New insurance scheme for SHGs

Machilipatnam, May 23 (UNI) The Kanakadurga Grameena Bank, a Rural Bank sponsored by public sector Indian Bank in collaboration with Life Insurance Corporation of India (LIC) today launched an insurance scheme +Aptamitra+ for self help women groups.

Launching the scheme, the bank chairman R V Chandrasekhar Rao said it was the first time such a scheme for the self help women groups in the state.

In Krishna district, the bank had extended loans to 3500 self help women groups consisting 50,000 women, he said.

Under the scheme, in case of natural death Rs 30,000 and for accidental death Rs 60,000 would be paid to the families of insured persons. Monetary support would be given to insured persons children for school education, with a premium of Rs 239 for annum, he said.

Later the chairman , talking UNI , said the Kanakadurga Grameena Bank had targetted to mobilise deposits to the tune of Rs 160 crore in this fiscal year.

Last year, the bank had extended loans to the tune of Rs 108 crore with self help women groups receiving the lion'share of Rs 78 crore, he said.

The bank had earned Rs 4.03 crore profit and a turnover of Rs 110 crore last year,he said.

UNI XR VV PAG1815