UBI launches new scheme for SHG members
Union Bank of India, together with LIC of India, has brought more than 30,000 women self-help group members under the Janshree Bima Yojana. The members of the scheme are eligible for a life cum accident insurance cover at a very low premium.
JBY of LIC is exclusively meant for women members of credit-linked SHGs. The SHGs which are exclusively women are on the raise and they mainly consist of the bread winners of their family. But any sudden untoward incident like permanent physical disability or death can cripple the family into the penury for at least one more generation. It is in this background that the bank had mooted a low premium insurance cover for the credit-linked members of women SHGs. The total insurance premium is Rs 200 per member per year of which Rs 100 is borne by SHG member and balance of Rs 100 by Social Security Fund of GOI through LIC.
The member gets term life insurance coverage of is Rs 30,000, in case of natural death and Rs75,000, in case of death or total permanent disability due to accident. Apart from life risk, two children of JBY beneficiary, studying between IX and XII class, are also eligible for educational allowance of Rs100 per month, as an add-on benefit under ’Shiksha Sahayog Yojana’.
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