Maharashtra's New Insurance Scheme Offers Affordable Coverage For Students And Parents

Graduate students in Maharashtra have good news. A special insurance scheme is now available for them and their parents. The Eknath Shinde government started this scheme on October 16, 2023. The premium starts from just Rs 20, offering medical and accident insurance coverage.

The Higher and Technical Education Department issued an order to implement this scheme. All students of government or aided colleges are eligible. By paying Rs 20, students get a personal accident insurance cover of Rs 1 lakh for one year.

A premium of Rs 62 provides coverage of Rs 5 lakh for the same period. For medical cover up to Rs 2 lakh for various diseases, an annual premium of Rs 422 is required. The primary policyholder is the student, while parents are secondary members.

ICICI Lombard Insurance Company Limited and National Insurance Corporation Limited have been selected for this scheme. ICICI Lombard will handle policies with premiums of Rs 20 and Rs 422. National Insurance Company will manage the Rs 62 premium plan with a coverage of Rs 5 lakh.

The insurance cover does not apply in cases related to suicide or suicide attempts, pregnancy, motor rally, adventure sports, war, terrorism (except Naxalite attacks), drugs, psychoactive substances, murder by immediate beneficiary, nuclear radiation, alcohol-related incidents, and misconduct.

This initiative aims to provide financial security to students and their families. It ensures they are covered for unforeseen medical and accident-related expenses.