Speed Post News Network
New Delhi: Union Finance Minister Arun Jaitley on Thursday highlighted the need for strengthening social security apparatus in the country to make India a pensioned and an insured society.
Speaking at the Diamond Jubilee celebration event of the Life Insurance Corporation (LIC) of India in Mumbai, Jaitley said the parameters of social security have to be significantly improved, said a PIB release. “When we evolve from being a developing society to a developed society, the main challenge before India is how well it can look after its citizens in the event of a personal crisis,” he said.
Jaitley stressed on the importance of low cost life insurance, low premium accident insurance policies, crop insurance scheme to protect farmers, health insurance scheme for poor and senior citizens, terming them as essential instruments of social security. He said the LIC of India, with its unmatched branch network, deep penetration across the length and breadth of the country was most suited for expanding the social security net, according to PIB release.