Life Insurance Corporation ( LIC) and the Andhra Pradesh government signed an MoU on Wednesday for providing pensions to the members of women self-help groups (SHG) in the state under the ‘Dr YSR Abhaya Hastam’ scheme.
The scheme, to be implemented from November 1, envisages payment of minimum pension of Rs 500 a month to women members of each group after attaining the age of 60 years. Each women SHG member has to contribute Rs 365 a year towards the scheme, while the state government will give a matching grant.
Chief minister, K Rosaiah, said 5 million women would be covered under the scheme in the first phase.
LIC managing director, Thomas Mathew, stated in a release that eligible women SHG members would be provided with a life cover of Rs 30,000 in case of natural death and Rs 75,000 in case of death due to accident. Free scholarships would also be given under the Janashree Bima Yojana and Siksha Sahyog Yojana.
