Pension and Life Insurance Fund for Overseas workers launched

KOCHI: The Centre launched a special life insurance and pension scheme for Indian overseas workers aimed at addressing their social security and resettlement needs.

Launching the "Pension and Life Insurance Fund (PILF)" here, Overseas Indian Affairs Minister Vayalar Ravi said it combined three important benefits for the expatriate community.

Besides providing for life insurance cover, the scheme, jointly managed by LIC, UTI and Bank of Baroda, mainly targeting workers holding ECR (Emigration Check Required) passport and would help them save for old age and accumulate savings for resettlement.

Prime Minister Manmohan Singh had announced the scheme during the 10th Pravasi Bharatiya Divas in Jaipur last January, fulfilling a long-standing demand of the over five million workers, especially those in the Gulf.

Persons between the age group of 18-50 with ECR passport and having a valid work permit or employment contract in an ECR country can join the scheme, it was stated.

The Overseas Indian Affairs Ministry would also contribute from its budget to the PILF.

Kerala Chief Minister Oommen Chandy presided over the function.