UAE-based Nexus Group has unveiled a new expat income protection policy that will help UAE residents cover themselves against sudden unemployment, or in a situation where they can’t work due to an accident or sickness.
The policy, launched in partnership with Orient Insurance and UK-based Realm Protection through its unit, Nexus Insurance Brokers, is available as an online purchase, offering peace of mind against a sudden, short-term loss of income.
Believed to be the first online policy of its type in the UAE market, it provides payments of around Dh25,000 ($6,805) per month for a period of up to three months. In the event of accidental death, the policy also provides Dh100,000 ($27,220) paid to a nominated beneficiary, plus up to Dh25,000 towards repatriation expenses.
Nexus Group CEO Tarun Khanna said the new product fills an important gap in many expatriates’ financial security.
"Particularly for low to middle-income earners, suddenly losing their salary can quickly run down family savings, but this gives them some breathing space," observed Khanna.
“The payments provide an emergency safety net against unemployment, making sure you can pay your living expenses while finding a new job, or in the case of injury or sickness, recover enough to return to work,” he stated.
"Expat Income Protection is a straightforward product covering a simple but common need. Nexus believes the added convenience of being able to complete the purchase entirely online will add significantly to its appeal, with international consultancy McKinsey showing that 80 per cent of shoppers touch a digital channel at some point while buying insurance," he added.
Khanna said the group's aim was to make the customer journey as easy as possible.
"Customers with complex requirements need an individualised, personal service, but there is a very large group of customers who can determine their needs through completing a simple questionnaire online, and get a policy issued immediately. As people become increasingly accustomed to purchasing services online and on a smartphone, customers are expecting this kind of choice," he added.-TradeArabia News Service