Chennai: The launch of a 'Students Safety Insurance Scheme' was announced by the University of Madras on Wednesday.

The scheme is being introduced to provide insurance to students through the United India Insurance Company Ltd.

To avail insurance coverage under the scheme, students would be required to pay a premium of Rs.39 per year. The scheme would also cover hospitalization charges of students upto Rs.50,000 and a compensation of Rs.1 lakh for the student's family in case of death.

Deputy General Manager of United India Insurance Company Ltd., M. Elango informed that only accident cases will be considered for providing the Rs.1 lakh compensation to the family of the student in case of death.

In case of accidental death of a parent of a student, the student will be provided with a compensation of Rs.50,000.

The insurance scheme can be availed by students of the varsity and all colleges affiliated with it.