Nagaland Budget 2024-25: Rio announces universal Life Insurance Scheme ensuring financial security of citizens

Kohima: Scheme to provide life insurance coverage of Rs. 2 lakh on demise of breadwinner

BY | Wednesday, 28 February, 2024

In another significant step towards the welfare of the people, Chief Minister Neiphiu Rio in his budget speech, announced the launch of the Chief Minister’s Universal Life Insurance Scheme to be fully funded by the State.

This scheme ís a testament of the State’s continued commitment towards ensuring the financial security and protection of its citizens, complementing the Chief Minister’s Health Insurance Scheme introduced in the previous budget.

The CM’s Universal Life Insurance Scheme is designed to mitigate the profound impact that the untimely death of a family’s breadwinner can have on the education, health, and socio-economic development of the family. The scheme will provide life insurance coverage for the breadwinner of the family and accidental insurance coverage for three other members of every family in the state.

In any event of an untimely demise of a family’s breadwinner the Scheme will provide life insurance coverage of Rs. 2 lakh on the demise of the breadwinner due to any cause. Additionally, accidental insurance coverage of Rs. 2 lakh each will also be provided for the breadwinner and three other family members. The accidental insurance component covers both disability and death. “In case of accidental death, the sum insured is Rs 2 Lakh per beneficiary; 2 Lakh in case of total and irrecoverable loss of both eyes or loss of use of both hands or feet; and 1 lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot. This scheme will cover every household in Nagaland. A provision of Rs. 15 crore has been provided to pay the cost of premium,” the Chief Minister said.

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