Dubai Multi Commodities Centre (DMCC) has launched a health insurance solution for all its members in partnership with insurance firms Daman and Insure Direct, it said in a statement.
The announcement comes as the government ruling that requires compulsory health insurance for all employees comes into effect next month.
DMCC’s health insurance solution has been tailored for its members so that both start-ups and SMEs can avail of the benefits that are usually available to large corporates, the free zone said.
Policy holders will benefit from features such as pre-existing conditions coverage and fixed premiums for all age categories, the statement added. The insurance will also provide immediate coverage for current and chronic medical conditions along with full maternity coverage where applicable.
“A key element of DMCC’s long-term free zone strategy is our commitment to provide member companies with the products and services they require to innovate, grow and succeed here in Dubai,” said Gautam Sashittal, CEO, DMCC.
Kenneth Maw, managing director, Insure Direct (Brokers) said: “Partnering with DMCC and Daman allows us to broaden our network to offer comprehensive and cost-effective solutions that complies with the DMCC Free Zone regulations as well as the forthcoming health insurance law of Dubai.”
Last year, Dubai passed a law that made health insurance mandatory for all employees working in the emirate.
As per the rule, companies with 1000 or more employees will have to cover their staff before the end of October 2014. Meanwhile, those with 100 to 999 employees have until the end of July 2015 and firms with less than 100 employees will need to provide health insurance to their staff before the end of June 2016.
All spouses, dependents and domestic workers will also have to be covered by June 2016, the Dubai Health Authority said.
The new law also stipulates that it is the responsibility of employers to provide all their employees with health insurance schemes.