Business News

Modern Exchange pays out free insurance worth OMR 13,500

TAS News Service
September 29.2020 8:43 am

MUSCAT : As part of the social corporate responsibility, Modern Exchange (MEC) has distributed free insurance worth OMR 13,500 to the deceased families of its customers.

Modern Exchange which started the free insurance cover in 2013, still continues for an amount of OMR 1250 covering customers worldwide, for accidental death, death to Covid-19, normal death and permanent total disability.

“We thought of this 7 years back and came up an innovative move of giving something in return to our loyal customers as part of our love and concern to their families back home.  Most of the expatriates who live here are unaware that they are not fully insured to support their families in case of any unfortunate event happening to them. We value our customers’ dreams and aspirations for their family, beyond just being a remittance center,” said Philip Koshy, General Manager of MEC.

“It is an irreparable loss for a family which loses the sole breadwinner. The vacuum created by their absence can never be matched, however bridging the financial space could be possible, up to a certain extent,” Koshy said.

“Mr Babu who is a construction worker in Oman, who regularly remits a major portion of his salary, says that he is insured for an amount of INR 100,000 from an insurance company in India and he is so happy saying this, while being unaware of the fact that he is very much insured under MEC free insurance scheme to support his family in case of any uncertain event happening to him,” Koshy explained.

The insurance coverage is for all customers who remit irrespective of the amount transferred.
“It is free insurance for our customer, however premiums of each transaction is being paid by the company, and no policy documents to be filled, the customer is hassle-free enjoying a free insurance cover for every 30 days which gets auto- renewed at his successive transactions,” Koshy added.

On September 24, MEC distributed the insurance claims to 10 deceased customers who had remitted money through the exchange which summed up to an amount of OMR 13,500.
The ten deceased names are Late Girijan Moopilayil (Indian),Late Remanan Kannan (Indian), Late Ani Prabakaran (Indian), Late Muhammad Saleem (Pakistan), Late Golam Sandani(Bangladesh) , Late Iman Ali (Bangladesh), Late U A Sathiyan (Indian), Late Abdul Rehman(Pakistan) ,Late Murshid Alam(Bangladesh) and Late Vishnu Babu (Indian).

“Modern exchange has always been in the forefront, meeting customer requirements and striving to achieve more than their expectations which made us the pioneer in the industry and won us the most trusted brand in 2018,” Koshy added.

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