The insurance company charges fair and reasonable premium (about Rs. 275 and Rs. 375 for policy periods of 2 and 3 years respectively). Taxes are charged as applicable. The Government has also stipulated that an emigrant can select a company of his/her choice for the insurance cover.
In an effort to further safeguard the interests of emigrant workers from India, the Government of India has introduced the Pravasi Bharatiya Bima Yojana (PBBY), an insurance scheme compulsory for all workers going abroad on ECR passports (except to countries for which emigration check is not required) for employment. It was during the Pravasi Bharatiya Divas, the annual conclave of the Indian diaspora, held in 2003 that the then Prime Minister, Atal Bihari Vajpayee, announced the scheme.
The scheme was revised in February 2006 to increase the insurance cover from Rs. 2 lakh to Rs 5 lakh and add other benefits for the workers. In 2008 the cover was further enhanced to Rs 10 lakh. It is an indicator of the Government’s commitment to look after the interests of Indian workers employed abroad.