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 Micro insurance |
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For a poor family, micro-credit alone is not enough. Micro insurance is critical because the poor constantly face risk-whether that be crop failure, a fire, or theft, the death of a member of the family. When faced with such tragedies, poor families often have to sell property or income generating assets to cope, putting them into a downward spiral of further impoverishment. To provide addition safety net to members, SAMRUDHI introduced loan-cover life insurance policy& Jana Shree Bhima Yojana policy covering death & disability through LIC of India.
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Loan-Cover Lifeinsurance: |
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All the members of SAMRUDHI are covered under Loan-cover life insurance policy SAMRUDHI collects 1% of loan amount during loan disbursement towards the premium remittance to LIC. The claim arises in the event of the death of the client or spouse
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Jana Shree Bhima Yojana: |
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The objective of the policy is to provide life insurance protection to the rural and urban poor persons below poverty line in the evnt of death & disability. In the events of Death (other than by accident) of the member,an amount of Rs.30,000/- is payable. death/total permanent disability, due to accident,an amount of Rs.75,000/-is payable and permanent partial disability, due to accident, an amount of Rs.37,500/- is payable. |
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The premium under the scheme is Rs.200/-per annum per member. *50% of the premium i.e. Rs.100/- will be contributed by the member and balance 50% will be borne by the Social Security Fund. SAMRUDHI collects member's contribution during loan disbursment & remits to LIC of India.
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