Officials hail UBI's insurance scheme for Palghar ZP employees

Palghar, Aug 15 (PTI) A senior banking official on Friday hailed an insurance scheme for Palghar Zilla Parishad employees and said this "Palghar model" will be replicated elsewhere in the country.

In October 2023, a memorandum of understanding (MoU) was signed to offer comprehensive life, accident, and health insurance facilities to Palghar ZP employees who have accounts in Union Bank of India.

"Under this arrangement, if an employee loses his or her life in an accident, is permanently disabled or suffers from paralysis, then their family gets Rs 1 crore," UBI Chief Accounts and Finance Officer Sachin Khawathe told PTI.

This Palghar model will be replicated elsewhere as well, he added.

At a programme held during the day here, a claim of Rs 1.15 crore was handed over to Ranjana Vilas Madhavi, wife of teacher Vilas Dattu Madhavi, who died in an accident on October 27 last year near Charoti. She is the first beneficiary under the new scheme, officials said.

Zilla Parishad Chief Executive Officer Manoj Ranade said the facility not only gives financial protection, but is also a strong support for the family in times of crisis. PTI COR BNM