Nagaland government has announced the introduction of the Chief Minister’s Universal Life Insurance Scheme, fully funded by the state government.

The announcement was reportedly made yesterday by the Chief Minister during the budget presentation on the second day of the ongoing Assembly Session.

As informed, the scheme is designed to mitigate financial hardship due to untimely demise of a family’s breadwinner.

It will reportedly provide life insurance coverage of two lakh rupees on the demise of the breadwinner due to any cause.

Additionally, accidental insurance coverage of two lakh rupees each will also be provided for the breadwinner and three other family members.

Notably, the accidental insurance component covers both disability and death.

Moreover, in case of accidental death, the sum insured is two lakh rupees per beneficiary, two Lakh in case of total and irrecoverable loss of both eyes or loss of use of both hands or feet and one lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.

This scheme will cover every household in Nagaland and provision of 15 crore rupees has been provided to pay the cost of premium.