Policy package secures migrant workers
MBSL Insurance, a subsidiary of the Merchant Bank of Sri Lanka
introduced a comprehensive insurance policy package that offers a wide
range of benefits for the Sri Lankan migrant workforce.
Dr Ranjith Bandara
The signing of the Memorandum of Understanding (MoU) between the
Association of Foreign Employment Agencies of Sri Lanka (ALFEA) and the
MBSL Insurance in this regard took place at the Intercontinental Hotel
yesterday. Addressing the ceremony MBSL Director and Sri Lanka
Foundation (SLF)Chairman Dr Ranjith Bandara said this revolutionary
insurance scheme will secure the Sri Lankan worker overseas and assure
them that there is always something to fall back on, in a time of
uncertainty and need.
“The importance of an insurance scheme for the migrant worker was a
long term discussion subjected to debate by all insurance companies. But
it was halted due to possible issues and difficulties that may come up
during the employment period of Sri Lankan citizens. But MBSL came
forward to protect the Sri Lankan migrant worker with this insurance
policy without considering the profit,” he said.
He said MBSL did not directly target profits through this scheme.
This is not a profit making venture but will be a real protection for
the workers who migrate for employment through ALFEA agencies. “Migrant
workers should be encouraged as they contribute immensely to the
country’s economy,” he said.
ALFEA President W.M.P. Aponsu said this unique product will initially
be aimed at migrant workers and the benefits will be given only to the
workers who obtain their foreign jobs through ALFEA agencies. There are
around 600 ALFEA agencies in the country, he added. The important fact
of this insurance policy is that no worker will have to pay the premium
for the insurance and the respective agent will have to contribute the
amount needed for the insurance.
Through this insurance scheme death due to any cause, permanent and
partial disability due to accidents, medical expenses during the first
three months and repatriation due to medical unfitness and permanent
disability will be covered, he said.
Refusal to work due to valid reasons and running away by the workers
within three months of employment will also be covered. Nearly Rs.
200,000 will be given to the policyholder and those who are employed in
any country will be eligible. The age limit will be from 18 to 55 for
the migrant workers to be eligible for insurance, he said.