Yuva Insurance

College has introduced Yuva Insurance scheme as per the Circular issued by University of Mumbai.

MODALITIES OF GROUP INSURANCE SCHEME

  1. Scheme will be called as YUVA RAKSHA GROUP INSURANCE SCHEME FOR STUDENTS. THIS POLICY IS DESIGNED BY THE UNIVERSITY OF MUMBAI.
  2. University of Mumbai has recognized “The National Insurance Company Ltd. and The Oriental Insurance Company Ltd,” official agencies (The addresses are mentioned below for your ease of reference its mandatory.)
  3. The Scheme is Mandatory all Principals/Heads/Directors are requested to charge the students at the time of admission only for the scheme.
    (vide Circular No.Concol/fee/292/of 2008) It shall be obligatory that the students are covered under this scheme.
  4. The Scheme is applicable to all students admitted in the affiliated colleges/ Institutions/Departments of the University of Mumbai, vide circular No. CONCOL/Fee/292/of 2008 dated 7th July, 2008)
  5. Principals of Colleges will implement the scheme at their level and He/She will sign the M.O.U. (Memorandum of Understanding) with the company that He/She deems fit.
  6. At the Departments the Head of the Departments will sign and implement the scheme while the Institute Directors will be implementing the Scheme and also be its signatory to MOU.
  7. The Scheme will be implemented year wise (12 months) and is to be renewed every year. The Principals/Heads/Directors will collect the amount of premium at the time of admissions of the students and the same will be sent to the Insurance Company for the academic year 2012‐13.
  8. The Registration form will be issued at the time of admission to cover the students under the Scheme.
  9. Designated College will collect the premium amount from students at the time of admission when the fees are collected in case Department/Institute/College wants to pay premium in advance the same will be accepted as a deposit premium in academic year started only given to letter and cheque of the college authority and list will be sent to completed at the admission process and risk will be covered on the day a cheque issued and given to the insurance company.
  10. The premium will be sent in below given the address and mentioned person no other agent or person given the premium.

A DETAIL OF THE POLICIES AS FOLLOWS:

Premium rates are mentioned below:

Sr.No. Scheme Sum Insured for Premium per annum per student
1 A Rs.50,000.00- Rs.12/-
2 B Rs.1,00,000.00 Rs.27/-
3 C Rs.2,00,000.00 Rs.42/-

Directors/Heads of the University Departments and Principals of Colleges shall deduct sum of Rs.3 (Rupees Three only) at their level of premium collected from the students as administrative charges. The Policy will cover the following three contingencies in case of Accidents.

A. 100% coverage in case of sad demise of the insured.

B. 100% coverage for permanent disability (Disability means loss of limbs, loss of eye sight or sense of hearing or paralysis).

C. 100% coverage for hospitalization expenses arising out of accidents which includes cost of medicines as well as expenses for Doctors fees.
Accidents death includes Rail/Road/Air Accidents injury due to any violent collision, Accidents while crossing road, Fall injury due to fire, Explosion, Snakebite, Frostbite Burn injury, Drowning and Poisoning. Accidents while sightseeing, tour or excursion, swimming, NSS Camps / NCC Camps/Sports Activities. Natural calamity, riots but it will not include suicide or attempt to suicide. These are only illustrative and not an exhaustive list of types of accidents.

These are only illustrative and not an exhaustive list of types of accidents.