The expatriates work force in the Middle East earns substantially higher than what it would earn in their country. These migrant workers receive, on average, five to eight times of what they would receive from employment in their country.
These expatriates, in essence, care a lot for their families. This is evident from the very fact that they leave behind their families only to provide for a better future for them. They send regular foreign remittances to their families in their country so that they can have a better standard of living and a secure future.
Since the earning level of expatriates is higher, so is their saving capacity. As long as these expatriates remain in the Middle East their families enjoy a high standard of living. However, it has been observed that due to the absence of a disciplined method of saving, these expatriates on their return to their country often find that enough funds are not available to provide for their family’s long term needs such as children’s marriage and education.
The expatriates, thus, need a plan, which not only provides for a disciplined method of saving but also protects their families from the consequences of their untimely death.
The stay of the migrant workers is usually short. Although there are other plans of State Life which provide for a disciplined method of saving, they do not take into account the fact that due to their short stay abroad, these people cannot afford to pay a high amount of premium when they return to their country.
Keeping in view the needs of the expatriates, State Life is proud to present a “WEALTH BUILDER PLAN” where in insurance protection and saving term is twenty years, but the premium paying term is only seven years.