Mashreq Bank’s insurance subsidiary Oman Insurance Company and Generali plan to launch the new GO Saver, a group savings and retirement plan for UAE firms
UAE-based Oman Insurance Company has partnered with Generali Group’s Generali Global Pension to launch GO Saver, a group savings and retirement insurance plan to cater to the specific needs of UAE firms.
The new insurance plan aims to support employers in managing their Ends of Service Gratuity (EoSG) liability with an option for 100% capital protection.
As per Oman Insurance and Generali, the new GO Saver is a fully-integrated solution for employers and their employees with investment choices, contribution flexibility, online access to an investment portfolio and more.
With GO Saver, users can port the plan to a new country of residence
The plan is claimed to offer portability, allowing its members to carry their plan when they move to another country and opt to receive their proceeds in the new country of residence.
Oman Insurance CEO Jean-Louis Laurent Josi said: “We have worked very closely with the Generali team to develop a unique proposition which gives employers an option to manage their End of Service Gratuity liability with a funded workplace savings insurance plan.
“Our collaboration addresses a real growing need in the region for a solution that is secured yet evolves with the employee savings needs and employer retention objectives.”
The two companies ensure that the plan allows for easy voluntary contributions, offering flexible payment methods, complimentary switches, profit booking, withdrawal and top-ups.
Generali Global Pensions CEO Anne De Lanversin said: “Through this partnership, we as reinsurer and pension specialist, present Generali’s best global solutions and expertise to the UAE, combined with the Oman Insurance’s deep knowledge of local market.
“This win-win proposition for everyone provides a capital protected solution along with access to a wide array of global and local investment solutions. I am confident of the quality and value GO Saver offers to our clients in the UAE market.”
In February this year, Oman Insurance has partnered with Shukran, a retail loyalty programme. Considered to be the first of its kind in the UAE, the initiative offers members of Shukran, a chance to sign for complimentary personal accident policy and can also earn Shukran profits on select insurance transactions with Oman Insurance.
In the same way, Oman Insurance customers can also avail existing offers from Landmark Group and earn up to 10% back as Shukran points upon purchase of certain insurance policies.