To ensure social security to socially and economically backward classes and rural poor, Life Insurance Corporation of India (LIC) has been celebrating October as Social Security month. This year’s celebration was inaugurated by L C Meena ,senior divisional manager, LIC, Chandigarh Division on Tuesday.
One of LIC’s main objectives since its inception has been to spread life insurance widely, particularly in rural areas and to socially and economically backward classes to give them financial cover against death and disability.
A major scheme sponsored by Government of India and administered by LIC for the benefit of weaker sections is Aam Admi Bima Yojana, which has an add-on benefit of Shiksha Sahayog Yojana free of cost.
According to S C Mathur, divisional manager (pension and group schemes), Chandigarh, the total lives covered till March 31, 2013 under LIC schemes are 4,81,18,653. He added LIC has paid around Rs 430 crore by way of claims to 1.39 lakh families below or marginally above poverty line in the last financial year. LIC has contributed towards education of children of the BPL families by paying 28.25 lakh scholarships amounting to 264.88 crore.