Nagaland govt. initiates universal life insurance scheme

Guwahati: In a bid to provide financial security to its citizens, the Nagaland government on Tuesday announced a fully-funded universal life insurance scheme to mitigate financial hardship due to untimely demise of a family’s breadwinner.

The comprehensive insurance scheme is part of the Budget tabled in the state assembly on Tuesday by Nagaland Chief Minister and Minister in Charge Finance Neiphiu Rio.

The Chief Minister’s Universal Life Insurance Scheme will be fully funded by the state government.

According to the state government, this scheme is a testament of the state’s continued commitment towards ensuring the financial security and protection of its citizens, complementing the Chief Minister’s Health Insurance Scheme introduced in the previous budget, an official statement said.

This Universal Life Insurance Scheme is designed to mitigate the impact that the untimely death of a family’s breadwinner can have on the education, health, and socio-economic development of the family, as per the statement.

The scheme will provide life insurance coverage for the breadwinner of the family and accidental insurance coverage for three other members of every family in the state, it added.