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India’s largest Insurance Company announces two special Insurance policies for workers in UAE at nominal rates of premium
16 May, 2007
In a press conference held at the Consulate General of India, on 16th May 2007, the Consul General of India Mr. Venu Rajamony along with Mr. I.S. Phukela, General Manager of The New India Assurance announced two new Policies in the United Arab Emirates Market for the welfare of workers.
- Overseas Indian Insurance Policy (Pravasi Bharatiya Bima Yojana Policy)
- Amaat Al Nas Personal Accident Insurance Policy.
The New India Assurance Co. Ltd., is India’s largest general Insurance Company with offices in over 24 countries. It is one of the first Indian Multinationals and has a net asset base of US $ 6.1 billion, in the year 2005-2006. The New India Assurance Company has had a presence in UAE since 1961 in partnership with one of the most prestigious business groups of the United Arab Emirates, the Rais Hasan Saadi Group.
The average premium for both of these Policies would be around AED 100/- per person per year. These Policies have been specially designed for the U.A.E. market taking into consideration some of the problems faced by Indian Expatriates and Expatriates of other Nationalities.
The 'Overseas Indian Insurance Policy' (Pravasi Bharatiya Bima Yojana) is open to all Indians on a valid UAE Employment Visa, in the age group of 18 to 60 years.
The Salient features of the Policy are:
- Natural Death and death due to accident sum insured AED 35,000/-.
- Additional coverage of AED 2000 for any hospitalisation of spouse and two children below the age of 21 years in India while the insured is unable to earn an income.
- Upto AED 7,500/- for repatriation of mortal remains along with one Economy Class Return Air Fare for the accompanying attendant.
- Reimbursement of actual expenses in case the Indian Mission arranges for repatriation.
- One Way Economy Class Air Fare in case the insured is declared medically unfit to continue working.
- One Way Economy Class Air Fare in case of any change in job or employment contract which is detrimental to interest of the insured.
- Upto AED 3,500/- for hospitalisation costs due to any accident or any disease arising of such accident.
- Maternity benefit upto AED 1,500/- for women.
- AED 2,000/- for legal expenses relating to his/her employment in the event of a dispute.
The Premium is AED 225/- for two years and AED 300/ for three years. This Policy has been very reasonably priced so that employers can take this policy.
The Second Policy launched known as Amaat Al Nas (General Public) Personal Accident Policy is available to all legal residents of U.A.E., including U.A.E. Nationals.
The Policy covers
- Death due to accident.
- Permanent total disability.
- Loss of one limb or two limbs.
- Repatriation of mortal remains, to the Country of Origin.
There are two options in the Policy, one where the sum insured is AED 50,000/- and the other for AED. 25,000. The premium is AED 150/- for two years and AED 200/- for three years if the coverage is for AED 50,000/-. The Premium is AED 125 for two years and AED 175 for three years if the coverage is for AED 25,000/-.
These Policies have been introduced in the United Arab Emirates market as a result of joint efforts of the Government of India and The New India Assurance Co. Ltd., Dubai, with the primary intention of promoting the welfare of overseas Indians and creating a security net to the Indian expat workers.
Details of these Policies are being brought to the notice of U.A.E. authorities as well as leading companies in UAE so as to make them popular and easily accessible to all.
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