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Telangana Govt to provide group accidental insurance of Rs 10 lakh for SHG members

Why is it in the news?

  • The Telangana government has sanctioned a group accidental insurance scheme for 64.35 lakh members of Self Help Groups (SHGs) across both urban and rural areas.

More about the news

  • Each SHG member will be provided coverage of Rs 10 lakh in the event of accidental death, aiming to provide financial security to SHG members and their families.
  • The Panchayat Raj and Rural Development department released Rs 96.35 crore to the Stree Nidhi Cooperative Federation Limited to facilitate the effective implementation of the insurance scheme.
  • Additional approvals were granted to release Rs 50.41 crore in four installments for the creation of a risk fund specifically designated for women members of SHGs for the first year.
  • The scheme extends risk coverage against loans acquired by SHGs from banks under the SHG linkage program. It covers a maximum of Rs 2 lakh outstanding loan per member in the event of their demise.
  • The Stree Nidhi Cooperative Federation has been tasked with formulating and issuing operational guidelines for the seamless implementation of the insurance scheme, ensuring clarity and efficiency in its execution.

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