{"id":4108,"date":"2018-10-24T12:44:14","date_gmt":"2018-10-24T12:44:14","guid":{"rendered":"http:\/\/139.59.38.172:8081\/?p=4108"},"modified":"2019-03-26T12:17:35","modified_gmt":"2019-03-26T12:17:35","slug":"low-cost-insurance-policy-in-uae","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/low-cost-insurance-policy-in-uae\/","title":{"rendered":"Low cost insurance policy in UAE"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The government of UAE replaces its traditional bank guarantee scheme with a new insurance policy. Previously private sector companies had to deposit AED 3000 whenever a new worker is recruited in the company. Now, this has been replaced with a new low-cost insurance policy. So far 14 Million AED has been deposited in banks on AED 3000 bank guarantee scheme, which will be refunded to the companies. The bank guarantee scheme provided only AED 3000 per employee during payout.<\/span><\/p>\n<p><strong>Check:&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/group-health-insurance-options-dubai\/\" target=\"_blank\" rel=\"noopener noreferrer\">Group Health Insurance options in Dubai<\/a><\/strong><\/p>\n<h3><strong>What is a low-cost insurance policy?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Under the Low-cost insurance policy, the employer needs to insure each and every worker in the company by paying a premium of AED 60 per year. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The maximum coverage provided would be AED 20,000. It covers all the workplace privileges like the end of service benefits, overtime allowance, unpaid wages, any injuries at the workplace, etc. <\/span><\/p>\n<h3><strong>How helpful is a Low-cost insurance policy?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">If the employer fails to provide end of service benefits to an employee then the insurance policy would cover the benefits. But this policy does not cover gratitude, missing salaries, etc. Companies going default in paying more than 6 months salary will not be eligible for the coverage. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><strong>Is it mandatory to get low-cost insurance?<\/strong> <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Private sectors which are willing to continue with AED 3000 deposit as bank guarantee scheme can proceed with it. But it is mandatory to opt any one of the schemes while recruiting an employee. This is applicable to private sector employees, maids, cooks, and other domestic workers as well. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\"><strong>How to register for low-cost insurance scheme?<\/strong> <\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Employers need to register their employees at any tadbeer or tasheel service centers. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of UAE replaces its traditional bank guarantee scheme with a new insurance policy. Previously private sector companies had to deposit AED 3000 whenever a new worker is recruited in the company. Now, this has been replaced with a new low-cost insurance policy. So far 14 Million AED has been deposited in banks on [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,7,9],"tags":[],"class_list":{"0":"post-4108","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-general","9":"category-insurance","10":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Low cost insurance policy in UAE - MyMoneySouq Financial Blog<\/title>\n<meta name=\"description\" content=\"In Low-cost insurance the employer needs to insure every worker in the company by paying a premium of AED 60 per year &amp; maximum coverage of AED 20,000 will\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/low-cost-insurance-policy-in-uae\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Low cost insurance policy in UAE - MyMoneySouq Financial Blog\" \/>\n<meta property=\"og:description\" content=\"In Low-cost insurance the employer needs to insure every worker in the company by paying a premium of AED 60 per year &amp; 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