer added value to customers and is an excellent fit with U Bank’s other core banking propositions. MicroEnsure, a leading global player in mass market insurance has pioneered the development of innovative and simple insurance products and processes. We hope that this new product will help build the confidence of Pakistan’s under-served customers in insurance to reduce risks.
MicroEnsure Pakistan (Private) Limited is a wholly owned subsidiary of MicroEnsure Holdings, UK. The company is a licensed foreign insurance broker by the SECP and a specialist provider of innovative mass market insurance solutions. MicroEnsure has provided access to over 60 million customers across emerging markets in Asia and Africa. MicroEnsure performs a number of roles which can vary from country-to-country according to the needs of partners which include product design, innovative distribution models and an efficient back-office function for affordable insurance products. Insurance benefits under this product are underwritten by Jubilee Life Insurance Company.