Xpress Money, the worldâ€™s most dependable money transfer brand, in association with Union Insurance - one of the leading insurance firms in the Gulf Co-operation Council (GCC) region, launched remittance industry's first free life insurance for Indian expats working in the region. Designed specifically to suit the blue collared population, this monthly renewable free life insurance scheme, is available to any person remitting money through Xpress Money.
This pioneering insurance will provide a life insurance protection of AED 15,000 Dirhams including AED 5,000 Dirhams of repatriation expenses of the mortal remains, something that not many insurance companies cover. The life insurance benefit will 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 avail this life insurance free of cost irrespective of the amount transacted.
Sudhesh Giriyan, Vice President and Business Head, Xpress Money, said: "Majority of the Indian expats from blue-collared category, residing and working in the GCC region, generally work in hazardous conditions at construction sites, factories etc. We launched this free life insurance scheme because we are sensitive to humanity and believe that every life is priceless. This life insurance is a critical value addition to our services and we are glad to be associated with Union Insurance - a leading insurance brand in the Gulf Co-operation Council (GCC) region in creating a new milestone in the remittance sphere.â€ť
Speaking about the launch, Â Arvind Mylar, Regional Vice President- Business Development, South Asia, Xpress Money said, â€śThis is a pioneering initiative that no remittance player has offered so far. Â The launch of this innovative product will truly benefit many blue-collared Indian expats and will give an edge to Xpress Money and Union Insurance. Being one of the biggest global remittance brands, we look forward to further expansion to other countries and regions over the next few months.â€ť
The life insurance cover will be offered to Xpress Money customers sending money to India from major send markets like UAE, Kingdom of Saudi Arabia, Oman, Qatar, Kuwait and Bahrain.
Over the next few months Xpress Money plans to offer this service to a wider range of customers and will add more corridors to the existing list, based on the response that the service receives from the target audience.
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