Thursday, March 31, 2011

Government Students Accident Insurance plan, a total washout

Students from SSC, ICSE, CBSE boards were to be provided accident insurance cover by the Government. Under this Insurance coverage Rs. 50,000 is to be paid out to students who are permanently handicapped after an accident. Rs. 30,000 to be paid in case of death due to accident, Rs. 20,000 on losing an eye or a limb, Rs.10,000 for medical expenses and another Rs. 2,000 for small injuries.

This Insurance cover has not been provided since 25th August 2010. The responsibility of providing the Insurance cover was granted to the National Insurance Company (NIC). However, the company failed to provide records of the Insurance coverage provided. The company is yet to sign a written agreement with the Government.

For any other Insurance requirements like health Insurance, car insurance, life insurance etc you can always try out Insuring India and get the best deals in the market.

NIC did not have a great past record but had quoted the lowest amount during the bidding process. Now the company will be blacklisted and the bidding process restarted.

Atleast now you know, that students can avail of compensation during their studies if they ever face an accident.

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