The Egyptian Takaful Co. – Life signed a one-year contract to insure the employees of the Smart Village. The insurance policy covers the employees against death and provides also an investment insurance coverage. The employee will receive a value of 10 months at the year of death or reaching 60 years of age. The insurance value of the policy is EGP 4 million. The Smart Village paid EGP 3.7 million as a sole subscription installment, in addition to paying a monthly installment of EGP 5,000. It is worth mentioning that the Smart Village currently consists of 100 companies in which 12,000 employees work and are expected to reach 80,000 employees by 2014. The Egyptian Takaful Co. – Life targets to achieve premiums of EGP 150 million in FY 2012/2013.
