Amaravati, Oct 20 (IANS) The Andhra Pradesh government has come up with ‘YSR BIMA’, an insurance scheme for as many as 1.4 crore breadwinners in the unorganised sector, who will receive insurance money in the event of untimely death or permanent disability.
“The primary bread earner working in the unorganised sector losing his or her life is the worst nightmare for almost all of these families which struggle to make ends meet,” said an official.
Under the YSR BIMA, eligible people in the age bracket of 18 to 50 years will receive Rs 5 lakh in the event of accidental death or permanent disability.
Likewise, eligible people in the age bracket of 51 to 70 years will receive Rs lakh for similar losses.
In case of a breadwinner’s natural death in the age group of 18 to 50 years, the insurance scheme will offer Rs 2 lakh.
Likewise, eligible people between 18 and 70 years will receive Rs 1.5 lakh in the event of partial permanent disability due to an accident.
“The government assures that the claim amount will be deposited into the linked bank account within 15 days of the claim being made,” read an official government statement.
According to the official, the financial turmoil suffered by the families of unorganised sector breadwinners is unfathomable in exigencies such as accidental death and disability.
“During his ‘padayatra’, the CM came across scores of citizens who were facing such issues due to the lack of insurance coverage. In order to solve the problem and provide security to these families in need, the Andhra Pradesh government has come up with a scheme called the YSR BIMA,” he said.
The state government will fund the YSR BIMA, whose premium is estimated to be Rs 510 crore currently.
“The amount is expected to go up further as the number of beneficiaries is expected to increase within a few days, once the bank accounts of some of the eligible citizens are operationalised,” he added.