Soon, students pursuing higher education will be able to insure their loan amount so that their education will not be hampered due to adverse situations. The Maharashtra State Government is striving to pass this insurance scheme to ensure that the students’ higher education is not affected in the event of death of their parents or guardians.

Rajesh Tope, the Minister of Higher and Technical Education, said that, this proposed insurance scheme will cover all professional degree and diploma courses like engineering, pharmacy, MBA and other management degrees that fall under the purview of his ministry. All the students need to do to avail this scheme is to pay a nominal amount as premium to LIC, the central player of this scheme. In some cases, the colleges can pay the insurance premium by tapping into the ‘Students Welfare Fund’.

As per this scheme, in case of death of the student’s guardian or parent, who funds his/her education, the student will receive Rs. 4.5 Lakh but in the case of death of a student, the family will receive Rs. 1 Lakh.

The Minister also went on to express his hope that this insurance scheme would prove to be beneficial for the students and encourage them to pursue higher education without fear.

The University of Madras has also launched a similar insurance scheme sometime back and the students had received it with much gratitude and appreciation.