Calcutta, Aug. 1: The Indian Institute of Technology Kharagpur today formally tied up with the United India Insurance Company to extend an entire gamut of insurance coverage to the students on the campus.
Billed as the first of its kind in any academic institution in the country, the scheme ? UNI Study Care ? will shield the students against a host of uncertainties like loss of parents, medical hazards and protect their personal belongings.
“From medical emergencies to shortage of funds due to death of the paying guardian, the students face various risks. We decided on this tie-up to minimise the incidence of risk after seeking the necessary clearance from our board of governors,” said S.K. Dubey, director, IIT Kharagpur, claiming it to be a path-breaking initiative in the country’s oldest IIT.
The institute has made it mandatory for all students to sign up for the scheme. The students will have to shell out Rs 696 per annum for this.
The benefits will include Rs 3 lakh and cost of studying for the remaining period in the event of death of the paying parent or guardian, Rs 2 lakh for the family of the student in case of the students’ accidental death or incapacitation or permanent disability. Besides, there will be a Rs 50,000 coverage as hospitalisation expenses per annum, Rs 2,500 for loss of personal belongings and Rs 490 for loss of pedal cycles.
“This is not just a goodwill gesture to the best students in the country, we think it will make reasonable business sense for us as well,” said A.K. Mukherjee, division manager, United India Insurance Company.
The company is in talks with a other institutes like the National Institute of Technology in Delhi and some engineering institutes under the West Bengal University of Technology to roll out this facility.
According to Mukherjee, the scheme has been developed through negotiations with IIT Kharagpur officials, keeping in mind the various risk factors that the students face while on campus.
“We were told that some bright students dropped out due to paucity of funds after the death of their family’s main bread earners. Our scheme will help the students in continuing with their academics under such circumstances,” summed up Mukherjee.
