Muscat: Bank Sohar signed an agreement with Arabia Falcon Insurance to deliver seven life insurance products. Following the agreement, Bank Sohar now offers term life insurance, personal accident insurance, critical illness insurance, and domestic helper insurance, with the plan to launch three more, including hospital cash benefits, female cancer insurance, and an education shield in the near future.
The agreement was signed by Bank Sohar’s Acting CEO Sasi Kumar and CEO of Arabia Falcon Insurance A. R. Srinivasan at Bank Sohar’s head office, with attendance from the executive management of both companies.
Commenting on the agreement, Sasi Kumar said: “As a leading bank in the Sultanate, we understand the ever-evolving needs of the market and different customer demographics. This new partnership with Arabia Falcon Insurance forms an extension to our longstanding commitment to reflect such understanding in everything that we offer”.
Echoing these sentiments, A. R. Srinivasan CEO of Arabia Falcon Insurance said, “We feel honoured to partner with a leading financial organisation such as Bank Sohar in delivering products that have positive impacts on the well-being of families in Oman. This strategic alliance is in furtherance of our aspiration to enhance the company’s reach to the retail customer across the Sultanate.”
Marking this addition to its portfolio of products and services, Rajeev Arora, DGM and Head of Retail Banking, said, “Bank Sohar’s refined focus on customer centricity and banking excellence in the ‘Year of You’ precipitates the delivery of new propositions, such as the new life insurance products that we are now offering and with promises of more to follow.”
“Our partnership with Arabia Falcon Insurance to provide products of value that are needed in everyday life formed an important item on our agenda, as we continue to position Bank Sohar as a true one-stop financial super-mall having boutiques of products and services across various segments, each with a unique set of propositions,” he added.
Delivering a range of five lifestyle plans, multiple payment tariffs, and options for immediate activation tailored to various requirements, Bank Sohar offers policies to accommodate a broad spectrum of lifestyles and market demands.
Its term life policy offers long-term protection covering death disability and repatriation worldwide due to any cause, fixed benefits for hospitalisation, and repatriation due to any cause. The personal accident insurance offers unique protection that covers death, provides multiple disability, hospital cash and repatriation – in case of accidents.
The critical illness insurance offers health plans covering up to 32 critical illnesses, while the domestic helper policy cares for household employees and offers 24x7 worldwide death coverage.
The latter also covers administration expenses in case of replacement of a domestic helper; whilst common features across the four products provide simple documentation, quick processing and flexible pay-as-you-go plans that provide customers the advantage of staying covered.
Arabia Falcon Insurance (AFIC) was formed in 2017 following the integration of Falcon Insurance Company, which was established in 2005, and the Oman Branches of Arabia Insurance Company, which is considered the oldest Arab insurance company, having been set up in 1943.