Corporate Social Responsibility (CSR)

Corporate Social Responsibility is an initiative taken by the Central Government to necessarily give 2% of the total profits to charity. SPOWAC has been lucky to get a few projects under this initiative. As a part of CSR activity SPOWAC is running various skill development programs and has also renovated the computer lab and toilet block in an aided school in Delhi. Mrs Lakshmi Krishnan has also been made as the CSR head of Infomerics Ratings which is one of the credit rating companies in India.

LIC MICRO INSURANCE

In order to promote financial inclusion, and create a culture of savings among the masses, SPOWAC spreads awareness and helps people register for Life Insurance plans. 

Objective: 
- To secure the families from potential risks to their lives and also promote the culture of investing smaller amounts regularly.
- Door-to-door visits are conducted to educate people about the necessity of a risk-cover.
- Women are encouraged to also have an insurance in their own names and not just that of their husbands.
- 2 policies are offered under this scheme: New Jeevan Mangal  and Bhagya Laxmi.
- The assured amount ranges from Rs. 20,000 to Rs. 50,000.
- Premium amounts are returned at the end of the period in the event that the policy is not activated. This is a major difference as compared to the usual LIC policies. 

So far, about 250 people have signed up for the micro-insurance scheme. 

During the pandemic of Covid, several claims were successfully settled which was a big relief to the families.

PRADHAN MANTRI ATAL PENSION YOJANA

Wanting to improve financial inclusion further among our catchment areas, we have facilitated in the implementation of another scheme introduced by the Government of India. 

Objective: 
- To create a stable source of income for the BPL population once they are beyond the age of 60.
- Available to people in the age group of 18-40 years.
- Lumpsum is guaranteed to the child in the case of death of both parents.
- Nominal amounts of Rs. 100 per month (upto the age of 60) are to be paid to avail this scheme.
- Canara Bank has partnered with SPOWAC for the implementation of this scheme in various centres

PRADHAN MANTRI JAN DHAN YOJANA

After the launch of this initiative by the Modi Government, we have been actively involved in connecting people in the BoP sector to the formal banking sector, so that they can channelize their savings. 

Objective: 
-To bring the large unbanked population within the catchment area to the formalized banking sector.
- Awareness drives to educate people on the importance of banks and savings through door-to-door visits.

So far, we have opened 8700 accounts with zero balance under this initiative

SELF HELP GROUPS (SHGS)

Helping woman to collectively solve personal and community problems, we have facilitated the formation of Self-Help Groups of about 15 or more members. 

 Objective: 
- Promote self-sufficiency among woman and also inculcate the value of decision-making.
- We also focusses on educating the SHGs and making them self-aware.

So far, we have 107 members in all the Self-Help Groups formed.

RASHTRIYA SWASTIYA BIMA YOJANA

Under this scheme, SPOWAC has helped bring about a health insurance cover looking at the large number of people that avoid treatment due to the large costs. We target people in our catchment areas by moving door-to-door and telling them about the importance of health insurance.

Objective: 
- To provide comprehensive Health Insurance to the vulnerable section.
- Collective assurance of Rs. 30000/- at a nominal premium of Rs. 30/-  per annum.
- This insurance covers a family of five members.
 

So far, about 28,000 people have benefitted from this initiative