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JKGB introduces insurance cover for weavers

18
May '10
Jharkhand Khadi and Gramodyog Board (JKGB), the State agency for weavers' welfare has joined hands with Life Insurance Corporation (LIC), in a bid to devise insurance schemes for the weavers. More than 150,000 families of weavers in Jharkhand will avail benefit of these insurance schemes.

Premium of these insurance schemes will be paid by the Centre and JKGB. According to the JKGB Chairman, Jainandu, at present, the board plans to implement three different schemes, wherein one is individual and two are group insurances. The weavers can start availing benefits of these schemes once they are executed as per plans, added Jainandu.

Weavers can avail insurance benefits up to Rs 75,000, Rs 30,000 and Rs 40,000 for accidental deaths, natural deaths and disability, respectively, under the first scheme, 'Janashree Yojna'. Each policy will require a premium payment of Rs 200 per month, which will be equally shared by JKGB and the Centre.

Under this scheme, two children of insured persons will also avail sponsored secondary education. The board will spend Rs 100 for each child from class ninth to twelfth.

Another scheme is the group insurance policy, under which a premium has to be paid by the board on behalf of a group of fifty weavers. These weavers will avail insurance benefits of Rs 60,000, Rs 30,000 and Rs 15,000 for accidental deaths, natural death and disability, respectively, under this scheme.

The third scheme will be group saving linked insurance scheme, which will offer insurance cover as well as will encourage savings. The amount ranges from Rs 50 for a sum assured of Rs 50,000 to Rs 150 for Rs 150,000, and weavers here will have to bear the premium payment of this scheme.

If weavers discontinue paying premiums, they will receive back the money, they saved, at 8 percent interest, said Pandiyan Kumaresan, LIC Senior Divisional Manager at Jamshedpur.

In addition to all this, JKGB also has plans to involve National Bank for Agriculture and Rural Development (NABARD) and the Department of Posts, to generate awareness among weavers regarding benefits of insurance schemes and premium payment modalities. Introducing all such insurance schemes, the board expects to see an improvement in the financial conditions of the weavers.

Fibre2Fashion News Desk - India


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