Institutional Distinctiveness: Mediclaim Policy
Maratha Vidya Prasarak Samaj’s Arts and Commerce College, Khedgaon is a rural college in Dindori tehsil of Nashik district. Since the college is residing in rural, tribal area, and most of our students are from economically backward classes, it is sometimes very difficult for them to face the problems of medical ailments. In these days of uncertainties, it is imperative to keep yourself and your beloved ones protected against unforeseen medical emergencies. In this pandemic, we all realize how emergency medical treatment and hospitalization can take a toll on our financial health. Hence our parent institute decided a group insurance scheme for staff and students in order to safeguard future of the stakeholders.
The main purpose of our parent institutes group medical insurance for students is to obtain the best medical facility without any strain on their finances. Health insurance for students is essential, especially when a medical emergency occurs in the most unexpected manner and sometimes without financial support, they are unmanageable. This Health insurance plans offer protection against the treatment cost of the diseases which require hospitalization. It covers hospitalization expenses and day care procedures for day one of admission. Health insurance can reimburse the insured for expenses incurred from illness/injury or pay the care provider directly.
Every year, we implement group-medical insurance policy for students with the assistance of insurance company ‘The New India Assurance Co. Ltd. (https://www.newindia.co.in/portal/). The New India Assurance Co. Ltd. based in Mumbai, Maharashtra is a nationalized general insurance company. It is under the ownership of Ministry of Finance, Government of India. “It is the largest nationalized general insurance company of India on the basis of gross premium collection inclusive of foreign operations”. It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.
Our management of parent institute has negotiations with ‘The New India Assurance Co. Ltd’ since from 2016-2017 to till date. Insurance Premium per student in academic year 2016-2017, 2017-2018, 2018-2019, 2019-2020 and 2020-2021 were Rs. 154, Rs. 154, Rs. 171, Rs. 175 and Rs. 175 respectively.
Initially students were reluctant to join this scheme, but later on, they realized the importance of health insurance. In the academic year 2016-2017, enrollment was 86 and it was very low. All of our faculties emphasized the importance of Mediclaim to students. After realizing its importance, the enrollment of students increased gradually. Total enrollment for Mediclaim policy in academic year 2017-2018, 2018-2019, 2019-2020 and 2020-2021 were 418, 432, 358 and 369 respectively.