LIC's Janashree Beema Yojana gains popularity

Mumbai, Oct 3 (UNI) The Janashree Bima Yojana (JBY), which falls under the social security scheme of the Life Insurance Corporation of India Ltd (LIC), is getting popular day by day as a number of states are coming forward to implement the scheme which was launched six years ago.

Briefing the mediapersons here today, LIC chairman T S Vijayan said Rajasthan was pioneer in introducing the scheme by bringing 22 lakh persons under its cover. Maharashtra government has recently introduced the same to cover six lakh personnel. The other states that have evinced the interest for the scheme include Goa, Uttaranchal and Pondicherry, he added.

He was talking to mediapersons to discuss about various social security schemes being run by his company on the occasion of social security schemes month which is being celebrated by LIC during the current month in the sweet memory of Mahatma Gandhi.

Prior to it, LIC Chief (SBU-P&GS) Nilesh Sathe said through a power-point presentation that so far seven lakh women have already been covered under the scheme through the route of SHGs (self-help groups).

Talking about the features of the scheme, he said that a sum of Rs 20 crore has already been distributed by LIC to the students in the form of scholarships under the scheme. The scholarship for students, which was included under the scheme, is given free of cost to all the nominees of JBY.

In toto, there are 6,315 social security schemes being run by the LIC covering lives of 63.41 lakh people with a premium income of Rs 22.78 crore.

Replying a media query, Mr Vijayan said that the size of social security fund with the LIC at present was Rs 809 crore. Out of it, a sum of Rs 34 crore has already been repaid by it as against death claims.

Talking about LIC's target to make revenues through alternate channels (which include banks, brokers, corporarte agents and others), Mr Vijayan said 2.74 per cent of the company's premium income was from this segment, but they wanted to make it to five by the end of the current fiscal. Currently, 39 banks in the country are selling LIC's insurance products.

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