Confed-ITA Insures All Its Members

Dec 18, 2008

Confed-ITA Insures All Its Members

Confed-ITA has recently insured all its members under accidental policy and cashless hospitalization schemes. All together 1,732 people have been insured for Rs 59.19 cr under this scheme, which includes 660 members of Confed-ITA across 13 associations including Coimbatore, Erode, Dindigul, Vellore, Trichy, Madurai, Salem, Tirunelveli, Tuticorin, Tirupur, Kaniyakumari, Nilgiris and Puducherry. The initiative originated from Tirupur following the death of one of an association member in June this year.

While the Tirupur association came forward to take up the life insurance for all its members, they gathered information on other potentials of insurance that their members could enjoy. Later, they passed on the message to their neighboring IT associations. Finally, with the follow up of Confed-ITA and continued negotiation through Aligion Insurance Broking, Confed-ITA got a rate of Rs. 130 per person per year, which was earlier quoted Rs. 197 per person per year to Tirupur Association.

Confed-ITA, in association with United India Insurance Corporation, has offered free insurance to its members. According to the scheme, two coverages have been given as a single policy. Policy cover (1) contains - accidental death + loss of limbs + loss of eyes + permanent partial disablement + permanent total disablement. Along with this, policy cover (2) has also been clubbed. Policy cover (2) includes hospitalization due to any kind of accident (except Rail, Air and Sea), however, hospitalization has to be for at least 24 hrs or more.

Initially, Confed-ITA proposed the policy (Scheme A) that covered Rs 2 lakh under accidental insurance (Policy cover 1) and cashless hospitalization up to Rs 50,000 (Policy cover 2), for which total cost of the premium per person is Rs.130 per year. However, on members' request for higher coverage (in which the premium difference is to be paid by the members) two more schemes were also included. As per Scheme B, Policy cover (1) is for Rs.5,00,000 and Policy cover (2) is for 50,000 (Total Rs. 5,50,000) at a premium of Rs.300 per year per person.

As per Scheme C, Policy cover (1) is for Rs.10,00,000 and Policy cover (2) is for 50,000 (Total Rs. 10,50,000) at a premium of Rs.650 per year per person. "In all there were 1,279 policies worth Rs 2.5 lakh, 407 policies worth Rs 5.5 lakh and 46 policies worth Rs 10.5 lakh. Around Rs 3.18 lakh has been paid as premium, in which Confed-ITA's contribution is Rs 80,600," informed K Babu, Coordinator for the insurance plan in Confed-ITA. S. Karthikeyan, President, Confed-ITA, said, "It was a small step taken towards providing protection to partners.

The ultimate aim of Confed-ITA is to see that no partner fails. In the first step we have insured the lives of partners, and in the coming years more steps would be taken to ensure welfare for the partners." P. N. Prasad, the present Vice President of Confed-ITA, who is the proposed President of the new team (from 1-1-2009 to 31-12-2009), indicated that he would take further initiatives to raise funds through several means to run the insurance scheme free, and bring in more schemes to benefit the partners. Confed-ITA's step is obviously praiseworthy. It is a notable direction too for other IT associations in the country, especially, in these days of total insecurity.

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Dec 18, 2008