As part of Prime Minister Narendra Modi's initiative to bring the entire population living Below Poverty line (BPl) under the inclusive financial growth plan, the public sector life Insurance Corporation of India on Monday launched its ambitious Bhagyalakshmi Plan, a micro insurance product. "Any Indian citizen in the age group of 18-55 years to age is free to join this scheme. People from the BPl category and self-employed groups can join this plan which has been conceived as a people friendly scheme,"
T Sidharthan, Zonal Manager, lIC, said at Chennai on Monday.
The Bhagya lakshmi scheme ensures that policy holders get Rs10,368 for every Rs9,425 they pay as premium. "The yearly premium for Rs10,368 comes to Rs725 which could be paid in monthly, quarterly or half-yearly installments. The nominees of those subscribing the lowest policy would get Rs20,000 if the policy holder dies before the maturity of the scheme. Those subscribing to higher policies are assured of Rs50,000", said Kannan Manickam, Regional Manager (Micro Insurance Products) lIC.
The lIC also announced Madhur Bima Gram Yojana targeting the 6.25 lakh villages in the country. "A minimum number of micro policies purchased from us would help the villages to get richer by a community TV set or a desk top computer," said Manickam. He said villages with a population of 3,000 or less need to subscribe just 125 micro policies. In return, the lIC would offer the village a TV set or a cash incentive of Rs15,000 which could
be used for the general welfare of the community," said Manickam.
For villages with a population of more than 3,000 and above, purchase of 300 micro-insurance policies will help them get richer by Rs35,000. This could be used for installing desk top or laptop for use by the villagers. We are also ready to help them build community centres if they ensure the sale of 300 micro-insurance
policies," said Manickam.