Compulsory insurance for OFWs: What you need to know
MANILA, Philippines — The COVID-19 pandemic has affected millions of workers worldwide. According to the Department of Labor, as of November 2021, there were 809,374 Overseas Filipino Workers who have been sent back home due to lockdowns and provided assistance by the government.
But now that most countries have lifted travel restrictions and started to open their doors again, providing more jobs and better career opportunities, many Filipinos are so eager to go back abroad and face the challenges of being an OFW once more.
What is OFW mandatory insurance?
According to the Republic Act No. 8042, otherwise known as the Migrant Workers and Overseas Filipinos Act of 1955, as amended, all migrant workers must be covered by compulsory insurance policy when they work abroad.
This law protects the overseas Filipinos and migrant workers and provides adequate and timely social, economic and legal services, protection to labor, and promotes full and equal employment opportunities.
Taking into consideration the welfare of our OFWs during the current global health situation, this March 2022, POEA has released Memorandum Circular 10, Series of 2022 where it stipulates the Implementing Guidelines on the Expanded Compulsory Insurance Coverage for Rehires and Direct Hires.
This circular specifies that the OFW Mandatory Insurance now includes returning OFWs or 'Balik-Manggagawa’ and direct hires.
- Balik-Manggagawa / Rehires: OFW returning to the same employer and the same job site; or OFWs returning to the same employer in a new job site
- Direct Hires: OFWs who are able to secure an overseas employment opportunity without the assistance or participation of the recruitment agency
Paramount’s OFW Balik-Manggagawa insurance
OFW insurance gives you peace of mind and protects your hard-earned money against expenses that can lead to a serious financial crisis.
It also covers you from unjust or illegal termination, as well as, provides your beneficiaries with life benefits in case of your passing.
Paramount Life & General Insurance Corporation (PLGIC) is the first insurance company that has been licensed by the Insurance Commission (IC) and accredited by the Philippine Overseas and Employment Administration (POEA) to offer OFW insurance since 2010.
To make the application easier for OFW Balik Manggagawa, Paramount has made the application easy and convenient by making it available online, allowing you to apply and pay anytime, anywhere.
Paramount's OFW Insurance is a product designed specifically for returning OFW/Migrant workers to provide an extra layer of protection to our OFWs in cases where their employers/principal fail to perform their liabilities to the worker.
Below are the benefits of Paramount’s OFW Balik-Manggagawa insurance:
- Natural death benefit
- Accidental death benefit
- Permanent total disablement and dismemberment benefit
- Repatriation benefit
- Subsistence allowance benefit
- Compassionate visit
- Medical evacuation
- Money claims
- Medical repatriation to the migrant worker’s residence
How to avail
OFW Balik-Manggagawa Mandatory Insurance is open to all returning overseas Filipino workers, from ages 21 to 60 years old, with a valid employment contract or working permit/visa. Premium for a 12-month cover is $36.
Application is fast and simple. No need to leave your home, fall in line and fill out printed forms because Paramount has made everything convenient just for you!
For a hassle-free payment, you can pay your insurance premium through our different payment channels and receive your Certificate of Insurance in just minutes.
Visit www.ofwinsurance.ph for more information and to apply online.
