The Dharwad-based Karnataka Vikas Grameen Bank (KVGB) and Life Insurance Corporation (LIC) of India will give ₹50,000 to each village panchayat under the scheme Madhura Gram Yojna for taking up development works.
Speaking at a function organised by Dharwad division of LIC in Dharwad on Wednesday to declare the bank’s 200th ‘Bima’ branch, Ashok Reddy, Chairman of the bank, said that the incentive of ₹50,000 will be payable to the village panchayat for building rooms in the school or panchayat, or setting up a library, or installing solar street lights, or for constructing toilets for the common welfare of the village.
Under this scheme, LIC will contribute ₹35,000 and KVGB ₹15,000.
Reddy said LIC had come out with a scheme to declare a village as ‘Bima’ village where 75 policies were canvassed through the branches of KVGB in a village with a population up to 2,000, and 100 policies in a village with a population of up to 5,000, and 150 policies in villages with a population between 5,001 and 10,000.
The bank has entered into a memorandum of understanding with LIC to increase insurance penetration in rural areas and to provide better deal to customers both in terms of service and premium, he said.
A press release said here that the bank canvassed more than 22,000 policies with a premium of ₹43 crore during 2015-16.
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