The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has partnered with Abu Dhabi National Insurance Company (ADNIC), one of the leading insurance companies in the UAE, to offer 450,000 NBAD Ratibi cardholders life insurance cover of up to five times their monthly salary.
NBAD is the first and only Bank to provide free of charge life insurance coverage to low income, under-banked consumers.
The benefit provides the account holder protection in the unfortunate event of his death or disability due to an accident. In addition, the cover also provides a daily cash benefit to help mitigate the account holder's hospital expenses in the event of an accident.
NBAD's Ratibi service allows employers to credit salaries of up to Dhs4,999 a month on a card, allowing employees, who use MasterCards or Visa cards, the benefits of accessing their money at millions of ATMs and merchants worldwide.
"The Ratibi Card has provided banking services to tens of thousands of people who wouldn't have any access to it. Now we are adding the security of life insurance coverage to a segment of society that greatly needs this service," says Ahmed Al Naqbi, the Head of Direct Banking & E-Development at NBAD.
Commenting on the partnership, Mr. Saurabh Saran, Chief Operating Officer at ADNIC, said, "It is our pleasure to be partnering with NBAD to provide coverage for low income account holders. As a leading insurance company in the MENA region, providing security and peace of mind to all segments of the society is our constant endeavour."
He added: "We see this partnership benefiting the community of the UAE greatly."
"The unbanked and under-banked clients along with their families are generally very vulnerable in the event of an accident, as in most cases they lack a safety net. The free of charge life insurance coverage is an essential service in which they need," said Belinda Scott, Senior Manager of Corporate Sustainability and Responsibility at NBAD.
She added: "Providing life insurance coverage is one of the ways we meet our commitment to enhance the Bank's impact in society, and be a role model for others."
This is also an added-value service to corporate clients who pay their employees with Ratibi card.
Providing insurance coverage to the under-banked also meets NBAD's corporate social responsibility (CSR) objective that envisions the Bank would offer products and services that add value and promote the progress of the communities NBAD operates in.