Nov 24 2009 |
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Warba Insurance unveils 'micro-insurance policy'
KUWAIT: For over three decades, Warba Insurance Company K.S.C. has been providing all types of insurance services relating to general, health, travel, life, etc. Warba Insurance Company ( WIC ) launched a new product: the 'Micro Insurance Policy'. This was announced during a press conference held yesterday at its headquarters.To fulfill their social obligation towards the expatriates community, the company has launched a new Micro Insurance Policy in order to provide affordable protection to the community.
Micro Insurance Policy provides basic Life Insurance, Double Accident, Disability covers due to Accident and Repatriation benefits, etc. "All these benefits are offered with premiums less than KD 10. So if you divide this amount, it makes about 700 Fils only per month," noted Osama Al-Wazzan, Senior Manager, Life Insurance Department.
This type of insurance is popular all over the world. The workers or laborers here are only covered during their working hours by the Labor Law, thus the Micro Insurance Policy will offer them peace of mind and safely feeling. Warba 's objective is to provide protection to all nationalities with affordable premiums thereby providing family financial security," he further said.
The Micro Insurance Policy provides compensation of KD 2000 in case of death, which increases to KD 4000 in case of death due to accident. It also covers seven kinds of disability. Furthermore this insurance covers the expenses for transferring of the remains of the dead to his home country up to KD 500," highlighted Al-Wazzan.
These kinds of insurance policies became very popular, especially for the domestic workers. "Many sponsors made this issuance for their maids. And we will also apply this insurance in cooperation with the domestic offices and the embassies, as this issuance covers the domestic workers since he or she arrives to the airport," he concluded.
Warba 's Individual Life Division currently provides Family protection and Investment plans to Nationals and Expatriates. "Some of the popular plans being offered are Education Plus- a unique plan to provide funds for the Education expenses, Three Payment plans and Endowment plan - Provides savings, family protection, Protect and Save plan - offers high Family Protection with return of cash benefits etc," said Anwar Al-Sabej, Assistant General Manager WIC .
The WIC is continuing in growing. "In spite of the current economic crisis, Warba 's Individual Life Division has recorded 68 percent growth in the number of policies and 157 percent growth in Premium up to October 2009 as compared to last year figures," he added. In view of the above benefits, one of the Indian associations has already implemented the scheme among its members.
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