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- By Parinda News Bureau, April 15, 2006, 11:09 IST
From April 1, the Brihnmumbai Municipal Corporation (BMC) has decided to give life insurance cover to those property owners who pay their taxes on time.
The National Insurance Company will be providing the scheme for BMC. The insurance will cover a family comprising the husband, wife and two children under 25 years of age for up to Rs 1 lakh. The insurance premium is Rs 12 per family per year. The policy covers death, disability and also the loss of any two organs.
BMC calculates that around 50 lakh people are currently covered under this scheme.
The policy also covers families living in the housing society. At present, BMC collects Rs 1,200 crores annual in property tax, while the estimated amount is around Rs 1,500 crores. Introducing this incentive, the BMC plans to reach the target as it hopes people will pay on time.
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