PM Narendra Modi launches three social security schemes- 1 on pension, 2 on insurance

Prime Minister Narendra Modi on 9 May 2015 launched three mega social security schemes in Kolkata, West Bengal.

Three schemes intend to widen the process of financial inclusion in the country include

  • Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY).
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY).
  • Atal Pension Yojana (APY).

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.
  • The fixed minimum monthly pension will be depending on the contributions subscribers.
  • Contribution: Union Government will co-contribute 50 percent of the total contribution of subscriber for a period of 5 years.
  • Eligibility: Subscribers must have bank account and should not be members of any statutory social security scheme and or Income Tax payers.
  • The minimum age of joining: 18 years and maximum age is 40 years.
  • Focus of APY: To target unorganised sector workers.
  • 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.
  • Subscriber and Enrolment Payment: It will auto-debited from the accounts account holders depending upon selected monthly pension range.
  • Enrolment agencies: Subscribers will be enrolled through institutional architecture of National Pension System by all Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme.
  • Operational Framework of APY: It will be administered by the Pension Fund Regulatory and Development Authority (PFRDA).

Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY)

  • Under the PMJJBY, the insurance subscriber will get an annual life insurance in case of death.
  • Eligibility: Available any person in the age group of 18 to 50 years having a bank account.
  • Risk Coverage: 2 Lakh rupees in case of death due to any reason.
  • Payment Mode of premium: 330 rupees per annum will be directly auto-debited by the bank from the subscribers account.
  • Implementation of Scheme: Will be offered by Life Insurance Corporation (LIC) and all other life insurers who are willing tie-up with banks for the purpose of joining the scheme.

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.
  • 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.
  • He/she must give a simple form to the bank every year before 1st of June. In the form name of nominee also must be given.
  • Risk Coverage: For accidental death and full disability– 2 Lakh rupees
  • For partial disability – 1 Lakh rupees.
  • 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.
  • Implementation of Scheme: Will be offered by all Public Sector General Insurance Companies and all other insurers who are willing tie-up with banks for the purpose of joining the scheme

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Categories: India Current Affairs 2017

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