Puducherry: The department of Police here has launched "Puducherry Police Savings Linked Group Insurance Scheme" on the occasion of the Police Commemoration Day here on Saturday. It came into force with immediate effect.

Inspector General of Police Kishan Kumar handed over to the Senior Divisional Manager of LIC of India (Vellore Division) a cheque for Rs.1 lakh as a token payment of premium. Puducherry Police Welfare Society will operate the scheme and each policeman will have to pay Rs.100 every month. When the policeman died while in service, the bereaved family will be paid Rs. 1 lakh and 65 per cent of premium with an eight per cent compound interest.

In the event of retirement, 65 per cent of the premium paid by the individual will be returned at an eight per cent compound interest. The system will be applicable to the policeman, who resigned from service or was dismissed or removed from service. The LIC had also agreed to extend the Double Accident benefit to the policemen, who have to pay an additional premium of Rs. 6.25 per month.

If the individual covered under the scheme died in an accident while in service, the family would get Rs.2 lakh instead of Rs.1 lakh along with other benefits. Gazetted police officers, Assistant Sub-Inspectors and Inspectors, police constables and head constables will be covered. Premium will be deducted from the salary every month. DIG of Police G. Vasudeva Rao, Senior Superintendents of Police Chhaya Sharma and Sindhu Pillai, Additional SSP B. Srikanth participated.

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