Tuesday, March 8, 2011

BIS #2322 FINANCIAL & SOCIAL INCLUSION- LIC & UTI PENSION PLAN WORKSHOP

Mayuri R. Rajbaruah
MATUNGA, MARCH 8, 2011: Building capital of the marginalized has been a key component of the Connect All India Network of the Don Bosco Research Centre, Matunga. Insuring lives and planning for retirement are important capital building mechanisms. An awareness workshop on measures such as ‘micro insurance’ and ‘micro pension’ schemes was organized on March 7 by the Don Bosco Research Centre, Matunga.

Mr. Mukesh Chauhan, Dy. Manager Micro Insurance, LIC of India; explained to the participating twenty plus NGOs the importance of life insurance for a more secure future. He put forward two special micro-insurance schemes designed for workers in the unorganized sector. The two policies- Jeevan Madhur and Jeevan Mangal- cater to the insurance needs of the economically weaker and unorganized sections of society, besides financially benefitting the NGOs running these policies. These policies are designed in such a way that the poor cannot be cheated by agents as they are not authorized to sell these special policies. Mr. Chauhan’s speech was followed by an animated discussion with the NGOs regarding the terms and conditions of the policies and how an NGO can get involved in delivering these policies to the poor.

Following micro insurance, Mr. Rajeev Ranjan Toppo, Assistant Vice President of the UTI Mutual Fund explained in detail the benefits, pros and cons of investing in a “Pension Plan” and how it could help the poor. He mentioned that workers in the unorganized sector have no retirement age as they have to earn to live, till death. Having a pension plan would help them become independent in their old age. This UTI micro pension scheme with low premium and good maturity returns, also provides flexibility to the client to either withdraw the full amount on maturity (at the age of 58) as per need or to receive the pension amount on a per month basis. The workshop concluded with NGOs expressing their interest in joining hands with the Connect All India network to work together in making these special policies of LIC and UTI available to their respective slum communities.

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