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Citibank, N.A. Bangladesh has launched a new initiative to provide life insurance coverage to non-resident Bangladeshis (NRBs), who are living in the Kingdom of Saudi Arabia (KSA) and remitting funds to their beneficiaries in Bangladesh through Citibank, N.A. and KSA's SAMBA Financial Group.
This is for the first time in Bangladesh that insurance coverage for up to 90 days since the date of remittance is being offered to the NRBs by any financial institution.
Under the new initiative, the remitters will get the insurance coverage in the cases of both natural death and accidental death.
Their beneficiaries in Bangladesh will receive the insurance benefit from the Citibank's group insurance service provider.
Commenting on the initiative, Citigroup Country Officer-Bangladesh Mamun Rashid said, "This is in line with Citigroup's global commitment towards innovation and this is the first time that Citigroup has pioneered such an initiative in any country, which would make Citigroup, Bangladesh a role model for other countries to follow."
Citibank, now celebrating its 10th anniversary in the country, has been providing remittance services to the Bangladesh nationals residing in the KSA for 10 years.
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