The newly launched coverage by Indian Consulate can be opted by Companies as a group life insurance cover setting a new standard for employee welfare in the UAE.
By Suneeti Ahuja-Kohli
The recently launched Pravasi Protection Plan (PPP), a collaborative effort between the Indian Consulate, Orient Insurance, and Gargash Insurance Services, is specifically tailored for the Indian workforce in the UAE who often lack a safety net.
Essentially, the Pravasi Protection Plan (PPP) offers a group life cover extending its coverage beyond workplace accidents to include natural deaths and accidental disabilities, ensuring worldwide coverage that safeguards beneficiaries.
“The Pravasi Protection Plan (PPP)provides a substantial way to enhance the welfare of the Indian workforce in the UAE. Over 60 per cent of Indians in the UAE, at around 1.5 million, are blue-collared workers. Most of these workers do not have any form of life insurance, which leaves their families vulnerable in case of an untimely death. We’ve ensured our plan is affordable for large corporates and SMEs alike, and we hope that companies will integrate it into their employee welfare offerings,” said Mustafa O. Vazayil, Managing Director, Gargash Insurance Services.
According to a study by the Indian Consulate, 1,500 to 2,000 Indian workers in the UAE succumb to natural causes or illnesses annually, leaving families financially vulnerable. “While some workers have medical insurance or Workmen Compensation Insurance, which mainly covers work related accidental injuries and death any incidents outside work hours can leave families exposed. The Pravasi Protection Plan (PPP)aims to bridge this gap,” Vazayil added.
“The insurance coverage signifies not only financial security but also a broader vision of inclusivity and care for the worker community in the UAE,” noted M. Rajendran, Deputy Managing Director of Gargash Insurance Services.
The Pravasi Protection Plan (PPP)caters to corporates, start-ups, micro, small, and medium enterprises, requiring a minimum of 5 Indian employees or ten employees of other nationalities aged between 18 and 70 years.
Annual premiums starts from Dh37 going up to Dh72, offering benefits like worldwide coverage for employees with UAE employment visas. The policy also covers permanent total/partial disability due to accidents, repatriation expenses (death only) up to Dh12,000 per person, and compensation ranging from Dh35,000 to Dh75,000, depending on the coverage.
“While initiated by the Indian Consulate for Indian employees in the UAE, companies with multi-national workforces can also opt for it, provided Indians are part of the pool,” added M. Rajendran.
Launched on March 1st 2024, the Pravasi Protection Plan (PPP)has garnered widespread interest from UAE based companies covering nearly 20,000 lives.
“Apart from the immediate financial security it offers to the workers’ families, this policy is also very cost-effective for companies and comes with the ease of affordability for everyone involved,” said Rajendran, adding, Gargash Insurance Services is focused on expanding the reach of this policy reach to encompass a broader spectrum of employers. “We are looking at collaborating with socio-cultural organisations and also planning for expansion into other GCC markets over the coming months. We are also expecting more corporates and MSMEs to integrate this into their employee welfare programmes, not as an added cost to workers, but as a protective measure by the employer,” Rajendran noted.
Notably, the Pravasi Protection Plan (PPP)marks yet another milestone for Gargash Insurance in its legacy of innovation and commitment to meeting market needs. The insurance brokerage firm pioneered initiatives such as online payment gateways and specialised medical insurance products early on during turn of the century, and now the company continues to demonstrate its proactive approach to addressing evolving challenges.
“This initiative is more than just offering an insurance product,” concluded Mustafa. “It’s about assuring hard-working individuals that their contributions are recognised, valued, and safeguarded.”