Latest news with #NexusInsuranceBrokers
Zawya
21-04-2025
- Business
- Zawya
Dubai National Insurance successfully launches innovative insurance product for the blue-collar segment
Dubai - Dubai National Insurance (DNI), one of the leading insurance companies in UAE, in collaboration with Nexus Insurance Brokers, successfully launched an innovative insurance solution 'Group Protection Plan', tailored for the blue-collar segment in an exclusive event. This initiative marks a significant milestone in enhancing the welfare of the Indian expatriate community in the UAE. At the Event, held in the Indian Consulate, The Consulate General of India in Dubai, welcomed guests at the event and reaffirmed their commitment to the well-being of Indian expatriates and played a pivotal role in supporting this important initiative. The new insurance solution sets a new benchmark in addressing the unique needs of vulnerable workers, offering comprehensive financial protection and support. Speaking on the significance of the initiative, Mr. Satish Kumar Sivan, Consul General of India in Dubai, said: 'This provides crucial support to the families of labourers, a segment of society that has often been underrepresented, as it covers deaths that happen not just in the UAE, not just while they are at work, but also wherever they are in the world. At the Consulate, we have always prioritised the well-being of Indian expatriates and support companies and initiatives that reflect this commitment. We encourage employers to view this proposal positively, as it ultimately benefits their own members.' Mr. Tarun Khanna, CEO of Nexus Insurance Brokers, added, 'This collaboration highlights our shared mission to create a safety net for those who need it most.' Employers will benefit from the simplicity of securing Group Term Life Insurance policies for their blue-collar workforce through DNI. Underscoring DNI's commitment to worker welfare, Mr. A R Srinivasan, CEO of DNI, emphasized, 'Blue-collar workers are the backbone of many industries, yet their access to financial protection and healthcare is often limited. This product exemplifies our commitment to their welfare, providing robust and cost-effective insurance solutions.' The launch of this initiative reinforces DNI's broader mission to deliver inclusive and accessible insurance solutions that cater to the needs of all communities. By simplifying access to essential coverage, DNI and its partners aim to set a new standard for worker welfare in the UAE and beyond. About DNI One of the leading Insurance Companies in UAE, Dubai National Insurance & Reinsurance (DNI), has been operating since 1991 with a branch in Abu Dhabi. We are a multiline insurer with products spanning Motor, Medical, Travel, Home and other commercial insurances like Group Medical, Group Life, Engineering, Marine, Property and Liability. Our expert team of insurance and reinsurance professionals will provide the best insurance policies at competitive rates compared to industry peers. Our hassle-free claims services will enhance our mutual relationship. DNI puts customer experience, innovation, financial stability, and value creation on our priority list with the approach to design tailored solutions based on a comprehensive understanding of customers and protection needs. DNI has engaged in broadening its distribution platforms and entered strategic partnerships for underwriting growth. Website: About Nexus Insurance Brokers Nexus Insurance Brokers is one of the region's premier insurance and financial advisory firms, committed to serving diverse customer needs.
The National
26-03-2025
- Business
- The National
New life insurance plan for Indians in UAE with Dh35,000 payout offers 'critical support' to families
A comprehensive insurance scheme launched to provide a safety net to millions of Indian blue-collar workers living in the UAE has been expanded. The group Life Protection Insurance plan – introduced by the Consulate of India last year – has won the support of two more companies, Dubai National Insurance and Nexus Insurance Brokers. The coverage provides life insurance, disability benefits and repatriation services. The Indian Consulate urged companies with large numbers of blue collar workers to look at insurance options that would benefit labourers in case of natural death or disability in the UAE and overseas when they were not at their work place. The insurance product can be purchased by businesses in the UAE on behalf of their employees. Satish Kumar Sivan, Consul General of India in Dubai, said it was vital to provide support to families when their sole earning relative died overseas. 'This gives very critical support to families of laborers who unfortunately pass away in cases of natural death,' he said. 'It covers deaths which happen not just in UAE, not just while they are at work, but also wherever they are in the world. It also covers partial and full disabilities, covers repatriation of mortal remains, which is a very critical element for families for a nominal fee. 'That's important as the family is suffering, the bread winner has gone, so that's a huge category of people that are not covered." All full-time Indian employees registered to work by authorities in the UAE are eligible for support. A minimum of 10 workers is required for the group coverage. Indian citizens aged 18 to 69 can be covered, with the insurance plan running for 12 months. The insurance covers death by any cause and permanent disability (up to a sum of Dh35,000) and repatriation costs following a death, up to Dh12,000 for a nominal annual sum of Dh32. The Indian Consulate established the dedicated insurance plan to help plug gaps in access to support for its citizens. It was found that while companies insured their employees who were covered under health and workmen's compensation for work-related injuries and deaths, there was no mandatory insurance coverage for natural death, so families did not receive compensation. The consulate last year helped to link companies with insurance firms such as Gargash Insurance Services and Orient Insurance for similar packages that covered both natural and accidental death in the UAE and worldwide. About 7,000 workers have been signed up for the group insurance plan over the past year – the small numbers reflect the need for more firms to sign on. Additional companies brought on board this year provide employers with more options and benefits labourers, the consulate said. 'We encourage employers to look at this proposal with a positive outlook because it is going to benefit your own workers who are not covered by life insurance because the idea is to reach that labour community not covered for deaths arising out of natural causes,' Mr Sivan said. 'The consulate's interest is to benefit the labour class, we bring together two critical components that are necessary for the welfare of labour, which is the insurance company and employees." Anthony Cerchiai, head of general insurance at Nexus Insurance Brokers, spoke of the social responsibility to protect the blue collar workers. 'We wanted to do something for the protection of the people who are always hard at work and prepare a programme at a very affordable premium,' he said. 'We will promote this product in each workers' camp in the UAE.' Dubai National Insurance said the plan primarily targetted Indian blue-collar workers but they were open to firms signing on workers from other nationalities. The insurance scheme is the latest move in support of a historic friendship between India and the UAE. More than 4.3 million Indians call the UAE home, making up the largest expatriate contingent in the UAE. They serve not only as the backbone of the country's workforce but as a driver of economic growth, with a number of prominent Indian business people setting up companies in the country and continuing to invest heavily in its development. Indian blue collar workers make up about 65 per cent of the Indian population and are one of the largest group of migrant workers in the Emirates. A second initiative launched for labourers on Wednesday was an eight-week digital literacy progamme aiming to reach about 5,000 workers in the first year. The consulate has partnered with the Kerala Muslim Cultural Centre to teach labourers how to protect themselves from cyber fraud. 'We want to skill our laborers … give them a bit of spur to use technology to protect themselves,' Mr Sivan said. 'It is important for us to ensure that our friends and brothers in this community are thoroughly equipped to face the challenges of the modern world.' Workers are often been duped into transferring money to scamsters who promise them jobs in the UAE, UK and US. The programme aims to help workers to spot scams. KMCC officials said the digital education would run in English, Hindi and regional Indian languages. 'We want to help prevent them getting caught in scams,' said Umer Abdussalam, chief executive Edapt that will run the programme. 'We will enhance their knowledge and skills to help them spot fraud. AI is getting better and they may not be familiar with it so we can introduce them to tools so they better understand.'
The National
26-03-2025
- Business
- The National
New life insurance plan for Indians in UAE with Dh35,000 payout
A comprehensive insurance scheme launched to provide a safety net to millions of Indian blue-collar workers living in the UAE has been expanded. The Group Protection Insurance plan – introduced by the Consulate of India last year – has won the support of two more companies, Dubai National Insurance and Nexus Insurance Brokers. The coverage provides life insurance, disability benefits and repatriation services. Organisers said it addresses a 'pressing need for comprehensive coverage among blue-collar workers' who have been 'historically underserved'. The insurance product can be purchased by businesses in the UAE on behalf of their employees. All full-time Indian employees registered to work by authorities in the UAE are eligible for support. A minimum of 10 workers is required for the group coverage. Indian citizens aged 18 to 69 can be covered, with the insurance plan running for 12 months. The insurance covers death by any cause and permanent disability (up to a sum of Dh35,000) and repatriation costs following a death, up to Dh12,000. Why insurance protection is crucial The Indian Consulate established the dedicated insurance plan to help plug gaps in access to support for its citizens. It was found that while companies insured their employees who were covered under health and workmen's compensation for work-related injuries and deaths, there was no mandatory insurance coverage for natural death, so families did not receive compensation. The consulate helped to link companies with insurance such as Gargash Insurance Services and Orient Insurance for a package that covered both natural and accidental death in the UAE and worldwide. Historic ties The insurance scheme is the latest move in support of a historic friendship between India and the UAE. About four million Indians call the UAE home, making up the largest expatriate contingent in the UAE. They serve not only as the backbone of the country's workforce but as a driver of economic growth, with a number of prominent Indian business people setting up companies in the country and continuing to invest heavily in its development. The two countries enjoy long-standing ties dating to the foundation of the Emirates. UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, made the first state visit to India by a UAE President in 1975. The UAE signed its first Comprehensive Economic Partnership Agreement (Cepa) with India in 2022, following which bilateral trade has surged past $85 billion, making India the largest trading partner of the UAE and the Emirates the third-largest trading partner for India. Indian Prime Minister Narendra Modi visited the UAE in February last year and inaugurated the Baps Hindu Mandir in Abu Dhabi. The countries also signed a pact to expand bilateral investment co-operation in digital infrastructure. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, made an official visit to India in September of that year, in which a number of deals were agreed by UAE and Indian businesses and organisations to extend the existing Cepa.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
UAE: New insurance plan launched for Indian workers with Dh32 premium for Dh35,000 payout
A newly introduced insurance scheme in the UAE aims to provide financial support to families of Indian blue-collar workers in the event of natural or accidental death. The Consulate General of India in Dubai coordinated between key employers of Indian blue-collar workers and insurance providers, Nexus Insurance Brokers and Dubai National Insurance (DNI), to establish a package offering coverage of Dh35,000 for a premium as low as Dh32. On Wednesday, Satish Kumar Sivan, Consul General of India in Dubai, said, "For our labour-focused initiative, which we had started last year, we worked with Orient and Gargash Insurance to put together a package of a life insurance programme for labourers at a very nominal premium insurance policy. "It gives very critical support to the families of labourers who unfortunately pass away, covering the natural death scenarios, covering deaths which happen not just in UAE, not just when they are at work, but also wherever they are in the world; it also covers partial and full disability." He stressed that these cover the repatriation of mortal remains, which is a critical element for the deceased labourers' family members to have a last glimpse of the departed family member. "This covers repatriation of mortal remains anywhere in the world, partial and full disability at a nominal fee, which is Dh32. Dubai National Insurance has come to us with another proposal, which is Dh32 for a coverage of 35,000. The consulate is just the catalyst; we want our workers to benefit from it. Also, now (in this insurance cover) up to Dh12,000 is given for transporting mortal remains; earlier, it was Dh10,000." The initiative gained momentum last year after it was observed that most companies provide insurance coverage for their employees under Health Insurance and Workers' Compensation, which covers work-related injuries and deaths. However, there was no mandatory insurance policy for natural deaths, leaving the legal heirs or dependents of deceased employees without any compensation in such cases. Chandrasekhar, senior Executive Consultant at Nexus Insurance Brokers LLC said, "This product is designed for Indian blue-collared construction workers. It can be extended to other nationalities. It has a premium of Dh32 per annum with a cover of Dh35,000. Apart from death, we cover disabilities and also the transfer of mortal remains to India up to Dh12,000. This is a one-year premium. The premium can go up or down depending on several factors, including the claims and how the programme is running." He added, "We want to expand this to other communities and other nationalities as well with packages like Dh50,000 cover for Dh50, Dh75,000 for Dh75, Dh100,00 for Dh100 per annum." Meanwhile, the Indian mission is also launching a free multilingual online digital literacy programme for Indian workers.
The National
26-03-2025
- Business
- The National
UAE insurance scheme for Indian blue-collar workers expanded
A comprehensive insurance scheme launched to provide a vital safety net to millions of Indian blue-collar workers living in the UAE has been expanded. The Group Protection Insurance plan - rolled out by the Consulate of India last year - has won the support of two further insurance companies, Dubai National Insurance and Nexus Insurance Brokers. The coverage provides life insurance, disability benefits and repatriation services. Organisers said in a press release it addresses a "pressing need for comprehensive coverage among blue-collar workers" who have been "historically underserved". The insurance product can be purchased by businesses in the UAE on behalf of their employees. All full-time Indian employees registered to work by authorities in the UAE are eligible for support. A minimum of ten workers are required for the group coverage. Indian citizens aged 18 to 69 can be covered, with the insurance plan running for 12 months. The insurance covers death by any cause and permanent disability (up to a sum of Dh35,000) and repatriation costs following a death, up to Dh12,000. Historic ties The insurance scheme is the latest move in support of an historic friendship between India and the UAE. About 4 million Indians call the UAE home, making up the largest expatriate contingent in the UAE. They serve not only as the backbone of the country's workforce but as a driver of economic growth, with a number of prominent Indian businessman setting up companies in the country and continuing to invest heavily in its future development. The two countries enjoy long-standing ties dating back to the foundation of the Emirates. UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, made the first state visit to India by a UAE President in 1975. The UAE signed its first Comprehensive Economic Partnership Agreement (Cepa) with India in 2022, following which bilateral trade has surged past $85 billion, making India the largest trading partner of the UAE and the Emirates the third-largest trading partner for India. Indian Prime Minister Narendra Modi visited the UAE in February, 2024 and inaugurated the Baps Hindu Mandir in Abu Dhabi. The countries also signed a pact to expand bilateral investment co-operation in digital infrastructure. Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, made an official visit to India in September of that year, in which a number of deals were agreed by UAE and Indian businesses and organisations to extend the existing Cepa.
