Considering the rising covid cases and sky-rocketing hospital bills, Gujarat-based MFD association Saurashtra Kutch IFA Association (SKIFAA) has bought Corona Rakshak policies for all its 350 members.
Corona Rakshak is a single-premium benefit-based health policy that pays a fixed cost to a policyholder if a policyholder suffers from coronavirus and survives hospitalization of 72 hours or more.
Chetan Nandani, President of SKIFAA said that the association came up with this initiative after the unfortunate death of 4 members - 2 from Rajkot and one each from Amreli and Bhavnagar. Besides, a few members have faced financial constraints after suffering from covid.
"Such sudden medical situations create a huge financial burden for many MFDs, particularly the smaller ones. Keeping this in mind, we decided to use the association's funds to buy the Corona Rakshak Policy for our members," Chetan said.
Chetan said that SKIFAA has used the funds collected through membership fees, income generated from the association's investments and so on. He has urged the MF industry to take necessary actions to insure all MFDs in these tough times.
