Accidental death benefit has been enhanced to Rs.1 lakh
Marine Product Export Development Authority (MPEDA), which had launched an insurance scheme in 2005 for the workers engaged in seafood processing and pre-processing plants, has revised the benefits with effect from January 1.
The insurance scheme is under implementation in association with United India Insurance Co. Ltd. (UIICL), Kochi, to mitigate the difficulties faced by the workers on a directive of the Government of India. Under the revised scheme, the accidental death benefit has been enhanced to Rs.1 lakh and the cover has been extended to disabilities caused by accident under certain conditions. The medical benefits also have been revised to Rs.20,000 for the workers and their dependents.
According to MPEDA Deputy Director Vijay Kumar C. Yaragal, benefits up to Rs.10,000 could be availed for loss/damage of property/dwellings and a coverage up to Rs.2,000 is extended for emergency medical evacuation.
The annual premium of the scheme remains same at Rs.200, of which 25 per cent each is being contributed by MPEDA and the insured worker and the remaining 50 per cent borne by the employer.
The Memorandum of Understanding on the revised benefits was signed at MPEDA headquarters recently by J. Ramesh, Secretary, MPEDA, and K.B. Suresh, Regional Manager, United India Insurance Co. Ltd, Kochi.
About 40,000 workers aged 18 to 60 years, employed in MPEDA registered seafood processing/pre-processing establishments across the country will be benefited by the modified scheme.