UAE Exchange launches Smart Pay Personal Accident Insurance scheme

UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, in association with The New India Assurance Company Limited announced the launch of Smart Pay Personal Accident Insurance scheme. Designed specifically for the UAE market, the insurance scheme is free and can be availed by all customers who receive their salaries through UAE Exchange’s WPS compliant payroll service – Smart Pay.

Present on the occasion were Varghese Mathew (Country Head-UAE, UAE Exchange), C.S Ayyappan (COO-Dubai Operations, The New India Assurance Company), Mathai Vaidian (Associate VP- Sales & Services, UAE Exchange), Chittaranjan Revankar (Deputy General Manager (Agency), The New India Assurance Company) among other company officials of both parties.

Speaking on the occasion, Varghese Mathew, Country Head - UAE Exchange, UAE said, “Loss of health, loss of income and loss of asset are three major risks an individual might confront in case of an accident. Smart Pay Personal Accident Insurance scheme covers the policyholder against death or disability due to an accident. We are glad to associate with New India Assurance Company who is supporting us in creating awareness among the employees on the necessity of having an accidental insurance policy.”

Commenting on the tie-up, C.S Ayyappan, COO- Dubai Operations, The New India Assurance Company Limited said, “We are pleased to be part of this strategic partnership with one of the world’s leading remittance, foreign exchange and payment solutions brand. The free, customised and superior value insurance solution to the employees is in line with the unique requirements of the various individuals and will benefit the employees if met with any casualties.”

Smart Pay Personal Accident Insurance scheme covers the following benefits:

  • If there is an accidental death, 100 per cent of the capital sum will be insured.
  • Similarly, if there is permanent and total disability, 100 per cent of the capital sum will be insured.
  • As per the scale, an individual can take the sum once during policy period if diagnosed with permanent partial disablement.
  • Under the repatriation of mortal remains, the actual expenses that can be availed will be maximum AED 5,000 per person including one accompanied person in case of an accidental death in UAE.
  • The medical expenses will be limited to AED 100 per day for upto a maximum of 50 days on a per person per policy period subject to 24 hrs hospitalisation as inpatient, arising out of any treatment for accidental injuries and subject to production of bills and discharge summary of the hospital in UAE.
  • An AED 500 will be provided on Loss of Passport to individuals subject to their residency in UAE.
  • Moreover, the cover is on a 24 hour basis anywhere in the world.


Varghese Mathew (Country Head-UAE, UAE Exchange), C.S Ayyappan (COO-Dubai Operations, The New India Assurance Company), Mathai Vaidian (Associate VP- Sales & Services, UAE Exchange), Chittaranjan Revankar (Deputy General Manager (Agency), The New India Assurance Company) among other company officials of both parties.

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