Noor Takaful, a Dar Al Takaful Company, the UAE’s second largest Islamic insurance entity, has partnered with Abu Dhabi Global Market’s leading technology startup in digital insurance technology solutions and services, Algofy.ai Limited, to launch a unique, fully-digital savings plan.
The Bliss Savings plan will offer customers a fully digital experience. From Application Submission to Service, everything can be accessed through a smart phone without the need for paperwork filing, branch visits, or physical agent interactions, realizing the zero-touch economy.
Through this plan, UAE Nationals and residents can put to rest worries about their financial future for retirement, children’s education, COVID-19 emergency funds, and other long-term financial goals by purchasing one or more Life Takaful Insurance and Savings plan with complete control and visibility of their investment and its performance.
“Noor Takaful is committed to delivering protection and peace of mind to every UAE National and every resident. Our partnership with Algofy.ai and the launch of Bliss Savings plan on their platform is a testament to that commitment. As industry leaders we strive to innovate and provide the best solutions to ensure our customers’ needs and financial goals are fulfilled”, said Rajesh Sethi, CEO, Dar Al Takaful, the holding company of Noor Takaful.
The app interface is extremely user-friendly and will include unique features such as retail rewards earned through referral. Customers can opt into Algofy.ai’s “Burn & Earn” rewards program, where users get rewards for exercising and meeting daily fitness targets.
“Algofy.ai is committed to help consumers solve real problems with digital insurance technologies. Two big problems facing people are Savings and Health. By partnering exclusively with Noor Takaful we built a digital channel for the Bliss Savings Plan that is unmatched and fully transparent. On the health front, through our collaboration with Apple, we offer Wellness cash rewards through exercise, called ‘Burn & Earn.’ We will bring a similar exercise rewards offering to the Android platform that will be available in the market in Quarter 1 of 2021, said Fadi Jawdat Al-Hindi, CEO & Founder Algofy.ai Limited.
Key benefits of the savings plan include:
- Low monthly contribution (starts at AED 500 per month)
- Simple steps to identify customer’s approach to choose saving options with Low, Medium, & High return savings option depending on the individual’s risk appetite
- Professional fund management by Morningstar, one of the top financial advisory firms in the world
- Full visibility on plan performance 24x7 from the convenience of a mobile phone
- Ability to change the set plan through the app without the need to visit a branch, make any phone calls, and/or visit an agent
- Participant can continue their policy even after leaving the UAE by simply updating their app with a valid credit/debit card
- No cancellation charges post completion of 5 years. A fixed 5% fee if cancelled within the first 5 years
- Real-time human support is a click away through the App (Support & Help)
For downloading the app please visit bliss.noortakaful.com. For more information, please visit www.noortakaful.com.
© Press Release 2020
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