Does contingency work if you are polymorphed and so the statuette merged with your body?

The spell Contingency has a material component of:

a statuette of yourself carved from ivory and decorated with gems worth at least 1,500 gp

The spell also ends if this statue isn’t on your person.

Also, contingency ends on you if its material component is ever not on your person.

If you are polymorphed into another form, the spell Polymorph states:

The target’s gear melds into the new form. The creature can’t activate, use, wield, or otherwise benefit from any of its equipment.

Is having the contingency spell not end a "benefit" of your equipment? Or, since it’s melded into your form, is it still on your person? Would the contingency still trigger after reverting to your humanoid form?