Jiban Bima to share insurance profit with expats

The government has introduced a five-year compulsory insurance for expatriate workers with a view to benefit the offshore workers economically.

To this end, the Wage Earners' Welfare Board signed a contract with the Jiban Bima Corporation at the Ministry of Expatriates' Welfare and Overseas Employment on Sunday (12 March) with the added provision to share profit from expat insurances with the expatriates.

"Under the agreement, benefits of the previously availed vocational insurance have been increased to Tk10 lakh from Tk2 lakh with an extension in tenure by three to five years", said Expatriate Welfare Minister Imran Ahmed.

According to the agreement, half of the profit from the insurance scheme, after settlement of insurance claims and deducting 15% operating cost, will go to the Wage Earners Welfare Board, which will be spent on the welfare of expatriate workers.

Bangladesh Jiban Bima Corporation and Wage Earners Welfare Board of Ministry of Expatriate Welfare and Foreign Affairs are jointly implementing the 'Expatriate Worker Insurance'. With a one-time premium of Tk1,000, an expatriate worker will get insurance benefits up to Tk10 lakh.

Expatriate Welfare Minister Imran Ahmad MP said it should be ensured that the expatriate workers can avail the benefits of insurance.

Senior Secretary Dr Ahmed Munirus Salehin said, "Our first priority is to ensure that expatriate workers can do their work abroad without risk."

Benazir Ahmed MP, President of the Standing Committee on Ministry of Home Affairs, Mohammad Zainul Bari, chairman of Insurance Development and Regulatory Authority, among others were also present on the occasion.

Wage Earners Welfare Board Director General Md Hamidur Rahman chaired the event also attended by Manpower Employment and Training Bureau Director General Md Shahidul Alam and Jiban Bima Corporation Managing Director Md Mizanul Haque Chowdhury.

According to the deal, the board will collect the premium from the outbound migrants and deposit it with the corporation.

Around 1.30cr Bangladeshis are working abroad, according to the Bureau of Manpower, Employment and Training.

To minimise workplace risks and maximise migration safety, the government in 2019 mandated insurance for all outbound workers.