Centre announces Rs 10 lakh fixed deposit, free education, insurance for COVID orphans

The Central government on Saturday announced a number of benefits for children affected by the COVID-19 pandemic, including fixed deposit of Rs. 10 lakh for each child, insurance, and free education.

By Newsmeter Network  Published on  30 May 2021 7:31 AM GMT
Centre announces Rs 10 lakh fixed deposit, free education, insurance for COVID orphans

New Delhi: The Central government on Saturday announced a number of benefits for children affected by the COVID-19 pandemic, including fixed deposit of Rs. 10 lakh for each child, insurance, and free education. All children who have lost both parents or surviving parent or legal guardian/adoptive parents to COVID-19 will be supported under the 'PM-CARES for Children' scheme.

Fixed deposit in the name of the child

PM CARES will contribute, through a specially designed scheme, to create a corpus of Rs 10 lakh for each child when he or she reaches 18 years of age. This corpus will be used to give monthly financial support or stipend for five years after the child turns 18. After s/he turns 23, s/he will get the corpus amount as one lump sum.

School education for children under 10 years

The child will be given admission in the nearest Kendriya Vidyalaya or in a private school as a day scholar. If the child is admitted in a private school, the fees as per the RTE norms will be given from the PM CARES. PM-CARES will also pay for uniforms, textbooks, and notebooks.

School education for children between 11-18 years

The child will be given admission in any Central government residential school such as Sainik School and Navodaya Vidyalaya. In case the child is under the care of a guardian, grandparents, or extended family, then s/he will be given admission in the nearest Kendriya Vidyalaya or in a private school as a day scholar. If the child is admitted in a private school, the fees as per the RTE norms will be provided.

Support for higher education

The child will be assisted in obtaining an education loan for professional courses and higher education in India as per the existing education loan norms. The interest on this loan will be paid by PM CARES. As an alternative, scholarship equivalent to the tuition fees or course fees for undergraduate or vocational courses as per government norms will be provided to such children under Central or state government schemes. For children who are not eligible under the existing scholarship schemes, PM CARES will provide an equivalent scholarship.

Health insurance

All children will be enrolled as a beneficiary under Ayushman Bharat Scheme (PM-JAY) with a health insurance cover of Rs. 5 lakhs. The premium amount for these children till the age of 18 will be paid by PM CARES.


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