Nagaland CM Unveils Fully-Funded Universal Life Insurance Scheme in Budget 2024-25

Northeast Desk, 28th February: Nagaland Chief Minister Neiphiu Rio unveiled a comprehensive Budget for the fiscal year 2024-25, marked by the introduction of a fully-funded universal life insurance scheme. Presenting the Budget in the State Assembly, Rio emphasized its people-centric nature and the absence of tax hikes, aiming for the welfare of the populace at large.

The Budget estimates reveal gross receipts amounting to Rs 23,978.05 crore, with gross expenditures pegged at Rs 23,727.88 crore, signifying a notable increase compared to the previous fiscal year.

Key among the measures introduced is the Chief Minister’s Universal Life Insurance Scheme, designed to alleviate financial hardship resulting from the untimely demise of a family’s primary earner. The scheme, fully funded by the state government, offers life insurance coverage of Rs 2 lakh, with an additional accidental insurance coverage of Rs 2 lakh each for the breadwinner and up to three family members.

This accidental insurance component encompasses both disability and death, providing coverage in various scenarios, including accidental death, loss of eyesight, or loss of limb functionality.

Rio underscored the scheme’s inclusive nature, extending coverage to every household in Nagaland, with a dedicated provision of Rs 15 crore allocated to cover premium costs.

In addition to this initiative, the Budget prioritizes the enhancement of Local Area Development Fund (LADF) allocations to Rs 2 crore per constituency, doubling the previous allocation to foster grassroots development.

Recognizing the significance of capital infrastructure development, Rio emphasized the need to explore avenues for resource augmentation, particularly in revenue sectors. Moreover, he underscored the government’s commitment to addressing the needs of Eastern Nagaland, allocating Rs 180 crore under the PM DevINE scheme to facilitate developmental initiatives in the region.

With these strategic measures, Nagaland aims to bolster social security, promote equitable development, and strengthen the overall well-being of its residents in the coming fiscal year.

Read More: Assam Artistes Shine in Sangeet Natak Akademi Awards 2022-23

Leave A Reply

Your email address will not be published.