Insurance schemes News

New Delhi: Retirement fund body EPFO next month is likely to consider and approve a proposal to provide life insurance cover to its subscribers for three years after cessation of employment.

Government on Friday said Rs 22,000 crore have been deposited in over 17.5 crore bank accounts within a year of the launch of the Pradhan Mantri Jan Dhan Yojana, the largest financial inclusion scheme in the world.

"As far as the two insurance schemes, Sukasha and Jeevan Jyoti, are concerned we have now touched a figure of 10.17 crore. In just one month and three days we have already crossed the 10 crore figure," Finance Minister Arun Jaitley told reporters here.

The Centre has exhorted bankers to work towards surpassing the target of bringing 10 crore people under the ambit of the three social security schemes launched by Prime Minister Narendra Modi on Saturday, before the end of this month.

The schemes -- PM Jeevan Jyoti Bima Yojana, PM Suraksha Bima Yojana and Atal Pension Yojana -- were simultaneously launched at 115 locations throughout the country.

Industry body Federation of Indian Chambers of Commerce and Industry (Ficci) on Saturday welcomed the government`s move to launch three new social security schemes which it said is intended at widening the financial inclusion process.

These schemes are aimed at providing affordable universal access to essential social security protection in a convenient manner.

After Jan Dhan, Prime Minister Narendra Modi will launch three mega social security initiatives -- one pension and two insurance schemes on Saturday.

The Union Cabinet Wednesday gave approval to three mega social security initiatives -- one pension and two insurance schemes -- to be launched by Prime Minister Narendra Modi on May 9.

IRDA on Monday clarified that under lender-borrower scheme life insurance companies will make payment of outstanding loan to lenders in case of eventuality to an individual covered under the group insurance scheme.