StanChart launches credit card with insurance facilities

Standard Chartered Bangladesh yesterday launched a credit card for the local market that comes with insurance coverage facilities.

The bank brought the card to the market in association with MetLife and  Mastercard and said it is Bangladesh's first such card which will  provide customers with insurance coverage.

The credit card named "Assurance Credit Card" was unveiled at the Pan Pacific Sonargaon in the capital where Naser Ezaz Bijoy, chief executive  officer of Standard Chartered Bangladesh, Syed Mohammad Kamal, country  manager of Mastercard for Bangladesh, and Ala Uddin Ahmad, chief  executive officer of MetLife Bangladesh, were present.

The newly introduced co-branded credit card enables users to avail  insurance and lifestyle benefits in tandem, the bank said in a statement.

With the insurance premium, customers will be able to reap the benefits of MetLife's comprehensive health and life insurance plans from day one, according to officials.

The Assurance Card, which boasts zero annual fees for the first year,  will help customers to cover the cost of medical and healthcare related  expenses as well as death and disability coverage of up to Tk 5 lakh, the bank said.

"A never-before-seen benefit includes coverage of up to Tk 3,000 per day  for hospital stays. When charging the Assurance Card at major health  centres across Bangladesh, customers will also be able to take advantage  of discounts of up to 35 per cent," the bank said.

The card users will also enjoy a range of lifestyle offers such as a  free priority pass, year-round access to airport lounges and facilities,  and "buy one get one" benefits at selected retailers and  restaurants.

Assurance Card customers will be able to earn reward points, which can be used later to waive annual fees.

"Transacting digitally – by using our Assurance Card for doctor's visits, hospital stays, and life insurance benefits – makes it possible to deal with life's difficulties without sacrificing safety and security," the Standard Chartered Bangladesh CEO said at the ceremony.

MetLife Bangladesh's Ahmad said, "MetLife's world-class insurance protection will help cardholders enjoy many lifestyle amenities along with the assurance of managing life's many uncertainties with confidence."

"The card has benefits tailored for cardholders prioritising long-term health. By catering to the needs of our cardholders, Mastercard strives to become the preferred card in the market," said the country manager of Mastercard.