Member Security & student scholarship

There has been a good response from members for joining the low premium Janashree Bima Yojana Insurance scheme of Life Insurance Corporation which not only covers the life of the member but extends scholarship up to two children of the member studying in 9th to 12th. In the current year 4616 women members have joined the scheme. During the year, 13 members died and for 8 of them LIC settled the claims to the tune of Rs 2,40,000 ( Rs 30,000 each ). The other claims are under processing. For 1193 Students scholarship forms certified by school authorities have been forwarded to LIC. Of these 1190 applications have been approved and LIC had released Rs 3,57,000 being the first installment of Rs 300 each. School authorities were involved while distributing first installment amount to students. The remaining amount ( Rs 10,71,000 ) has been released by LIC which was distributed in May 2008, to students.

The LIC has extended the benefit to the loss of spouse members if the members pay a little more premium ( Rs 60 each). Women members joining the scheme will get Rs 10,000 if their husband dies during the year. Under the scheme 170 additional women members have joined. Children of these members are also eligible for scholarship. We have sent 41 applications to avail the benefit.