In a significant example of social security through the cooperative sector, Adarsha Nagari Sahakari Patsanstha, Alibag, Maharashtra facilitated the payment of a Rs 10 lakh accident insurance claim to the family of its deceased borrower-member, Late Raghunath Vishnu Patil of Dhavar village in Raigad district.
Patil had availed a loan of Rs 50,000 under the Patsanstha’s Sanjeevani Loan Scheme, which included accident insurance coverage from the New India Assurance Company. Following his unfortunate death due to a snake bite, the insurer approved a compensation of Rs 10 lakh.
The claim cheque was handed over to Patil’s wife, Ravina Patil, and family members at a function attended by cooperative and insurance sector leaders.
Speaking on the occasion, Chairman Abhijit Patil said this was the fourth such successful claim settlement facilitated by the Patsanstha.
Representatives of over 20 cooperative credit societies attended the event, where insurance officials urged cooperatives to extend similar protection to borrower-members.