Insurance cover will be at no cost to the Government
INVC NEWS New Delhi, The Oriental Insurance Company Limited has been designated as the Insurance Partner of Ministry of Youth Affairs and Sports (MYAS) under its Target Olympic Podium (TOP) scheme. The said step of designating Insurance partner has been taken for the first time by the Department of Sports and is a part of its plan in seeking support from companies both in Private and Public sector under their CSR initiatives for sports. Chairman and Managing Director of Oriental Insurance, Dr. A.K. Saxena here today gave a cheque of Rs. 5.8 lakhs to Secretary, Sports Shri Ajit M Sharan as their initial contribution to NSDF as CSR as reimbursement of Insurance premium of athletes. As and when more athletes formally sign up for TOP scheme, the MYAS will take their insurance policy and Oriental Insurance will reimburse the premium amount to NSDF as CSR. MYAS had sought bids from public sector insurance companies for providing insurance cover to athletes under the TOP scheme for indoor medical treatment upto 10 lakhs and insurance of Rs. 50 lakhs in case of death or permanent disability due to accident till Olympics 2016. The best offer was of Oriental Insurance who have decided to contribute to NSDF as CSR the amount of premium which NSDF pays to Oriental insurance for the said insurance covers. As such the said insurance cover will be at no cost to the Government. After IIFCL now Oriental Insurance Company Limited has come forward to support the TOP Scheme of the Government. The IIFCL had earlier signed an MoU with the Ministry to contribute Rs. 30 Crores (Rs. 10 crore each year for 3 years). MYAS has established the National Sports Development Fund (the “NSDF”) with the objective of promotion of sports in general and specific sports disciplines and individual sports persons in particular for achieving excellence at the National and International level. Ministry has initiated the ‘Target Olympic Podium Scheme’ (“TOP Scheme”) under the NSDF. The scheme envisages identification of athletes who are potential medal winners in Olympics and providing support to them for preparation for Olympics.