Women SHGs to get LIC coverAll women's self-help groups (SHG) credit-linked to banks will be covered by the Life Insurance Corporation of India (LIC).
Apnainsurance.com Research Bureau
29 Feb 2008
All women's self-help groups (SHG) credit-linked to banks will be covered by the Life Insurance Corporation of India (LIC). The insurer will cover these groups under its Janashree Bima Yojana, which offers life cover as well as permanent disability cover.
LIC's Social Security Fund (SSF) will subsidize one half of the premium amounts in this scheme. The SSF stands at Rs. 700 crore, with the government contributing an additional Rs. 500 crore. In addition, interest earned on the SSF will also be used to subsidize the premiums.
In another initiative, the government plans to contribute Rs. 1000 crore under the LIC's Aam Aadmi Bima Yojana, aimed at landless workers. This amount is in addition to the Rs. 1500 crore the government deposited with the LIC toward this scheme last year. LIC is expected to bring in one crore poor households under the scheme by September 30, 2008.