Life Insurance Corporation Of India, LIC, LIC India, LICindia, Darik, Dnevni Avaz: Insurance scheme for rubber tappers

Life Insurance Corporation Of India, LIC, LIC India, LICindia, Darik, Dnevni Avaz: Insurance scheme for rubber tappers

The Rubber Board launched the Group Life Insurance-Cum-Terminal Benefit Scheme for tappers in the small holding sector here on Monday.

Rubber Board Chairperson Sheela Thomas inaugurated the scheme by providing Esavu Kanjirathinkal, a rubber tapper, with the first enrolment.

Rubber Board Director (Finance) Viju Chacko, Joint Rubber Production Commissioners K.V. Mathew and M.N. Gopinath, and Vigilance Officer Thomas Augustine participated in the inaugural function.

The scheme is being implemented in collaboration with the Life Insurance Corporation of India. It provides insurance cover for both natural and accidental deaths, compensation for disabilities due to accidents, and terminal benefits for the members. In addition, the members' children studying in classes 9 to 12 will be eligible for an educational scholarship.

The membership is limited to tappers in the age group of 18 to 59 years. However, without insurance cover, tappers will be permitted to remit their contribution to the retirement scheme till the age of 65 years.

The scheme offers Rs.35,000 for natural death, Rs.80,000 for accidental death, Rs.37,500 for the loss of one limb due to accident, and Rs.75,000 for the loss of two limbs.

The minimum contribution for membership in the scheme is Rs.300 a year. Of this, Rs.133 will be accounted as premium and Rs.167 as contribution to the terminal benefit fund. Those desirous of additional benefits can contribute more. Along with the contribution of the tappers, the employer also can contribute an amount for the tapper. The amount will be added to the contribution of the tapper and will be recorded separately.

The Board's contribution to the fund has been fixed at Rs.200. For those tappers who have membership in the tappers bank, the Rubber Producers' Societies concerned will remit Rs.2,000 a year as their contribution.

The application forms for the scheme, declaration forms for self-certification regarding sound health, and the application forms for appointment of nominee will be available at the regional offices of the Board. The application should contain the permit number of the holdings and signature of the employer. In the absence of the above, field officers of the Board or the presidents of the Rubber Read More

ICICI Lombard bags Goa contract | ICICI Lombard

ICICI Lombard bags Goa contract | ICICI Lombard

ICICI Lombard has successfully fended off competition from six other bidders to emerge as the implementing agency for the new health insurance scheme launched by Goa, State Health Minister Vishwajit Rane announced on Monday.

Rane said that ICICI Lombard had quoted the lowest premium for the scheme, which will cover more than 3.5 lakh households, with each family comprising five or less members. The scheme will come into effect from September this year.

Among the other six bidders were National Insurance Company, Royal Sundaram and TATA AIG.

Goa Chief Minister Digambar Kamat had launched the scheme during the recent state Budget, under which every household would be eligible for preliminary and secondary health-care up to Rs 60,000 annually. Read More

ICICI Lombard ups diesel car insurance premium | ICICI Lombard

ICICI Lombard ups diesel car insurance premium | ICICI Lombard

If you are driving a diesel car, you may now have to shell out more as insurance premium. ICICI Lombard, for one, has already drawn up plans to put an average of 15 per cent overloading while calculating insurance premium on diesel vehicles.

And that’s not all. The company is also mulling to factor in some new parameters like age of the driver, variant of the vehicle, while calculating the insurance premium.

“In motor insurance, the premium calculation revolves around two to three parameters, like the model of the vehicle and location where it is heading (that is where the vehicle is in use). The age of the vehicle has also been included recently but if one goes by the experience and practice in the western countries, the drivers’ characteristics are also taken into consideration, which is not done here. Fuel type, for instance is an important factor, which determines the risk. Diesel cars are mostly used for commercial purposes and exposure to risk is higher for such vehicles. Therefore this 15 per cent overloading, depending on the fuel type is not unjustified,” said Amitabh Jain, vice-president & head-motor insurance, ICICI Lombard.

Going forward, the general insurance company will also create a comprehensive database on the demographic behavious and fuel type of the vehicle while revising the premium amounts in case of motor insurance.

“We know such detailing will take some time. But we are consciously and carefully working on that. These data will have to be captured and analysed,” said Jain.

Responding to queries on the committee formed for the amendment of Motor Vehicle Act, Sanjay Datta, head-customer service (health and motor), ICICI Lombard, said they were optimistic over getting the motor vehicle third-party liability limit capped at Rs 10,00,000 as recommended by the Sundar Committe. At present the motor vehicle liability is unlimited while the aircraft liability is capped at Rs 5,00,000 and railway liability at Rs 2,00,000. Read More