JOIN USThe Oriental Insurance Company Limited has been roped in 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 Corporate Social Responsibility (CSR) initiatives for sports,” Ministry stated in a release on Monday.
The chairman and managing Director of Oriental Insurance, A K Saxena gave a cheque of Rs 5.8 lakh to sports secretary, Ajit Sharan as their initial contribution to National Sports Development Fund (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,” it said.
The ministry had sought bids from public sector insurance companies for providing insurance cover to athletes under the TOP scheme for indoor medical treatment upto 10 lakh and insurance of Rs 50 lakh 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 cover will be at no cost to the Government.”