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Tamil Nadu
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Chennai
Insurance scheme for SHGs
Staff Reporter
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Around 350 members enrolled under the scheme
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HELPING GRASSROOTS BODIES: Indian Overseas Bank Executive Director A.V. Dugade (centre), presents a loan cheque to a credit society member in Chennai
Chennai:
Indian Overseas Bank, Kavarapettai branch, in association with Life Insurance Corporation, has offered a life insurance scheme for women self-help groups in Kavaraipettai near Gummdipoondi, north of Chennai.
Around 350 members have enrolled under the scheme, which offers Rs. 30,000 in case of natural death and Rs. 75,000 in case of accidental death at a subsidised premium. The members can also take scholarship loans for their children.
At a recent loan distribution ceremony, IOB sanctioned Rs. 70.45 lakh for 1,544 members. Also, a grassroots-level organisation, Manidham Grameen Savings cum Credit Society, received a loan of Rs. 1.4 crore.
The society has introduced drip irrigation and organic manure in the locality to cultivate vegetables for supply to Chennai hotels. A. V. Dugade, IOB's Executive Director, distributed the loans to the beneficiaries.
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