Two schemes to compensate members of handloom and textile cooperative societies in the event of natural or accidental death or physical disablement has been introduced.
The proposed schemes are under Mahatma Gandhi Bunakar Insurance Scheme and ICICI Health Insurance Programme, informed Deputy Director of Handloom and Textile Department S Prakash, at a one-day workshop on Insurance schemes to handloom workers, at Hiriyur.
The insurance policy premium would be Rs330 per annum. The beneficiary would contribute Rs80, State Government would contribute Rs 150 and LIC Rs100, he said.
In the event of natural death of policy holder, his legal heirs would be compensated with Rs50,000, for accidental death Rs80,000, for permanent disability a sum of Rs50,000 and for partial disability, compensation of Rs25,000 would be paid under the policy, he informed.
Moreover the deceased's two children would be paid Rs1200 annual scholarship for educating them from 9th standard to II PUC.
ICICI has introduced Health Insurance Policy scheme for handloom workers with a premium of Rs100 annually.
Medical expense of Rs15,000 per year for the couple and their two children would be covered under this scheme, he said.
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