PM Narendra Modi launches three social security schemes

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PM Narendra Modi launched three mega social security schemes in Kolkata, West Bengal. Three schemes intend to widen the process of financial inclusion in the country. These are: Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY)

Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY) - under this PMJJBY, the insurance subscriber will get an annual life insurance in case of death.

  1. Eligibility: Available any person in the age group of 18 to 50 years having a bank account.
  2. Risk Coverage: 2 Lakh rupees in case of death due to any reason.
  3. Payment Mode of premium: 330 rupees per annum will be directly auto-debited by the bank from the subscribers account.
  4. Implementation of Scheme: Will be offered by Life Insurance Corporation (LIC) and all other life insurers.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Under the PMSBY, the insurance subscriber will get annual life insurance in case of accidental death, partial disability or full disability.

  1. Eligibility: Available to any person in the age group 18 to 70 years. Any person having Aadhaar number linked bank account can join the scheme.
  2. Risk Coverage: For accidental death and full disability– 2 Lakh rupees
  3. For partial disability – 1 Lakh rupees.
  4. Payment Mode of premium: 12 rupees per annum will be directly auto-debited by the bank from the subscribers account in case of long-term option.

Atal Pension Yojana (APY)-Under APY scheme, the pension subscribers will receive a fixed minimum monthly pension ranging from 1,000 rupees to 5,000 rupees at the age of 60 years.

  1. Contribution: Union Government will co-contribute 50 % of the total contribution of subscriber for a period of 5 years.
  2. Eligibility: Subscribers must have bank account and should not be members of any statutory social security scheme and or Income Tax payers.
  3. The minimum age of joining: 18 years and maximum age is 40 years.
  4. Focus of APY: To target unorganized sector workers.
  5. Coverage: The pension will also be available to the spouse on the death of the subscriber and thereafter, the pension corpus would be returned to the nominee.

- Published/Last Modified on: May 14, 2015