LIC ties up with SHGs

Punjab National Bank, in joint venture with Life Insurance Corporation (LIC), has launched a life insurance scheme offering life and permanent disability insurance cover for credit-linked women self-help groups (SHG).

The bank Executive Director Mr J.M Garg has launched this at Alwar in Rajasthan through handing over 100 policies to SHG women beneficiaries. Initially it covers 5000 members of the SHGs credit-linked to the bank. The annual premium stands at Rs 200 and the benefactor would contribute 50 per cent of the annual premium, the rest coming from the Social Security Fund of the Central Government.