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As per the terms and conditions agreed between the KSEB management and New India Assurance Ltd, death, permanent total disability (PTD), permanent partial disability (PPD) and temporary disablement will attract a claim of Rs15 lakh.
THIRUVANANTHAPURAM: New India Assurance Company has been finalised by KSEB Ltd management to offer Group Personal Accident Insurance (GPAI) Scheme for the company’s employment during 2024.
It was the same New India Assurance that offered GPA for KSEB employees during 2023 too. As per the terms and conditions agreed between the KSEB management and New India Assurance Ltd, death, permanent total disability (PTD), permanent partial disability (PPD) and temporary disablement will attract a claim of Rs15 lakh.
The premium to be paid by each employee will be Rs708 including Rs108 GST applicable at the rate of 18 per cent. In fact, this was the same premium applicable for the GPAI during 2023 too.
Though quotations were invited from all five public sector insurance companies only four - such as New India Assurance Company, United India Insurance Company and Oriental Insurance Company submitted their quotes within the stipulated time.
“On scrutiny of all quotations, it is found the New India Assurance Company Ltd has quoted the lowest premium. The said insurance company satisfies all the conditions stipulated in the tender notice and has agreed to abide by the terms and conditions of the scheme followed during the previous year,” states in a note issued from the CMD office.
