Cabinet approves Rs. 500 crore for Social Security Fund

New Delhi, July 31 : The Union Cabinet today gave its approval for releasing a sum of Rs. 500 crore towards Social Security Fund maintained by LIC, to provide for 50 per cent share of premium equal to Rs. 100 per member per annum under Janashree Bima Yojana (JBY). This decision will facilitate to provide life and permanent disability cover to members of all Women Self Help Groups credit-linked to Banks under the JBY.

LIC will cover 2.50 lakh Women SHGs under JBY by March 31, 2009.

The Janashree Bima Yojana (JBY), a Social Security Scheme, implemented through Life Insurace Corporation of India (LIC) was launched on August 10, 2000 with the objective of providing life insurance protection to the rural and urban poor under various vocational groups.

The premium under the Scheme is Rs. 200 per member per annum, of which 50 per cent premium is paid by the beneficiaries of the Scheme or Nodal Agency or State Government and the remaining 50 per cent of premium is met from the Social Security Fund contributed by the Government of India and maintained by LIC.

At present, there are forty-five vocational or occupational groups covered under the Scheme.

Women associated with Self Help Groups (SHGs) is one of the vocational groups and was introduced as a separate vocation or occupation under JBY with effect from July 12, 2006.

ANI