Dubai: – In an initiative to benefit workers in the Gulf, Xpress Money has launched a life insurance package for its customers, which will come into effect on June 1.
The package worth Dh15,000, will be activated each time a customer makes a remittance back home using Xpress Money service.
Valid for one month, the package includes Dh5,000 repatriation charges in case of the demise of the beneficiary.
The life insurance benefit will automatically be available to any person remitting money through Xpress Money for a period of one month, from the day the customer makes a transaction. A remitter can therefore avail of this life insurance scheme free of cost for as long as he/ she wishes by simply remitting money on a monthly basis through Xpress Money, irrespective of the amount transacted.
“We are delighted to offer this service to our faithful customers. This will surely benefit thousands of workers across GCC and will be a permanent service. Though the package is valid for one month, each time a person remits the benefit will be extended for 30 days,” said Sudhesh Giriyan, vice-president and business head, Xpress Money.
Currently, in the UAE, the service is limited to Indian expatriates only, while in other GCC countries it is available to other nationalities including Pakistani, Indonesian, Ethiopian, Bangladeshi and Egyptian.
“In the first phase we are initiating the insurance cover with Indian remitters in the UAE only and very soon we will extend it to other nationalities as well,” added Giriyan.
Xpress Money has joined hands with Union Insurance to offer this service which can be availed of through any money exchange across the GCC.
Interestingly, the insurance covers death caused by accident as well as natural causes, and the money will be automatically transferred to the dependants of the beneficiary in case of demise.
“Majority of the expats residing and working in the GCC belong to the blue-collar class; these migrants are generally not covered by any insurance firm because of their hazardous working conditions at construction sites, factories etc. We therefore launched this free life insurance scheme with an objective to reach out to these migrants and give them an opportunity to insure themselves.” Giriyan said.
Xpress Money has a 5.5 per cent share in global remittances to developing countries, with transactions worth $401 billion (Dh1,463 billion), which highlights the impact this service could have on remitters. The company registers more than 150,000 transactions every month from the UAE alone.
