Insurance policy
Insurance facility for student and small vocational institute
In India, there are various schemes and facilities that provide free or subsidized insurance for students and small vocational institutes. These initiatives aim to promote education and vocational training by mitigating financial risks. Here are some notable schemes and facilities:
For Students
- Pradhan Mantri Suraksha Bima Yojana (PMSBY):
- Coverage: Accidental death and disability.
- Eligibility: Available to individuals between 18 and 70 years of age.
- Benefits: Provides coverage of up to INR 2 lakhs for accidental death and full disability, and INR 1 lakh for partial disability.
- Cost: The annual premium is INR 12, which can be subsidized or waived by educational institutions for their students.
- Application: Students can enroll through their respective banks or educational institutions.
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
- Coverage: Life insurance.
- Eligibility: Available to individuals between 18 and 50 years of age.
- Benefits: Provides coverage of INR 2 lakhs in case of death due to any reason.
- Cost: The annual premium is INR 330, which can be subsidized by educational institutions.
- Application: Enrollment can be done through banks that have tie-ups with educational institutions.
- Student Safety Insurance Scheme:
- Coverage: Comprehensive insurance for students covering accidents, hospital expenses, and more.
- Eligibility: Typically offered by state governments or educational institutions.
- Benefits: Coverage amounts and specific benefits vary by scheme. For example, the Maharashtra government provides up to INR 1 lakh coverage for accidents involving students.
- Cost: Often free or at a nominal cost to students, funded by state governments or educational institutions.
- Application: Schools and colleges usually facilitate the enrollment process.
For Small Vocational Institutes
- National Apprenticeship Promotion Scheme (NAPS):
- Coverage: Insurance and stipends for apprentices.
- Eligibility: Apprentices enrolled under the scheme.
- Benefits: Covers training costs and provides stipends, along with insurance for accidents during training.
- Cost: The scheme subsidizes costs, reducing financial burden on institutes.
- Application: Vocational institutes can register and enroll apprentices through the NAPS portal.
- Employee State Insurance (ESI) Scheme:
- Coverage: Medical and disability benefits for employees of small vocational institutes.
- Eligibility: Applicable to institutes with 10 or more employees earning below a certain threshold.
- Benefits: Comprehensive medical care and financial support during illness, maternity, or disability.
- Cost: Contributions are made by both the employer and the employee, with significant benefits provided at low cost.
- Application: Institutes need to register with the Employee State Insurance Corporation (ESIC).
How to Access These Facilities
- Institutional Support: Many educational and vocational institutes facilitate the enrollment of students and employees into these insurance schemes. Contact your institution’s administration for specific details.
- Online Portals: For schemes like PMSBY and PMJJBY, students and institutes can enroll through the respective banks’ online portals or visit the nearest bank branch.
- Government Websites: Detailed information and application processes for schemes like NAPS and ESI can be found on their respective government portals. For example, NAPS and ESIC.
"EXECUTIVE BENEFIT TO EVERY CENTER WITH THE ORIENTAL INSURANCE COMPANY LIMITED." BY NATIONAL COUNCIL STUDIES RESEARCH INSTITUTE.
NCSRI provide free " personal accidental insurance policy ". worth rupees 2 Lacs to all the Authorized Center Branch Managers and the insurance policy Worth rupees 3 Lacs to all officer of NATIONAL COUNCIL STUDIES RESEARCH INSTITUTE.
The detail of benefits, compensations, terms, conditions, exception and limitations are as per Standard Janta Personal Accident Insurance Policy.
