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Time of India
2 days ago
- Business
- Time of India
How migrant labourers in Noida can get insurance payout of Rs 3000 if temperature rises
Extreme heat has led to a first-of-its-kind insurance payout, as Digit Insurance settled claims for migrant labourers in Noida after temperatures soared past 42 degrees Celsius. Unlike traditional policies, these payouts are triggered by weather thresholds rather than actual damages, offering fast financial relief without the need for detailed claim evaluations. Digit Insurance, in partnership with K M Dastur Reinsurance Brokers and Jan Sahas Foundation, is offering this heat-index based cover to workers across Delhi, Noida, Ghaziabad, Gurgaon, Faridabad, and Lucknow. "Digit's heatwave parametric insurance is a crucial step in providing migrant labourers with a much-needed safety net," said Adarsh Agarwal, chief actuary and product officer at Digit Insurance. The policy offers payouts of up to ₹3,000 when temperatures exceed specific thresholds for five consecutive days, with an additional payment if the heatwave continues for 10 days. These thresholds vary by city, ranging from 42°C to 43.7°C. The coverage is particularly significant for daily wage migrant workers who face high exposure to heat-related health risks like heatstroke. In 2024 alone, India reported 67,637 suspected heatstroke cases and 374 related deaths. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search Ads Search Now Undo The policy also includes a hospitalisation cash benefit of up to ₹5,000 for any accidental injury or illness during the coverage period, regardless of temperature levels. The premiums for the insured migrant workers are being covered by the Jan Sahas Foundation. This marks Digit Insurance's second collaboration with KMD and Jan Sahas; the trio had earlier launched a parametric insurance plan based on air quality index (AQI) for daily wage earners in Delhi-NCR. A similar initiative was introduced in May 2023 by ICICI Lombard in partnership with Swiss Re, targeting 50,000 women labourers linked to SEWA across 22 districts in Gujarat, Rajasthan, and Maharashtra. That policy provided automatic cash payouts when temperatures breached set thresholds, becoming the first of its kind in India to address heat-induced livelihood loss. Live Events
Time of India
2 days ago
- Business
- Time of India
Heat insurance: Rs 3,000 for workers
MUMBAI: Intense heat has triggered a first-of-its-kind insurance payouts, with Digit Insurance settling claims for migrant labourers in Noida after temperatures crossed 42 degrees Celsius. The payouts, based on weather thresholds rather than actual losses, aim to provide quick financial relief without lengthy claim assessments. Digit Insurance, in partnership with K M Dastur Reinsurance Brokers and Jan Sahas Foundation, is offering this heat-index based cover to workers across Delhi, Noida, Ghaziabad, Gurgaon, Faridabad, and Lucknow. "Digit's heatwave parametric insurance is a crucial step in providing migrant labourers with a much-needed safety net," said Adarsh Agarwal, chief actuary and product officer at Digit Insurance. The policy pays up to Rs 3,000 when temperatures cross thresholds for five consecutive days, with an additional payout if the breach lasts 10 days. The threshold temperatures range from 42 to 43.7 degrees Celsius, varying by city. Many of the covered workers depend on daily wages and are exposed to heat-related risks such as heatstroke. In 2024, India recorded 67,637 suspected heatstroke cases and 374 deaths. The cover also includes a hospitalisation cash allowance of up to Rs 5,000 for any accidental bodily injury or illness during the coverage period, regardless of temperature. Jan Sahas Foundation is bearing the premium for the identified migrant workers. This is Digit Insurance's second collaboration with KMD and Jan Sahas. The three had earlier partnered to offer AQI-based parametric insurance to daily wage workers in Delhi-NCR. In May 2023, ICICI Lombard, in collaboration with Swiss Re, introduced a similar policy for 50,000 women labourers associated with SEWA across 22 districts in Gujarat, Rajasthan, and Maharashtra. That policy paid automatic cash compensation once temperatures exceeded set limits, making it the first Indian initiative specifically addressing heat-related livelihood loss. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
