Kalam launches micro insurance scheme

New Delhi -- President A.P.J. Abdul Kalam Wednesday launched a micro insurance scheme for low-income groups to mark the 50th anniversary of state-run Life Insurance Corp of India - the largest insurer in the country.

Called "Jeevan Madhur", the policy covers individuals between the age group of 18 and 60 years with a minimum and maximum sums assured of Rs.5,000 and Rs.30,000, respectively. A wide choice has been offered for premiums - weekly to annually.

The insurance company officials said the minimum premium for the scheme - being sold by micro-finance and non-government agencies - has been fixed at between Rs.25 per week to Rs.250 for quarterly, half-yearly and yearly payments.

Finance Minister P. Chidambaram presided over the function at Vigyan Bhavan here during which Kalam also handed over policy bonds to the first two insured and four non-government organisations.

IANS