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Pakistan’s premier microfinance institution, Telenor Microfinance Bank (formerly Tameer Microfinance Bank) has dispensed the first insurance claim worth Rs. 1 million under its ‘Kamyab Mustaqbil’ Takaful program.
The claim was released to the family of a customer, Muhammad Ilyas, who recently succumbed to a deadly cardiac arrest, leaving his family under hefty debt and despair. In a desperate attempt to save his life, his family had loaned Rs. 0.3 million to move him to provincial metropolis, Lahore from hometown Layyah and to pay for his healthcare which unfortunately proved futile. Ilyas’s untimely death propelled the family into a hopeless predicament with his younger son left out of school and the elder striving hard to make the ends meet with his meager motorcycle parts business. Nonetheless, the timely issuance of the claim has taken away all the miseries of the bereaved family and they are in process of paying off the loan and re-inducting Ilyas’s younger son in school.
The Sharia compliant life insurance solution – “Kamyab Mustaqbil” was recently launched by Telenor Microfinance Bank through its mobile banking platform, Easypaisa, in partnership with EFU Life. Kamyab Mustaqbil provides maximum Takaful coverage of up to PKR 1Million. The program aims at bringing peace of mind to the subscribers by eliminating the need to worry about the future as it offsets the financial implications associated with the loss or disability of a family member, particularly that of the sole bread winner of the family. Kamyaab Mustaqbil is a Shariah compliant product that covers the life of the customer from as little as PKR 500 for a PKR 100,000 cover including all pre-existing conditions such as HIV and Cancer. Customers can avail upto 10 multiples of the cover or upto PKR 1,000,000.
Commenting on the development Yahya Khan Chief Digital Officer & Chief Financial Inclusion Officer, Telenor Microfinance Bank said: “We are gratified to release the first claim worth Rs. 1 Million to the bereaved family of one of our customers. This is in harmony with Telenor Microfinance bank and Easypaisa’s ideal of touching every aspect of our customers’ lives in order to enable and empower them financially while reducing their financial shocks. ‘Kamyab Mustaqbil’ Takaful Program will continue to support and liberate more families of their financial obligations in time of utmost need.”
Anyone aged between 18-64 years can subscribe for Easypaisa Kamyab Mustaqbil by simply calling the Easypaisa helpline 3737 (for Telenor SIM card holders) or 042-111003737 (for Non-Telenor SIM card holders).
Disclaimer: Kamyab Mustaqbil is a Takaful product underwritten by EFU Life Window Takaful operations and Telenor Microfinance Bank Limited is only the distributor for this product.