Hyderabad: The State government has authorised a group accidental insurance policy for 64.35 lakh members of Self Help Groups (SHGs), offering coverage of Rs 10 lakh to each SHG member in both urban and rural areas in the event of accidental death. Orders have been obtained to implement the scheme beginning Thursday.
As a result, the Panchayat Raj and Rural Development Department released Rs 96.35 crore to the Stree Nidhi Cooperative Federation Limited to ensure the scheme's proper implementation.
Additional clearances were granted to distribute Rs 50.41 crore in four installments for the creation of a risk fund for women members of SHGs in the first year. Under the policy, the State government will provide risk coverage for loans secured by SHGs from banks through the SHG linkage programme, with a maximum loan amount of Rs 2 lakh per member covered as of the individual's death. The Stree Nidhi Cooperative Federation has been tasked with developing and issuing operational guidelines for the scheme's implementation.
