Mumbai: The Life Insurance Corporation of India (LIC) will be insuring all women Self Help Groups (SHGs) that are credit-linked to banks. The corporation had already got a proposal from the Government of Andhra Pradesh to insure 20 lakh women SHGs. The corporation will be insuring these SHGs via the Janashree Bima Yojana, which offers life and permanent disability cover to people in 44 categories. Around one crore lives have been insured under the Janashree Bima Yojana this year. According to the Finance Minister, only 35,000 SHGs have been covered so far under this scheme. The Government will give Rs 500 crore to the corpus of the fund. The corpus under LIC''s social security fund currently stands at Rs 700 crore and with the latest allocation it will stand increased, at Rs 1,200 crore. The Government also mulls to make an additional contribution of Rs 1,000 crore under the LIC''s Aam Admi Bima Yojana for covering landless workers in 2008-09.
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