FGB’s ‘Insta’ to tackle underinsurance rate

abu dhabi — In response to high levels of underinsurance in the region, First Gulf Bank, or FGB, has announced the launch of a new “Insta” product range from its Bancassurance department.

This has been developed with MetLife Alico to promote the importance of insurance coverage among residents and help customers plan for the future. Customers can enroll in any of the two new products, Insta Protect Plus and Insta Care (Critical Care) instantly, by providing minimal documentation and without having to undergo any medical tests.

Insta Protect Plus covers any unpaid financial liabilities, such as a loan, to ensure the family of the insured does not struggle to pay the outstanding debt in the unexpected event of loss of life of the policyholder. Additionally, the plan offers a return of 50 per cent of total premium paid upon maturity, if the protection element of the product is not used during the term of the plan. Insta Care (Critical Care) provides customers with an instant lump sum to help them pay for expensive medical bills or compensate for the loss of income due to a critical illness.

Girish Advani, head of mass market segment at FGB, said: “Many people understand the importance of protecting themselves against the unexpected, however some consider the process to obtain cover as inconvenient and expensive... the Insta product line... will keep customer convenience and affordability firmly in mind, as part of a strategy to tackle the high level of uninsured or underinsured people within the UAE and the region.”