Jana Shree Bima Yojana (Launched in association with LIC)
|Purpose / Objective||To provide life coverage.|
|Eligibility||Members of SHGs, Joint Liability Group (JLG), Rythu Mithra Group(RMG), Artisans, Farmers Club, Men groups, youth club etc financed by Indian Bank, between ages 18-59 years and below the poverty line.|
|Benefits||* In the event of death of the members of sum of Rs.30000 will become payable.
* In the event of death by accident or partial disability due to accident the following amount will become payable.
* The children of the members covered under JBY scheme will be given scholarships on selective basis under Shiksha Sahaya Yojana scheme. Scholarships to the wards in classes 9,10,11 and 12 @ Rs.100 per month to 2 children per family.
|Premium||Annual premium – Rs.200/- per member. Out of this Rs.100/- is borne by Social Security Fund established by Govt of India with LIC. Hence, the member has to pay only Rs.100/- per annum.|
|Value added||Assured Life coverage of Rs.5000/- in the event of death or the spouse of the member to the spouse of the group members with an extra premium of Rs.25 per member per annum.|