By IANS
Jammu : The Jammu and Kashmir government has decided to implement mass insurance scheme in the state to benefit the “common man”.
Better known as “Aam Adami Bima Yojana”, the scheme was approved by the state cabinet Friday evening.
This social security scheme aims at providing death and disability insurance cover to rural landless households, an official release quoting the cabinet decision said.
This centrally sponsored scheme introduced by the union finance minister in parliament during 2007-08 budget session envisages an insurance plan with premium of Rs.200 per year per person in the age group of 18-59 years.
Under the policy, the Life Insurance Corporation of India will pay Rs.30,000 for natural death, Rs.75,000 for accidental death, Rs.75,000 for permanent disability and Rs.37,500 for partial permanent disability.
An amount of over Rs.5 million is estimated to be expended by the state government under the scheme on premium per annum as its 50 percent share while the central government would bear the remaining 50 percent.