AXA Affin General Insurance Berhad (AAGI) and Merchantrade Asia Sdn Bhd have partnered to launch Merchantrade Insure, Malaysia's first insurance protection for migrant workers that provides a claims payout directly to beneficiaries.

The product is designed to provide affordable protection solution to migrant workers and their family in the event of an unfortunate accidental death or permanent disablement.

At an affordable premium of RM5 per month, the product also features daily hospital income benefit in the event of hospitalisation due to accident

“We are constantly developing innovative offerings to meet customers’ needs, including for migrant workers who are working in Malaysia to support their families in their home countries.

“The launch of Merchantrade Insure in partnership with AAGI ties back to our mission to serve the underserved, putting our focus in migrant workers and their desire to protect their home and family,” said Merchantrade Asia Sdn Bhd founder and managing director Ramasamy K. Veeran,

According to a blog article by The World Bank Group, the migrants represent 15% of Malaysia’s workforce, making the country home to the 4th largest number of migrants in East Asia Pacific region.

“The migrant workers play an integral role in the country’s economic growth, but they are often left unprotected due to the lack of awareness and accessibility to affordable insurance solutions.

“In line with our ongoing effort to empower people to live a better life via financial inclusion, we believe that a simple, affordable and accessible insurance solution will transform their lives for the better,” AAGI chief executive officer Emmanuel Nivet.

He also added that their goal is to deliver solutions that protect migrant workers against the unforeseen and allow them to have a better control on their future.

Merchantrade Insure is underwritten by AAGI and distributed exclusively by Merchantrade with benefits includes payout of RM9,000 for accidental death or total permanent disability, RM50 per day up to RM1,000 for hospitalisation due to an accident, available in four coverage options and added benefits for extended plans.

Merchantrade Insure is currently available at selected branches and will be distributed to over 84 Merchantrade branches by end of 2018 in Malaysia.

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