The insurance regulator has finalised a policy, which will provide migrant workers with benefits in cases of their death and accidental disability, officials said.
Intended migrant workers can buy any of the two life insurance policies-one having the coverage of Tk 0.2 million and another Tk 0.5 million, they added.
For the first option, a policy holder will have to pay Tk 1,000 and for the other Tk 2,925 each month as insurance premium.
In case of the second option, the workers will pay a portion of the premium while the rest will be borne by the government.
Officials said the provision for making compulsory the insurance coverage for overseas workers came into focus as death and abuse of Bangladeshi nationals working abroad hit the headlines.
The insurance policy will be considered mandatory for intended migrant workers to cover death and accidental risks while they are abroad.
At the initial stage, the jobseekers will buy the insurance policy for two years, which can be extended for two more years if job contract is extended.
Overseas job seekers aged between 18 and 58 will be eligible for the insurance policy ‘to be administered by state-run Jiban Bima Corporation.
The Insurance Development and Regulatory Authority (IDRA) last week sent the final version of ‘Migrant Workers Insurance Policy’ to the finance ministry for taking steps to make it official by issuing notification.
A 13-member body led by Dr Mohammad Sohrab Uddin finalised the policy after several consultations with stakeholders and experts.
According to the finalised policy, the nominees of workers will get 100 per cent of insurance benefit if the policy buyers die during the coverage period.
However, in case of accidental disability the workers will get between 10 per cent and 100 per cent benefit depending on the degree of wounds.
A senior financial institutions division official said ministry officials will now examine the policy before issuing a notification.