Finance Ministry Finalises Premium Payment For Life Cover Under Jan Dhan Yojana
By PTI
NEW DELHI: The Finance Minister in consultation with LIC has finalised arrangement for payment of premium towards life insurance cover under Jan Dhan scheme.
It has been decided to set aside Rs.50 crore from Social Security Fund worth about Rs 1,800 crore managed by LIC, sources said.
This would be a revolving fund and LIC would manage it, sources said, adding that Finance Minister Arun Jaitley is likely to approve the arrangement soon.
A Social Security Fund (SSF) was set up in 1988-89 for providing social security through group insurance scheme to the weaker and vulnerable sections of the society. The SSF is administered by LIC for meeting insurance requirements of the segment.
Under the Pradhan Mantri Jan Dhan Yojana (PMJDY) one who opens account before January 26, 2015 would get Rs.30,000 life insurance cover.
This benefit was added by the Prime Minister Narendra Modi when he launched the scheme on August 28.
Under the scheme, banks have opened 3.02 crore accounts and mobilised about Rs.1,500 crore.
As of September 8, 2014, 3.02 crore accounts have been opened, of which 1.89 crore are in rural areas and 1.13 crore are in urban areas.
Banks have collected deposits of Rs 1,496.51 crore under the scheme so far which works out to Rs 495 per account.
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