About this banking scheme
The Group Insurance Scheme for Powerloom Weavers offers insurance coverage for natural and accidental deaths, and disability. Benefits include up to Rs. 1,50,000 for accidents. The official listing gives no last date, so check the official portal for the current status before applying.
The Group Insurance Scheme for Powerloom Weavers aims to provide insurance coverage to weavers in case of natural death, accidental death, or disability due to accidents.
This scheme is managed by the Ministry of Textiles, in partnership with the Life Insurance Corporation (LIC) of India.
It offers financial support to weavers and their families, helping them cope with unforeseen circumstances.
By ensuring safety and security, this scheme plays a crucial role in supporting the livelihood of powerloom weavers across India.
Benefits at a glance
| Scheme name | Group Insurance Scheme for Powerloom Weavers (GISPW) |
|---|---|
| Launched by | Ministry Of Textiles |
| Launch year | 2003 |
| Benefit | The Group Insurance Scheme for Powerloom Weavers offers insurance coverage for natural and accidental deaths, and... |
| Benefit type | Cash (money paid to your bank account) |
| Category | Banking |
| Level / State | Central · All India |
| Official portal | txcindia.gov.in |
Key facts
| Scheme type | Central Sector Scheme |
|---|---|
| Implementing agency | Office Of Textile Commissioner And The LIC Of India |
| Scheme for | Individual |
| Application mode | Offline |
| Last date | Not given in the official listing |
| DBT (direct bank transfer) | No |
| Annual premium | Rs. 470 per member |
| Government contribution | Rs. 290 per member |
| Workers' contribution | Rs. 80 per member |
| Contribution from Social Security Fund | Rs. 100 per member |
Who can apply (quick check)
- 👤All genders
- 🎂Age 18 to 59 years
- 💼Artisans, Spinners & Weavers
- 📝Offline
Quick check from official data. Full conditions are in the Eligibility section.
What you receive
- Natural death: Rs. 60,000
- Accidental death: Rs. 1,50,000
- Permanent total disability: Rs. 1,50,000
- Permanent partial disability: Rs. 75,000
- Educational grant: Rs. 600 per child per half-year for up to two children
Benefits are paid to the nominee or beneficiary after submitting the necessary documents to the LIC through the nodal agency.
Who qualifies
- Age between 18 and 59 years
- Self-employed or entrepreneur
- Occupation as artisan, spinner, or weaver
- Application mode is offline
Who is not eligible
- Individuals outside the age range of 18 to 59 years
- Those not engaged in powerloom weaving or related activities
- Families owning more than four looms
Papers to keep ready
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Registration walkthrough
- Fill the application-cum-nomination form.
- Submit the form to the nodal agency along with your premium share.
- The nodal agency will collect premiums and send applications to the respective Regional Office or KSTIDC.
- Premium should be paid via demand draft in favor of LIC.
- LIC will issue the master policy from the first day of the following month.
To check your application or payment status, contact the nodal agency or visit the relevant LIC office.
Important dates
| Launch / start | 01 Jul 2003 |
|---|
Real-life examples: are you eligible?
A quick way to gauge your eligibility: find the profile nearest to yours.
Every case differs. Confirm your eligibility on the official portal before applying.
- Not submitting required documents, leading to rejection.
- Incorrectly filling the application form.
- Missing the premium payment deadline.
- Not informing the nodal agency about employment changes.
- Applying after the age of 59.
Frequently asked questions
What is the main purpose of this scheme?
It provides insurance coverage to weavers against natural and accidental deaths, and disability.
Who can enroll in this scheme?
Weavers aged 18 to 59 years, regardless of their economic status.
Does the scheme cover pre-weaving workers?
Yes, it includes those involved in twisting, winding, and similar activities.
How long does the coverage last?
The coverage lasts for one year and can be renewed annually until the age of 59.
What happens if I miss the premium payment?
The coverage will cease, but you can rejoin by paying the premium.
How are claims settled?
LIC settles claims by sending payments directly to the beneficiary.
Is the premium refundable?
No, once paid, the premium is non-refundable.
What should I do if I change my job during coverage?
Inform the nodal agency about your employment change.
Submit your application yourself on the official portal; it costs nothing. Treat anyone demanding money to "get you approved" as a scam.
- Guidelines www.txcindia.gov.in (PDF)
- List Of LIC Offices www.txcindia.gov.in (PDF)
- Scheme Details www.txcindia.gov.in
tsmpb.in is not affiliated with any government department. Apply only on the official portal and never pay anyone for an application.
Drafted with AI tools from the official listing. Every number and date is checked automatically against the official text; confirm the details on the official portal before applying.
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