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buttton1.gif (3634 bytes)   Social Security for the Poor

22. More than one third of our population still lives below the poverty line. There is an imperative need to extend some social security cover to the poorest sections of our society. I have decided to introduce a new scheme of group insurance, "Janashree Bima Yojana", under which beneficiaries will have insurance cover of Rs.20,000 in case of natural death, Rs.50,000 in case of accidental death or total permanent disability and Rs.25,000 for partial permanent disability due to accident. Premia will be fixed on an actuarial basis. Below poverty line participants in this Scheme will pay only half the premium, with the remainder being contributed from earnings of LIC’s existing Social Security Fund, suitably augmented by Government. On this basis, the monthly premium to be paid by the beneficiary is expected to be Rs.10 or less. This scheme will lay a firm foundation for insurance cover to the poorest in our country.

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