The government is considering doubling the benefit amount on the mandatory insurance coverage and enhancing other facilities for outbound Bangladeshi workers, officials said.
Currently, a worker receives Tk 400,000 from his or her policy with a premium of a single instalment of Tk 490 for a two-year term.
The workers and their families will get the money in case of their disability or death.
A senior official at the Wage Earners' Welfare Board (WEWB) spoke about the possibility of increasing the benefit amount to Tk 1.0 million.
The duration of the policy will be five to seven years.
On the other hand, the authorities are bringing the workers, who are coming back home with illness, under the insurance coverage.
The WEWB introduced mandatory insurance coverage to ensure the financial protection of migrant workers with benefits in case of their disability or death.
It signed an agreement with the Jiban Bima Corporation (JBC) to implement the coverage from 19 December 2019. However, the deal will expire this December.
"We've received proposals from different insurance companies and are considering attractive facilities so that remittance earners can get more financial security," said WEWB director (finance and welfare) Shoaib Ahmad Khan.
The WEWB wants to facilitate the workers with double benefits and it is working to this end, he added.
About premium, Mr Khan said premium could be increased to some extent as the duration and benefits would be enhanced in the new policy.
He, however, said the total amount of premium in the last three years has been much higher than the insurance claims made by the beneficiaries.
The WEWB seeks to bring more beneficiaries under the programme.
Migrant workers have received an estimated Tk 64 million against their claims in the last three years.
The total insurance premium counted Tk 812 million during the period, according to official data.
The JBC settled insurance claims made by 210 outbound workers during the December 2019-June 2022 period.
An estimated 1.4-million workers have come under the mandatory insurance coverage since its inception, discloses the data.
According to the Bureau of Manpower Employment and Training, 0.6-0.7 million workers go abroad from Bangladesh annually.
WEWB data shows that the country receives 3,000-4,000 dead bodies of migrant workers every year.
The nominee will get 100-per cent benefit in case of the death of a policyholder during the coverage period.
Besides, the workers will also get 100-per cent benefit if their eyesight, hands and legs are fully damaged.
In case of partial damage, the policyholders will be eligible for 50 per cent to 100-per cent benefit depending on the degree of their injuries.
Overseas jobseekers aged between 18 and 58 are eligible for insurance policies.
Bangladesh Nari Sramik Kendra executive director Sumaiya Islam suggested such policy be free of premium as workers are contributing largely to the national economy.
Still, the authorities have scope to review their plan, she observed.
Ms Sumaiya also suggested creating awareness among workers of their benefits from insurance policies so that they do not fall prey to fraudulence or cheat.
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