RIYADH, 25 December 2003 — A major Indian insurance company has launched a scheme to provide personal accident cover for the low-income group of Indian employees in collaboration with an Indian community association.

The announcement was made by V. Ramanna, resident manager of New India Assurance (NIA), at a press conference on Monday night. He said the Personal Accident Insurance Cover was the result of an initiative by Riyadh Indian Association (RIA), a social service organization, that had approached them for designing a tailor-made scheme for the low-income group.

On an average, some 1,165 deaths take place every year among Indian employees in the three Central, Western and Eastern provinces. The Indian Embassy contributes SR 5,000 toward the airlifting of the body and air fare to the persons accompanying the coffin only in exceptional cases. However, the actual expenses are said to be far higher.

Ramanna said the insurance cover, for which the annual premium is SR40, would entitle the beneficiary to an assured sum of SR 20,000. The premium would be SR100 /150 if the value of the insurance cover was SR 50,000/100,000 respectively.

He said the policy provides compensation in the event of the insured sustaining injuries, fatal or otherwise, resulting solely from an accident caused by external, violent and visible means.

Among those present at the press conference were Dr.V.Masilamani, professor of physics at King Saud University, Balachandran, president of RIA, and a large gathering of Non-Resident Indians.

Speaking on the occasion, Balachandram, said the policy premium would be subsidized to the extent of 50 percent. In order to qualify for the subsidy, the applicant has to apply for membership of RIA.

In reply to a question, Ramannna said the policy covers deaths and injuries but would not be applicable in the event of natural death. “Only violent deaths would entitle the insured person to 100 percent of the amount payable.

Similarly, there would be 100 percent payment in the event of loss of both eyes or any other permanent disability resulting from an accident.

He said indemnity was also possible in the case of partial disability. NIA would pay up to SR 5,000 toward body repatriation on getting certification from the Indian Embassy.