A new group life insurance cum terminal benefit scheme for rubber tappers working in the small-holding sector was launched by Sheela Thomas, chairperson, Rubber Board. The scheme is implemented in collaboration with Life Insurance Corporation of India.
It provides insurance cover for natural and accidental death, compensation for disabilities due to accidents and terminal benefits for the members. The member’s children, studying in classes 9 to 12, are eligible for educational scholarship.
The membership is limited to tappers in the age group of 18 to 59. But without insurance cover, tappers are permitted to remit their contribution to the retirement scheme till the age of 65 years.
The scheme offers Rs 35,000 for natural death, Rs 80,000 for accidental death, Rs 37,500 for the loss of one limb due to accident and Rs 75,000 for the loss of two limbs.
The minimum contribution for membership in the scheme is Rs 300 per year. Of this amount, Rs 133 will be accounted as premium and Rs 167 as contribution to the terminal benefit fund. Those who want additional benefits can contribute more.
Along with the tappers contribution, the employer also can contribute an additional amount for his tapper. It will be added to the contribution of the tapper and will be recorded separately.
The Board’s contribution to the fund is fixed at Rs 200. For the tappers who have membership in tappers bank, the Rubber Producers’ Societies concerned will remit Rs 2,000 per year as their contribution, a Rubber Board press release said.
