Eligibility:
Available to people in the age group of 18 to 50 and having a bank account.
People who join the scheme before completing 50 years can, however, continue to
have the risk of life cover up to the age of 55 years subject to payment of
premium.
Premium: Rs.330
per annum. It will be auto-debited in one instalment.
Payment Mode: The
payment of premium will be directly auto-debited by the bank from the
subscribers account.
Risk Coverage: Rs.2
Lakh in case of death for any reason.
Terms of Risk Coverage: A
person has to opt for the scheme every year. He can also prefer to give a
long-term option of continuing, in which case his account will be auto-debited
every year by the bank.
Who will implement this Scheme?: The
scheme will be offered by Life Insurance Corporation and all other life
insurers who are willing to join the scheme and tie-up with banks for this
purpose.
Government
Contribution:
(i)
Various other Ministries can co-contribute
premium for various categories of their beneficiaries out of their budget or
out of Public Welfare Fund created in this budget out of unclaimed money. This
will be decided separately during the year.
(ii)
Common Publicity Expenditure will be borne by
Government.