7. Jana Shree Bima Yojana (LIC)

The Jana Shree Bima Yojana scheme of Life Insurance Corporation-INDIA was introduced to benefit the people below poverty line by low premium payment.  Both men and women, in the age groups of 18 to 60 years are eligible to become policy holders with the LIC and the Policy holder has to pay Rs.300/- per year. But the immediate benefit for the policy holder is that the client has to pay only Rs.100/- and the remaining Rs.200/- will be by the Central Government to the LIC.

Claim benefits:

In case of accident for death of the policy holder, his nominee will get Rs.75,000/-, for loss of an organ due to accident the policy holder will benefit with Rs.50,000/- and for dis-functional organ Rs.25,000/- will be given.  The KMSSS arranges with LIC, that every 100 policies, 15 persons can get education assistance of Rs.1200/- each for their children’s education. During the March 2009, 1252 persons taken the policy.

Benefits:

(a)       15% policy of holders @ Rs.1200 each, a total sum of Rs.2,25,600/- as first and IInd installment was received towards their children education.

(b)       3 person’s nominee received Rs.30,000/- each for natural death.  Additionally 1686 persons entered into agreement as new policy holders on 31.10.2009, among them for death of one person, his nominee Arulmary received Rs.30,000/-.