WWF understood that social security measures are the "life-lines" of its members through the findings of its periodic needs-assessment surveys. The structure of WWF revolves around providing security - both socially and economically to its members.
WWF defines social security as being "Empowered" which includes credit facilities, leadership, health and skill training, retirement benefits, health care, disability coverage, childcare, unemployment benefits, business loss, maternity benefits, coverage for expenditure like marriage, education, house construction and repairs, loss due to natural calamities etc.
MICRO INSURANCE SCHEMES OF WWF:
WWF has a tie-up with Life Insurance Corporation of India (LIC) and Royal Sundaram Alliance Pvt. Ltd (RSA) for providing social security coverage for its members. This insurance cover to all the clients is being catered through the Indian Co-operative Network for Women (ICNW). The insurance programmes are for life, accident, disability, and health. The health programme also organises preventive health check-up camps in all the services areas of WWF/ICNW operations.
Initially the LIC commenced its life insurance programme for WWF members in 1983. The annual premium was Rs. 3 and the amount of claim in case of natural death only was Rs. 1000. Later in 1990, the premium was revised to Rs. 25 and the claim was increased to Rs. 5000. The watershed moment came in the year 2000, when the then ruling Government at the Centre announced the social security schemes for the workers in the unorganised sector. Thus, the LIC Social Security (LIC-SSS) Scheme and the LIC Janashree Bheema Yojana (LIC-JBY) scheme came into vogue.
LIC Social Security Scheme (LIC-SSS)
Working Women's Forum is a spontaneous social initiative and was born out of an activist commitment to facilitate up-liftment of women by promoting their social and financial independence to fight poverty.
This scheme was started in the year 2000. This policy provides life and disability cover to all its members. The insured needs to be a member of ICNW. The annual premium is Rs. 25. If the member does not pay the premium, it is automatically deducted from the savings account if a minimum balance of Rs. 50 is available. The target group is women members between the ages 18-60 years. The premium is not deducted if the premium of Rs. 100 for the LIC-JBY scheme is paid. The policyholder receives Rs. 12,500 and Rs. 25,000 in case of partial and complete disability respectively. The nominee or the legal heir of the policyholder receives Rs. 5000 in case of natural death and Rs. 25,000 in case of accidental death of the insured.
LIC Janashree Bheema Yojana scheme (LIC-JBY)
The JBY scheme was started in the year 2000. The annual premium is Rs. 100. The benefits are more attractive than the social security scheme. In case of natural death of the member, the nominee gets Rs. 20,000 and Rs. 50,000 in case of accidental death. In case of partial disability, Rs. 25,000 will be paid and in case of total disability Rs. 50,000 will be paid. The unique feature of this scheme is that scholarship benefits are offered for school-going children studying in 9th, 10th, 11th, and 12th standards. Each family will receive a scholarship amount for 2 children up to Rs. 1200 in a year. However, evidence of two premium payments should be produced and the beneficiary students should have an excellent academic record. LIC will release scholarship payouts based on their administrative norms.
Royal Sundaram Health Insurance Scheme (RSA - HIS)
In order to address the health needs of the women members holistically, an insurance scheme in association with the Royal Sundaram Alliance Pvt Ltd was started in 2001. Members enrolled in the RSA - HIS are entitled to hospitalisation benefits for admission to a private hospital. In case of maternity Rs. 3000 can be claimed. Maternity benefits are allowed up to two children. In case of cataract surgery, a maximum of Rs. 3000 in a year can be claimed. For surgery and other illnesses, a maximum of Rs. 7000 in a year, subject to a maximum of Rs. 5000 for one admission, can be claimed.
Up to 18 years premium is Rs. 65
Between 18-45 years an amount of Rs. 125
Between 45-60 years an amount of Rs. 175
Between 60-75 years an amount of Rs. 210
Royal Sundaram Shakthi Security Shield (RSA-SSS)
On a special request from WWF, Royal Sundaram Alliance Pvt. brought out a scheme exclusively for the benefit of poor women members in 2002. The annual premium is Rs. 34.
In case of accidental death of the insured or spouse or parents/guardian an amount of Rs. 25,000 can be claimed. The member and her husband or parent/guardian dies in accident the legal heir/nominees of the deceased is entitled for the insurance amount of Rs. 50,000. In case of total disability i.e. loss of two limbs, the insured gets a claim of Rs. 25,000 whereas for a loss of one limb or one eye Rs. 12,500 can be claimed.
The scheme also provides cash relief for the period when the insured is temporarily or totally disabled from engaging in any work. Under such circumstances, a sum of Rs. 100 per week subject to a maximum of Rs. 1500 will be paid.
The scheme also has a provision to reimburse hospitalisation expenses arising out of an accident - up to a limit of Rs. 1000. Also, compensation is provided for the loss of or damage to the insured's dwellings and household goods due to natural calamities - up to Rs. 1000 for dwelling and Rs. 500 for contents.
So far, 737235 Premium holders have paid a premium amount of Rs. 2,38,65,880. And 4542 members have benefited to the tune of Rs. 2,53,46,423.