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Bank extends life insurance cover to SHG members

Staff Reporter


Persons in the age group of 15 and 59 years would be covered under

the scheme


KARUR: The Indian Overseas Bank (IOB) plans to extend life insurance cover to all women of Self Help Groups (SHGs) under its fold under a new scheme.

The bank had tied up with the Life Insurance Corporation of India to extend the facility initially to the members of SHGs credit linked by it and then gradually extend the scheme to cover all SHG members.

So far, a total of 1,543 members had been extended life insurance cover in Karur district.

Explaining the salient features of the scheme, the IOB Senior Regional Manager S.H. Kesava said at a special function got up to popularise the scheme here on Saturday that willing members have to contribute just Rs. 100 towards 50 per cent of the premium and the balance would be paid out of the Social Security Fund instituted by the Centre.

For an additional premium of Rs. 40, the spouse of the SHG member would be covered for death benefit of Rs. 10,000.

Mr. Kesava added that the period of cover would be one year from the date of receipt of premium.

The other benefits to the insured and the family members include a sanction of Rs. 30,000 for the nominee in case of natural death of the insured, Rs. 75,000 for death of nominee in case of accidents, Rs. 75,000 in case of total permanent disability due to accident and the insured member would be eligible for Rs. 37,500 in case of partial permanent disability.

The members’ children studying between standards IX and XII were eligible for scholarships of Rs. 300 per quarter, provided the ward passes the final examination.

The facility of Siksha Sahayog Yojana would be available for a maximum of two children per family, he added.

Driving home the point that the scheme was socially relevant and that each member had to give just a self declaration of good health, Mr. Kesava exhorted the SHG members to enrol themselves under the scheme.

Persons in the age group of 15 and 59 years would be covered under the insurance scheme.

The IOB-SHG family insurance scheme would bring all SHG women in its fold within a short span of time.

Project Officer, District Rural Development Agency, M. Madhavi, and Project Officer, Mahalir Thittam, P. Murugesan, gave away group loans totalling Rs. 24 lakh to 38 SHGs.

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