RBI/2010-11/314
RPCD.GSSD .BC.No.30  /09.01.01/2010 -11

December 15, 2010

The Chairman /Managing Director
All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir,

Swarnajayanti Gram Swarozgar Yojana (SGSY) - Group Life Insurance Scheme

Please refer to Para 9 of our Master Circular RBI /2010-11-56-RPCD.SP.BC.No.7/09.01.01/2010 - 11 dated July 1, 2010 on Priority Sector Lending  -   Special Programmes  -  Swarnajayanti Gram Swarozgar Yojana (SGSY) and para 4.36 of the SGSY guidelines issued by the Government of India.

2. Government of India have revised para 4.36 of the guidelines in terms of which under the Group Life Insurance Scheme Rs.6000 shall become payable by LIC to the nominee of the deceased in case of natural death.  In the event of death due to accident a sum of Rs.12, 000 shall become payable by LIC. Instructions of Master Circular also stand amended.

3. You are advised to issue suitable instructions to your controlling offices and branches, in this regard.

4. Please acknowledge receipt.

Yours faithfully,

(Dr. Deepali Pant Joshi)
Chief General Manager - in - Charge