Janashree Bima Yojana

Features of the Janashree Bima Yojana

The members under this yojana will have to pay a premium of Rs 200 per head. 50% of the premium will be paid by the members or the State Government/Nodal Agency, while submitting the proposal. Nodal Agencies comprise Self Help Groups (SHGs), NGOs, Panchayat, or any other institutional arrangement. The other 50% of the premium will be contributed from the Social Security Fund.

Women SHG Groups

Janashree Bima Yojana also offers a special scheme to women SHG members to assist them in their children's education. Term life insurance coverage amounting to Rs 30,000 is provided for a tenure of one year. The premium of Rs 200 per year is shared between the SHG member and LIC. Rs 100 is paid by the member, while the balance Rs 100 is borne by the LIC.

Shiksha Sahyog Yojana

The Yojana also offers a social security scheme, Shiksha Sahyog Yojana (SSY), for children of parents covered under the JBY. This is an add-on benefit of the Janashree Bima Yojana. A scholarship amount of Rs 600 is paid every 6 months to students studying in IX to XII (this also includes ITI students). This benefit can be availed by only two children in every family.

Benefits of Janashree Bima Yojana

This insurance policy comes with a number of added benefits. A few of them have been mentioned as under:

1. In the event of natural death, the nominee will be paid Rs 30,000 as death benefit.
2. On total permanent disability or death caused due to accident, the beneficiary of the life assured will receive Rs 75,000 as compensation.
3. If the life assured suffers partial permanent disability due to an accident, then Rs 37,500 will be paid as compensation.

Groups Covered Under Janashree Bima Yojana

The below mentioned groups, that fall in the below and marginally above poverty line category, are covered by JBY: