Mumbai: Prolonged heat wave has triggered a first-of-its-kind insurance payouts, with Go Digit General Insurance settling claims for migrant labourers in Noida. Claims were paid under parametric insurance as temperature in the city breached the threshold of 42°C, triggering the first payout. The Company has partnered with K.M. Dastur Reinsurance Brokers (KMD) and Jan Sahas Foundation to offer heat index-based parametric insurance to migrant labourers across six cities.The cover aims to provide crucial financial relief to workers impacted by extreme heat events. The coverage is being offered to migrant labourers across Delhi, Noida, Ghaziabad, Gurgaon, Faridabad, and Lucknow. The threshold temperature for each city has been set differently and is in the range of 42-43.70°C. The claim payouts are structured into two tiers. The first payout automatically kicks in if the temperature of a specific city crosses the threshold for five consecutive days. If the temperature exceeds the threshold for ten consecutive days, the exit strike will kick in, leading to an additional payout. Under the Digit Parametric Insurance policy, the insured migrant labourers will be paid up to Rs 3,000, allowing them to protect their health and afford daily necessities.The parametric cover also comes along with a hospitalization cash allowance of up to Rs 5,000 in case of any accidental bodily injury or illness is also being offered during the period. The premium for this cover, on behalf of the identified migrant labourers, is being borne by Jan Sahas Foundation. In 2024, India reported 67,637 cases of suspected heatstroke and 374 deaths.
Source link
