Nearly 60 lakh school teachers in the country are likely to get insurance and housing facilities with state education ministers today welcoming the proposal.

HRD minister Kapil Sibal, who held discussions with state education ministers at the meeting of National Foundation for Teachers' Welfare (NFTW) in this regard, said the proposed scheme has got "in principle" approval at the meeting.

"I discussed with state education ministers today on the plan for starting insurance and housing schemes for 60 lakh teachers. In principle approval has been given by them for the schemes," he said at the State Education Ministers conference here.

HRD ministry is mooting life insurance and health insurance cover and a group housing cover for the 60 lakh school teachers in the country.

The insurance schemes will require financial contributions from the Centre, the states and the teachers. The group housing scheme will be administered at the central level but will not require financial contribution from the Centre or the State Governments.

The Health and Life Insurance Schemes are proposed to cost premium wise, far less for teachers as compared to individual schemes or even schemes run at the state level.

The State Education Ministers welcomed the proposal and the immense benefit that will accrue to teachers, but said they would be able to communicate formal approval after discussing it with their Finance Ministers.

The life insurance cover would guarantee a minimum of about Rs five lakh on retirement and Rs two lakh on death during service.

The health cover, limited to hospitalisation of the teacher, spouse, two children and parents, is being worked on two options, either on a maximum cover of Rs 1.25 lakh, which would mean lesser premium and another option of cover of Rs three lakh, which would mean a higher premium.

The group housing scheme is being envisaged to be centrally administered through a portal, with construction to be done by NBCC, land to be bought at institutional rates and group housing societies to be formed by teachers.

"I am happy that Delhi government has identified land for the housing scheme," Sibal said.