Kerala Approves Group Insurance for Disaster-Hit Homes, Up to Rs 10 Lakh Cover

• Kerala government approves comprehensive group insurance scheme for houses damaged by natural disasters.
• Scheme aims to reduce financial burden on government from repeated disaster relief and reconstruction efforts.
• Combines parametric insurance (immediate state compensation based on disaster indicators) and indemnity insurance (direct compensation to BPL house owners).
• Indemnity cover includes damage to houses, household goods, and rental assistance, up to Rs 10 lakh per house.
• Annual cost estimated at Rs 120.75 crore, policy proposed for a five-year period.