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| LIC covers over 4 cr people under various Social Security Scheme till March 2011 | | | EARLY TIMES REPORT
JAMMU, OCTOBER 31: The Life Insurance Company (LIC) has covered as many as 44336517 persons under its various social Security Schemes till March 2011 across the country.
The Company, which has specially crafted schemes to extend life insurance cover to the economically and socially backward classes, every year observes October as the month of Social Security.
Under these social security schemes, meant for BPL and other weaker sections, including Janashree Bima Yojana, Social Security Group Scehme and Krishi Shramik Samajik Suraksha Yojana, the company, during the last fiscal paid Rs 278. 47 crore on account of claims to those families which fall under Below Poverty Line.
The LIC has all over been striving to extend the life insurance benefits to the rural and economically backward sections formally took over the mission when the union government entrusted the administrating of social security Group Schemes to the company in the year 1987. Since then various social security schemes were drafted by the union government to be implemented through LIC.
To implement these schemes, the government kept a social security fund with the company under which it extends subsidy on premium under these schemes.
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