Western Union introduces Continuity of IncomeDate: Wednesday, August 11, 2004
The new plan called 'Continuity of Income' is available to all UAE customers sending money via Western Union to recipients in the following South Asian countries: India, Pakistan, Nepal, Bhutan, Bangladesh & Sri Lanka. When a money transfer is made, customers will have a choice to sign up to the 'Continuity of Income' plan at no extra charge. Agreeing to the plan will allow the sender to be insured against loss of income due to accidental death or disability due to an accident. If a claim is made, the beneficiaries, in this case the receivers of the money transfer, will receive a monthly payment of the actual amount sent or a minimum of US$400 to a maximum of US$1,000 per month for 12 months.
The 'Continuity of Income' plan is available at no extra charge to the Western Union customer and the insurance cover is valid for 35 days from the date of the last remittance.
'This is a win-win situation for customers sending money back home', said Katta Prasad, Marketing Manager, Middle East, Pakistan & Afghanistan. 'As an expatriate working to support a family, it is critical to ensure adequate and affordable security if faced with any unfortunate circumstances. We would like to show that we understand that our customers send so much more than money, such as security to their loved ones.'
Srinath Narasimhan, Accident and Health Manager, Arabian Region, of ALICO General Insurance said, 'We are pleased of our association with Western Union in offering the Continuity of Income benefit to its customers. The Continuity of Income insurance benefit offers peace of mind in a convenient manner to remitters.'
This added benefit, offered with each qualifying Western Union transaction, is underwritten by ALICO General Insurance Division.
'With the expertise of two prominent institutions such as Western Union and ALICO General Insurance Division, the 'Continuity of Income' is a plan offering relevant benefits to consumers'. added Prasad.
Western Union will provide the 'Continuity of Income plan on behalf of ALICO General Insurance, Dubai, UAE who is the owner and insurer of the plan. The plan will be available from 10th of August at all Western Union agent locations in the UAE. For further information please visit your nearest Western Union agent location.
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