LIC urges CM Yediyurappa to hand it Bhagyalakshmi scheme

Bengaluru: Officials of the Life Insurance Corporation (LIC) on Tuesday requested the Karnataka government to retain it as the implementing agency for the Bhagyalakshmi scheme aimed at providing financial security to the girl child of families below the poverty line. Under the scheme, each girl from BPL family gets Rs 1 lakh after completing 18 years of age.

The officials led by Mini Ipe, Zonal Manager, LIC met the Chief Minister urging him to reconsider the government's decision to appoint LIC as the Bhagyalakshmi scheme implementing agency. In turn, Chief Minister B.S. Yediyurappa advised the LIC officials to work out the best plan they could offer for the Bhagyalakshmi scheme and discuss it with the finance department.

According to the reports, the interest rate offered by LIC was low and the State government entrusted its flagship programme to the postal department two months ago.

The decision to switch the agency was taken in the cabinet meeting on October 22.