The Hindu : Karnataka News : LIC to administer Bhagyalakshmi Scheme

Online edition of India's National Newspaper
Wednesday, Apr 26, 2006

Karnataka

Karnataka

LIC to administer Bhagyalakshmi Scheme

Staff Reporter

The objective is to provide financial security with the accumulated value of the deposit

Rs. 234 crore set aside for the scheme this year

Rs. 10,000 to be deposited for a girl child of a family living the below poverty line

BANGALORE: The Bhagyalakshmi Scheme for the girl child, aimed at fighting female foeticide and infanticide, will be administered by the Life Insurance Corporation (LIC) of India, Karnataka Deputy Chief Minister B.S. Yediyurappa announced here on Tuesday. Mr. Yediyurappa, who also holds the Finance portfolio, has set aside Rs. 234 crore for the scheme this year. Under the scheme, the Government will deposit Rs. 10,000 for every girl child born after April 1, 2006, in a family living below the poverty line. The tie-up with LIC is the first of its kind in the country, and it can only benefit the girl when she turns 18, apart from a few bonuses for the parents. Initially, the objective is to provide financial security with the accumulated value of the deposit, apart from ensuring continued education and discouraging child labour and child marriage.

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