MANGALURU: Union Defence Minister Nirmala Sitharaman on launching Pragathi Raksha Kavacha, a group insurance covering members of self-help group of Shri Kshetra Dharmasthala Rural Development Project, lauded the initiative stating that it would prevent people from resorting to extreme measures.
Pragathi Raksha Kavacha provides the insurance cover to loans taken by the members of SHGs promoted by this project.
A member upon taking a loan is insured for the sum of `5 lakh and up to the age of 60 years, and in case of death of the borrower or spouse, the loan will be covered by the insurance and remainder will be handed over to the nominee of the insurer. It is a joint venture of SKDRDP and LIC.
Sitharaman termed it as guided by principle of Dharma and people won’t feel left out and resort to extreme measures. And, she said that the development of the region is improving with these measures. She said that responsibility does not end through lending money and they have to be educated about the benefit of loan.