What You Need To Know
March 18, 2022
The COVID-19 pandemic has affected millions of workers worldwide. According to the Department of Labor, as of November 2021, there were 809,374 Overseas Filipino Workers who have been sent back home due to lockdowns and provided assistance by the government.
But now that most countries have lifted travel restrictions and started to open its doors again, providing more jobs and better career opportunities, many Filipinos are so eager to go back abroad and face the challenges of being an OFW once more.
What is OFW Mandatory Insurance?
Based on the Republic Act No. 8042, otherwise known as the Migrant Workers and Overseas Filipinos Act of 1955, as amended, all migrant workers must be covered by compulsory insurance policy when they work abroad. This law protects the Overseas Filipinos and Migrant Workers and provides adequate and timely social, economic and legal services, protection to labor, and promotes full and equal employment opportunities.
Implementing this mandatory insurance for ALL OFWs, including “Balik-Manggagawa” and direct hires or name hires as a requirement in getting their Overseas Employment Certificate (OEC), will protect all our Pinoy workers abroad against any possible risks.
Why do I need insurance?
First, it’s mandatory. Also, there’s always a possibility that unforeseen events may happen and several things may go wrong while you’re working overseas - from falling seriously ill to becoming unfit to work. Medical and hospitalization costs are expensive in other countries. Even for simple diagnostic tests, you may have to shell out thousands of dollars and for a minor injury, you may have to spend more than you realize.
OFW Insurance gives you peace of mind and protects your hard-earned money against expenses that can lead to a serious financial crisis. It also covers you from unjust or illegal termination, as well as, provides your beneficiaries with life benefits in case of your passing.
Why choose Paramount’s OFW Balik-Manggagawa insurance?
There are few licensed companies that are accredited by the Insurance Commission (IC) to offer OFW insurance. Paramount Life & General Insurance Corporation (PLGIC) is the first insurance company that is accredited by the Philippine Overseas and Employment Administration (POEA) and licensed by IC to offer this type of insurance since 2010.
The Philippine government was relentless in their efforts to protect Filipinos around the world during this challenging time. We, at PLGIC, also recognize the impact of this pandemic on our migrant workers and their livelihood. Which is why we want to give you protection more than what is required by law.
Our OFW Insurance is a product designed specifically for returning OFW/Migrant workers that is considered to provide an extra layer of protection to our OFWs in cases where their employers/principal fail to perform their liabilities to the worker.
Below are the benefits of our OFW Insurance:
• Natural death benefit, with at least $10,000
• Accidental death benefit, with at least $15,000
• Permanent Total Disablement & Dismemberment benefit, $7,500 disability benefit
• Repatriation benefit
• Subsistence allowance benefit, USD 100.00 per month for a maximum of 6 months
• Compassionate visit for at least 7 consecutive days
• Medical evacuation
• Medical repatriation to the migrant worker’s residence
How to avail?
Our OFW Balik-Manggagawa insurance is open to all returning overseas Filipino workers, from ages 21 to 60 years old, with a valid employment contract or working permit/visa. Premium starts at 36 USD. Based on a 12-month contract duration.
Application is fast and simple. No need to leave your home, fall in line and fill out printed forms because we have made everything convenient just for you! Visit www.ofwinsurance.ph for more information and to apply online.
For a hassle-free payment, you can pay your insurance premium through our different payment channels and receive your Certificate of Insurance in just minutes.
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