Community Managed Micro Insurance

Telangana

Dr.Y.S.R Abhaya Hastham


The Scheme has commenced from 1st November 2009. It was launched by the then Hon’ble Chief Minster at a state level function held at Chevella, Rangareddy district on 1st November 2009.

The “Andhra Pradesh Self Help Groups (SHG) Women Co-contributory Pension Act, 2009” has been passed by both houses of the legislature.

Objective and purpose

The pension scheme envisages providing income security to the SHG women who are 60 years and above. It envisages that a member would contribute Re.1/- per day per member and Government of Andhra Pradesh (GoAP) would also contribute Re.1/- per day per contributing member and GoAP would ensure a minimum pension of Rs.500/- per month to every SHG member aged above 60 years.

In addition to the pensions to the women, the members are covered under Janashree Bima Yojana (JBY) insurance scheme, giving them triple benefits of Pensions, Insurance cover and Study Scholarship under Shiksha Sahyog Yojana.

Eligibility

  • All Indira Kranthi Patham (IKP) recognized SHG women, from rural and urban areas.
  • Should be a currently active SHG member and been a member for atleast a year (SHG member by 1/06/2009) subsequently the age has been limited to the member not crossing 50 years.
  • Holder of white ration card.
  • The SHG should recommend the case of the member and certify the age of the member through a resolution

Benefits

  1. Each member would become eligible for minimum monthly pension of Rs. 500 or above, subject to fulfillment of conditions to be prescribed, on crossing the 60 years of age, depending on the number of years of contribution and quantum of contribution made by the member.
  2. All women between 18 to 59 years would be eligible for life insurance cover up to
    1. A sum of Rs. 30,000 in case of natural death
    2. Rs. 75,000 in case of Accidental death
    3. Rs. 75,000 for permanent disability
    4. Rs. 37,500 for partial disability
    5. Scholarship of Rs. 1200 per annum for their children, studying 9th, 10th classes, intermediate and Industrial Technical Institute (ITI).
    6. Members who are already receiving scholarships for their kids from LIC under any other scheme would not be eligible for receiving this scholarship.
  3. On death of the subscriber during the contributory phase (less than 60 years), the available contributions of the subscriber and the government’s co-contribution along with accrued earnings on such contributions shall be transferred to the nominee of the subscriber. And also the insurance benefit would be transferred to the nominee.
  4. On death of the member during the pension payout phase (60+ years), the available contributions of the subscriber and the government’s co-contribution along with accrued earnings shall be transferred to the nominee of the subscriber.