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Monday, November 30 - 2009

Western Union introduces Continuity of Income plan to UAE customers

  • United Arab Emirates: Wednesday, August 11 - 2004 at 10:31
  • PRESS RELEASE

Western Union Financial Services, Inc., a worldwide leader in money transfer services, announced a new value added benefit in association with American Life Insurance Company General Insurance Division (ALICO General Insurance), a member company of American International Group, Inc. (AIG), for customers sending a Western Union Money Transfer from the UAE to South Asia.

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  • Western Union announcing the 'Continuity of Income' plan at the press conference.
    Western Union announcing the 'Continuity of Income' plan at the press conference.
The new plan called 'Continuity of Income' is available to all UAE customers sending money via Western Union to recipients in the following South Asian countries: India, Pakistan, Nepal, Bhutan, Bangladesh & Sri Lanka. When a money transfer is made, customers will have a choice to sign up to the 'Continuity of Income' plan at no extra charge. Agreeing to the plan will allow the sender to be insured against loss of income due to accidental death or disability due to an accident. If a claim is made, the beneficiaries, in this case the receivers of the money transfer, will receive a monthly payment of the actual amount sent or a minimum of US$400 to a maximum of US$1,000 per month for 12 months.

The 'Continuity of Income' plan is available at no extra charge to the Western Union customer and the insurance cover is valid for 35 days from the date of the last remittance.

'This is a win-win situation for customers sending money back home', said Katta Prasad, Marketing Manager, Middle East, Pakistan & Afghanistan. 'As an expatriate working to support a family, it is critical to ensure adequate and affordable security if faced with any unfortunate circumstances. We would like to show that we understand that our customers send so much more than money, such as security to their loved ones.'

Srinath Narasimhan, Accident and Health Manager, Arabian Region, of ALICO General Insurance said, "We are pleased of our association with Western Union in offering the Continuity of Income benefit to its customers. The Continuity of Income insurance benefit offers peace of mind in a convenient manner to remitters."

This added benefit, offered with each qualifying Western Union transaction, is underwritten by ALICO General Insurance Division.

"With the expertise of two prominent institutions such as Western Union and ALICO General Insurance Division, the 'Continuity of Income' is a plan offering relevant benefits to consumers'. added Prasad.

Western Union will provide the 'Continuity of Income plan on behalf of ALICO General Insurance, Dubai, UAE who is the owner and insurer of the plan. The plan will be available from 10th of August at all Western Union agent locations in the UAE. For further information please visit your nearest Western Union agent location.
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Notes and media contacts

Western Union Financial Services, Inc., a subsidiary of First Data Corp. (NYSE: FDC), is an international leader in consumer money transfer services. Consumers can quickly and reliably pay bills and transfer money around the globe using the company's proprietary money transfer network. Western Union and its subsidiary, Orlandi Valuta, together make up one of the world's largest money transfer networks with approximately 195,000 Agent locations in more than 195 countries and territories. Famous for its pioneering telegraph service, the original Western Union dates back to 1851 and introduced electronic money transfer service in 1871. For more information, please visit the company's Web site at www.westernunion.com.

First Data Corp., with global headquarters in Denver, helps power the global economy. Serving approximately 3.5 million merchant locations, 1,400 card issuers and millions of consumers, First Data makes it easy, fast and secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, smart card, stored-value card or check at the point-of-sale, over the Internet or by money transfer. For more information, please visit the company's Web site at www.firstdata.com.

American Life Insurance Company (ALICO), a member company of American International Group, Inc. (AIG), is among the largest international life insurance companies in the world.
ALICO has operations in more than 50 countries, with its main presence in Japan, Europe, the Middle East, Latin America and portions of Africa and the Caribbean. Headquartered in Wilmington, Delaware, in the United States of America, ALICO is licensed and regulated by the Delaware Insurance Department, as well as by the other jurisdictions around the world.

American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance, and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance .AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

Issued on behalf of Western Union by tamra C2 For further press information please contact Khalil Majdalawi o on: Tel. (971) 4 2951177; Fax: (9714) 2951188

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