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Saving box with insurance coverage

Why do banks increasingly frequent offer life insurance products?
Saving box with insurance coverage

Now it is possible to issue a Nomads Gold life insurance policy in the JSC Nurbank. This financial institution became one of the first domestic banks that expanded the range of services for their clients, giving them the opportunity to choose new financial instruments for combination of savings and insurance. Let us remind you that earlier the Nomad Gold investment product was available only in Kazakhstan subsidiaries of Sberbank, VTB Bank and Alfa-Bank. Having solid experience with life insurance companies in the Russian market, these organizations became pioneers in introducing accumulative insurance plans within the branch network in Kazakhstan.

According to Gulnaz Khalitova, the Main Operational Department Director of JSC Nurbank, the expansion of services range is a trend that has affected the banking sector throughout the world.

“Banks are becoming a kind of financial supermarket for their customers. They see not just employees that perform standard banking operations, but financial advisors. Our bank is also moving in line with this ideology, becoming not only a technical assistant for clients but a full-fledged investment advisor. In this sense, Nomad Gold is expanding the range of our offers that Kazakhstani people can use through our mediation based on our advice,” says Gulnaz Khalitova.

According to her, there is no more attractive alternative to life insurance today in Kazakhstan, and the bank is trying to communicate the benefits of this product to its customers. Nomad Gold is the best offer on the Kazakhstani financial market for medium and long-term savings formation. Thanks to this program, our compatriots can form capital, at the expense of which large purchases will be financed in 5-10 years. This includes education of children in universities, real estate investments and retirement savings,” Gulnaz Khalitova believes.

People in Kazakhstan will be able to save the planned amount by a certain date, regardless of how life circumstances develop, as a life insurance policy is not just a stash for a rainy day but a full-fledged investment instrument like a foreign currency deposit but with greater profitability and additional privileges. At the moment, the remuneration rate for the Nomad Gold saving product reaches 3.26% annually in $.

“An interesting rate of return, as well as legal and insurance options available in the Nomad Gold program, will qualitatively expand the range of services offered to our clients,” says the Main Operations Department Director of JSC Nurbank.

Nomad Gold is a product developed by LIC Nomad Life. This insurer will provide financial support to the insured or his relatives in occurrence of the insured event. The company guarantees the payment of entire contribution amount as well as accrued investment income for the entire period specified in the contract. Contributions to Nomad Gold are not subject to confiscation, seizure, or divorce settlement.

LIC Nomad Life is the generally recognized leader of the Kazakhstani life insurance industry. The company is distinguished by advanced business solutions striving to introduce new technologies in its field and improving business environment of the insurance market. These are the main reasons for which JSC Nurbank decided to develop partnership with Nomad Life, including ​​cross-selling. The bank’s priorities are meeting customer needs, improving service quality and providing a complete list of banking services, but the main task is to save and increase the money of its clients,” summarized Gulnaz Khalitova.

The supervisory functions over life insurance companies of Kazakhstan are performed by the National Bank. The norms of civil and insurance law require LICs to fulfill a number of obligations, including fifteen prudential standards that control the fund distribution of an insurance company. Insurers are obliged to comply with the requirements not only to the sufficiency of money for making payments, but also keep them in certain highly liquid, most reliable financial instruments. Control of compliance with standards is carried out on a decade basis.

Such stringent requirements for insurers are conditioned by their important role in reparation of damage to health and lives of workers in the performance of their work duties and provision of pension payments. It is important to note that one of the factors affecting the approval for a cross-selling project launch is compliance of Nomad Life with the requirements of the supervisory authority in full, confirmed both by the auditing team of the National Bank and external organizations-auditors, as well as the company’s leading position in these socially significant areas.

Author: Alan Baikadamov 

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