The government has doubled the benefit of insurance coverage for outbound Bangladeshi workers with a view to enhancing their financial protection.
Now a worker will get Tk 400,000 from his or her policy with a premium of a single installment of Tk 490 for two-year term. The workers and their families will get the money in case of their death or disability.
Earlier, the amount of the policy was Tk 200,000 with the same premium.
However, Wage Earners’ Welfare Board (WEWB) has renewed the deal on insurance for migrant workers for two years with Jibon Bima Corporation (JBC) on Sunday last.
The government launched a pilot project on insurance coverage for migrant workers in December, 2020. Then two insurance products were introduced for them–one was mandatory and another was optional.
But optional policy has been stopped in the latest deal as it is not getting good response from the outbound workers.
A senior official said the Expatriates’ Welfare and Overseas Employment Ministry has revised the policy to enhance workers’ facilities.
If the workers want, they can renew their insurance scheme every two years while staying abroad with jobs.
They will get 2.0 per cent discount, if they renew the policy before its validity expires.
Outbound workers aged between 18 and 58 will be eligible for the insurance policy.
The WEWB will provide all necessary services to the workers for opening policy and receiving benefits.
As per the condition, nominee will get 100 per cent benefit in case of a policyholder’s natural death with the tenure of the two-year coverage period. If a worker is killed in an accident within the coverage period or 90 days of expiring of policy, his or her nominee will also get 100 per cent benefit.
In case of accidental disability, a worker will get an amount between 10 per cent and 100 per cent depending on the degree of injuries.
Migrant rights activists said it is a good initiative, but the coverage should be increased to bring more workers under the financial support.