Currently, foreign employment insurance policies, which are sold to people leaving the country for employment through legal channel, provide coverage of up to Rs 500,000 in case of death, permanent disability or partial disability.[break]
The new arrangement means the kin of those who lose their lives will get Rs 600,000 in compensation, while those who suffer partial or full disability can claim a sum of up to Rs 550,000. The new rates will come into effect from Monday.
The IB has also directed insurance companies selling foreign employment policies to introduce foreign employment insurance products for people above 65 years. The insurers can fix rates on these policies on their own, an IB statement says.
“This facility was introduced to help those who are leaving the country for employment without insurance coverage due to lack of such provision in the country,” Shekhar Kumar Aryal, deputy director of the IB, said.
Currently, premium rate on foreign employment insurance policies with one-year tenure has been fixed at Rs 1,025, Rs 1,500 and Rs 3,500.
These rates apply to those who fall in the age group of 18-35, 36-50 and 51-64, respectively.
Those who fall in the same age group but want to purchase policies with two-year tenure will not need to pay a premium of more than Rs 1,825, Rs 2,500 and Rs 5,000, respectively. And those buying three-year policies are charged no more than Rs 2,430, 3,400 and 6,600.
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