Southern States - Kerala   

Kerala launching insurance schemes for NRIs

By Our Special Correspondent

THIRUVANANTHAPURAM DEC. 17. The Department of Non-Resident Keralites Affairs (NORKA) and Life Insurance Corporation (LIC) are teaming up to offer a clutch of insurance schemes for non-resident Keralites. The Chief Minister, A. K. Antony, will formally launch the insurance package on January 14.

Titled `Pravasi Swasraya', the scheme is an all-inclusive social security scheme for lakhs of Malayalis spread across the globe.

The six component schemes forming part of the insurance package, seek to provide the non-resident Keralites a regular monthly income throughout their life through savings made during their working life. The component schemes are Endowment with Jeevan Akshay, Jeevan Anand with Jeevan Akshay, Jeevan Akshay Immediate Pension Plan, Jeevan Suraksha without life cover, Jeevan Suraksha with term rider option and Jeevan Suraksha (single premium).

Under the first two schemes, the life assured would have the option to receive a lumpsum or convert the policy proceeds to pension at the end of the premium payment term. The third scheme would provide the member income spread over his/her entire life and is suited for those with relatively high incomes. The fourth plan does not provide life cover, but is designed for self-employed professionals who do not have any post-retirement benefits. Under the fifth scheme, the policyholder would get additional benefits by paying supplementary premium. Under the sixth scheme, the policyholder would have the option to make the whole payment in a single premium.

The ROOTS-NRK Development Initiative, a company promoted by NORKA, would act as the corporate agent for the scheme. It would enrole eligible members in various schemes, maintain their records relating to nomination and other particulars and provide proposal and medical forms and other documents to the potential participants in the scheme.

The Non-Resident Keralites Affairs Minister, M. M. Hassan, said at a press conference here today that this was the first time that such a comprehensive insurance package had been worked out for expatriate workers. The Government expected around one lakh non-resident Keralites to join the scheme initially. The Government also proposed to provide accident insurance cover to non-resident Keralites in association with the United India Insurance Company. The ROOTS-NRK Development Initiative would pay the premium for the accident insurance scheme.

Mr. Hassan said the insurance schemes had been devised in such a way financial security was provided to the families of non-resident Keralites in the event of early death of the policyholders and pension at any desired age after 40. The suggested terms of the schemes range from 5 to 16 years. Intermediary terms would also be offered and the premium would be payable for a definite period or until death or if death occured within the term.

The scheme would be particularly beneficial to the Malayalis in labour camps in the Gulf.

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