The Oriental Insurance Company Limited has been designated as the insurance partner of the Ministry of Youth Affairs and Sports under its Target Olympic Podium (TOP) scheme.
This step has been taken for the first time by the Department of Sports and is a part of its plan to seek support from both public sector and private sector companies under their Corporate Social
Responsibility (CSR) initiatives for sports.
Chairman and Managing Director of Oriental Insurance, Dr. A.K. Saxena, today gave a cheque of Rs. 5.8 lakhs to Sports Secretary Ajit M. Sharan as their initial contribution to the National Sports Development Fund (NSDF) as reimbursement of insurance premium of athletes.
As and when more athletes formally sign up for the TOP scheme, the sports ministry will take their insurance policy and oriental insurance will reimburse the premium amount to NSDF as CSR.
The ministry had sought bids from public sector insurance companies for providing insurance cover to athletes under the TOP scheme for indoor medical treatment up to Rs. 10 lakhs and insurance
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of Rs. 50 lakhs in case of death or permanent disability due to accident till 2016 Olympics.
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.
After India Infrastructure Finance Company Ltd (IIFCL), now Oriental Insurance Company Limited has come forward to support the government's TOP Scheme .
The IIFCL had earlier signed an MoU with the Sports Ministry to contribute Rs. 30 Crores (Rs. 10 crore each year for three years).
The Sports Ministry has established the NSDF with the objective of promotion of sports in general and specific sports disciplines and individual sportspersons in particular for achieving excellence at the
national and international level.
The ministry has initiated the 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 the Olympics.