Alby,
As you say, the maid visa costs 5,000/year. The locals pay them about 800 aed/month but let them live and eat with the families so that is just spending money. Most expats pay about 1200aed and some adjust it depending on whether or not they provide accommodation.
If an agency is charging $200/month for a live in maid, they will be making a profit and the maid is being exploited and working below the minimum wage prescribed by their home country governments. I'd guess that with the agency taking 764 aed/month, the maid is probably lucky to take half that home. I would not be happy having someone work for me and live in my house in Dubai on that rate of pay; I am sure others will disagree.
The IPEP contract has a written in it:
"Limitation on amount of benefits: The insurer will reduce the level of any benefit payable where any benefits payable under this policy and any payments received by the member under any other policies of a similar nature exceeds 75% of the member's gross pre tax renumeration package"
I wouldn't fancy trying to win a LIPS vs IPEP case but then I'm not a lawyer.
Schnowzer