Maharashtra’s New Student Insurance Program Aims to Secure Futures

By Pooja Verma Oct21,2023 #Business

Maharashtra (India), October 21: In a significant move aimed at providing financial security to students and their families, the Government of Maharashtra has launched a pioneering Student Insurance Scheme, as per the Government Resolution (G.R) issued on October 16, 2023, by the Department of Higher & Technical Education. The scheme is set to benefit students enrolled in various educational institutions under Higher & Technical Education in the state. The Student Insurance Scheme is designed to offer financial assistance to the enrolled students in the unfortunate event of accidental death or disability to the parents or guardians of students pursuing their education within Maharashtra. Additionally, it provides a mediclaim benefit of up to ₹2 lakh for students enrolled in the scheme.

“Ensuring the safety and well-being of our students is at the forefront of our mission. With the introduction of the Student Insurance Scheme, we are making a strong commitment to providing a brighter future for our young learners, where they can pursue education without concerns about unforeseen challenges. This initiative exemplifies our unwavering dedication to nurturing a secure, empowered, and thriving student community in Maharashtra.” Said Chandrakant Patil, Minister of Higher & Technical Education, Government of Maharashtra.

This initiative has been met with enthusiasm and approval from various quarters, as it addresses a crucial need for safeguarding the future of students in the state. To ensure the efficient designing, effective implementation & benefits of the scheme, the Government of Maharashtra has appointed Integrated Risk Insurance Brokers Limited, an Insurance Regulatory and Development Authority (IRDA) licensed company. This decision reflects the government’s commitment to delivering a comprehensive and reliable insurance program for students. “Our collaborative efforts with the Government of Maharashtra in implementing the Student Insurance Scheme aligns with their visionary approach to prioritize the well-being of students. We are committed to ensuring that this scheme reaches every corner of the state, providing students and their families with financial security and peace of mind. Together, we aim to create a robust safety net for the student community, furthering their educational aspirations.” – Chintan Prakash Adva, MD & CEO at Integrated Risk Insurance Brokers Limited

The inception of this scheme is the culmination of a meticulous process that began in June 2023 when the Directorate of Higher Education floated bids for the appointment of an insurance company. Seven insurance companies participated in the bid, and after a thorough technical & financial evaluation, ICICI Lombard General Insurance Company and National Insurance Company emerged as the successful bidders. The official announcement of their selection was made through the Government Resolution issued on October 16, 2023. “At ICICI Lombard, we are honored to have been selected as a partner in this important initiative by the Government of Maharashtra. We are fully committed to ensuring the prompt settlement of claims and delivering efficient services to the students and their families. Our aim is to instill trust and reliability in this Student Insurance Scheme, reinforcing our dedication to securing the future of Maharashtra’s young talents.” – Sanjay Pujari, Vice President at ICICI Lombard General Insurance Company Limited

This move is expected to offer peace of mind to students and their families, knowing that they are protected against unforeseen accidents and medical expenses during their academic pursuit. The Student Insurance Scheme aligns with the government’s commitment to enhancing access to quality education and ensuring the well-being of the student community. As this scheme gets underway, it symbolizes the Maharashtra government’s dedication to creating a safer and more secure environment for its students. It not only prioritizes academic advancement but also places the welfare of students at the core of its policies and initiatives. This initiative is a testament to the government’s proactive approach to meeting the evolving needs of the state’s educational ecosystem.

The Student Insurance Scheme is anticipated to have a far-reaching positive impact on believably 40 Lacs students and their families, providing them with a safety net during their educational journey and contributing to the overall development of the state.

With this ground-breaking step, Maharashtra sets an example for other states to consider similar initiatives, reinforcing the importance of student well-being and fostering a conducive environment for learning.

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