The Tiruchi District Central Co-operative Bank (TDCCB) has introduced individual accident insurance schemes for the borrowers of jewel loans from the TDCCB offices from Feb 3, said R. Brindha, Joint Registrar of Co-operative Societies and also Special Officer of TDCCB, here on Monday.
Inaugurating the scheme at a function here, Mrs. Brindha said that the scheme had been launched by the IFFCO-TOKIO General Insurance Company and explained in detail about the objective and benefits of the scheme.
She pointed out that each jewel loan borrower would have to pay a nominal premium of Rs.15 per annum and the borrower availing more than one jewel loan need not pay additional premium.
Mrs. Brindha said that the accident compensation amount would be Rs.50,000 in case of death due to any type of accident including motor vehicle accidents, rail accidents, snakebite, drowning, LPG cylinder blast, etc and the compensation would be paid to legal heirs of the borrower. Similarly, cent per cent compensation will also be paid to the borrowers if they lose their eyes, legs or hands in the accident.
K.Venkatesan, State Manager of IFFCO-TOKIO General Insurance Company, Chennai, said that the accident insurance scheme was introduced only in Tiruchi District Central Co-operative Bank in the State and explained the objectives and salient features of the scheme. A.Rajendran, Regional Manager of IFFCO-TOKIO General Insurance Company, Coimbatore, and senior officials from TDCCB addressed the function.
