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Xpress Money offers free life insurance cover


Times News Service, Muscat: Xpress Money, a popular money transfer company, yesterday launched the industry's first free life insurance cover scheme for its Oman remitters in partnership with Union Insurance, one of the leading insurance firms 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 scheme will provide a life insurance protection of OMR1,572, including OMR525 of repatriation expenses of the mortal remains — something that not many insurance companies cover, said a press release. From Oman, the insurance cover will be available to remitters to India and Ethiopia.

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 wishes by simply remitting money on a monthly basis through Xpress Money, irrespective of the amount transacted. 

Sudhesh Giriyan, Vice President and Business Head, Xpress Money, said: "Majority of the expats residing and working in the Gulf Cooperation Council, are the blue-collared 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 too, to insure themselves. This life insurance scheme is a critical value addition to our services that yet again reinstates our commitment, of bringing a humane touch to the business we are in. We are glad to be joining hands with Union Insurance; and together creating a new milestone in the remittance sphere."

Commenting on the launch, Pushpak Damania, RVP, (Business Development), MENA AFPAK, Xpress Money said: "We are confident that this is a pioneering initiative that no remittance player has offered so far.  Being one of the biggest global remittance brands in the region, we are happy to be partnering with Union Insurance - a leading insurance brand in the region. The launch of this product will truly benefit many blue collared workers at large as well as give Xpress Money and Union Insurance an edge over our competitors with the innovativeness of the product. We look forward to further expansion to other countries and regions over the next few months." 

"We are proud to enter into a strategic partnership with one of the world's leading money transfer brands," said Usman Khadmi, President of Union Insurance Company. "This first of its kind life insurance programme in the remittance industry is a clear demonstration of how we understand the unique requirements of our clients and address them by utilising our expertise, technical skills and efficient operations. Together with Xpress Money, it is now possible to offer innovative, superior-value insurance coverage to all of their customers."

The life insurance scheme cover will be offered to remitters in Oman, Saudi Arabia, Qatar, the UAE and Kuwait. 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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