Finance Minister P Chidambaram on Friday said Rs 1000 crore (Rs 10 billion) will be spent on a social security scheme for unorganised workers. The scheme which was launched on October 2, 2007 called 'Aam Admi Bima Yojana' (AABY) will now extend to death and disability insurance cover through Life Insurance Corporation of Inia (LIC [Get Quote]) to rural landless households.
The central government will bear 50 per cent of the premium of Rs 200 per year per person and ''I would urge the state governments to come forward to bear the other 50 per cent on behalf of the beneficiaries,'', Finance Minister said in the Budget 208-09.
He said the fund will be maintained by LIC and the scheme will be finalised in consultation with state governments and begin implementation in 2007-08.
UNI
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