Life Insurance Corporation of India is targeting 40,000 micro insurance policies from the southern districts of Tamil Nadu this fiscal.
Non-governmental organisations and self-help groups will be roped in for enrolling members of the poorer and downtrodden sections into the Jeevan Mathur and the newly-launched Jeevan Mangal schemes, Senior Divisional Manager of LIC Madurai Division J. Chakrapani, told The Hindu in Madurai.
The Division comprises 25 branches and 13 satellite offices in Madurai, Dindigul, Sivaganga, Ramanathapuram, Theni and Virudhunagar districts.
Mr. Chakrapani said the Jeevan Mathur scheme, launched two year ago, offered a sum assured of Rs. 30,000. It was a product with a package of savings, protection, accident benefit and disability benefit. In the Jeevan Mangal scheme, the sum assured was increased to Rs. 50,000.
This plan was available for those in the age group of 18 to 60 and for terms ranging from 10 to 15 years with a sum assured range of Rs. 10,000 to 50,000. The premium could be as low as Rs.15 as it is primarily intended to benefit the weaker sections of society.
Over 50,000 Jeevan Mangal policies were sold in the 12 divisions in South Zone that comprised Kerala and Tamil Nadu. The Madurai Division sold around 2,500 policies. Classes were being held for NGOs to enable them canvass among the public for this scheme, which was launched on September 3.
“These two schemes are towards a social cause and demonstrate our commitment for social welfare. They will greatly benefit the poorer sections,” Mr. Chakrapani said.