QSSS promotes micro-insurance policy among the marginalized people in the society. Life Insurance Corporation introduced Jeevan Madhur in October, 2007. The aim of this scheme is to extend the policy coverage to the low income group, especially those who have no fixed and stable income. The insurance can be opened up with a premium amount of Rs.100 - 500 for a period of 5 to 15 years. The age limit is from 18 to 60 yrs. With a minimum sum of Rs. 6,000/- and maximum sum of Rs.30, 000/- assured. The success of this micro - insurance scheme has enabled us to increase the number of policy holders. At present we have about 3500 policy holders. The community organizers, the back bone, act as policy agents and collect the premium.
Current year 415 policies have matured and surrendered 80 policies before its maturity. In the present year the society received 31,099 rupees as office expenses and 2373 as premium point incentive.
Every month, training has been given to the LIC agents to implement new strategies and to increase the number of policies.
The society is also running Bhagya Lekshmi policy a new venture of LIC. The insured amount of the policy is 20,000 to 50,000 rupees and the duration of the policy is 5 to 15 years.
LIC New JeevanMangal
New JeevanMangal is another insurance policy of LIC which is taken up by QSSS. This is a policy which assures the claim of Rs.10, 000. The premium has to be paid for just once and it offers coverage for 10 years.