The government has raised the sum of insurance from Rs 0.3 million to Rs 1 million for Emigrants Group, and the Bureau of Emigration and Overseas Employment (BEOE) and State Life Insurance Corporation of Pakistan (SLICP) have signed revised contract on December 9, 2010. The new contract will be effective from January 1, 2011.
According to a letter, a copy of which is available with Business Recorder, sent to Pakistan Overseas Employment Promoters Association (POEPA) and other concerned departments, the BEOE has said that after detailed discussion/meetings with concerned stakeholders, Emigrants Group Insurance Contract (EGIC) has been revised. Accordingly, the revised agreement has been signed by BEOE and SLICP on December 9, 2010 at Karachi.
The salient features of the agreement are as follows: (i) The sum insured for the beneficiary will be rupees one million instead of Rs 300,000 on account of death and complete disability.(ii) one time Premium shall be Rs 2000 instead of Rs 650 per emigrant, and (iii) the Emigrants Group Insurance contract will be effective from January 1, 2011.
According to the agreement, the members shall remain covered under the scheme for a period of two years comprising from the date of Insurance Certificate become effective and valid on payment of premium of Rs 2000.Further renewal will be on the option of emigrant for a period of two years on payment of prescribed premium and on producing documentary evidence for extension in the service contract in foreign country. The coverage shall, however, terminate on the age of 60 years, with no further extension.
"All the concerned departments/regional offices of Bureau of Emigration and Overseas Employment are requested to implement the contract in letter and spirit with effect from January 1, 2011," the letter adds.