Modi launches Three Social Security Schemes

Prime Minister Narendra Modi on Saturday launched three ambitious social security schemes, relating to the insurance and pension sector and intended at widening the process of financial inclusion.

On his first visit to West Bengal after taking over as Prime Minister, he launched three social security schemes :

• “Pradhan Mantri Suraksha Bima Yojana” (accident insurance)
• “Pradhan Mantri Jeevan Jyoti Yojana” (life insurance)
• “Atal Pension Yojana” (Pension)

• The Prime Minister then handed out certificates to the first three subscribers — including two women.
• The Jan Suraksha Yojana, under which the schemes were launched countrywide, is expected to reduce the number of zero balance bank accounts created under the Jan-Dhan Yojana.
• The schemes target the poor and unorganized sector who are neither covered by any form of insurance nor get pension.
• The three schemes were simultaneously launched at 112 centres in different states and union territories attended by respective chief ministers/governors and the union ministers.
• Three ambitious social security schemes, conceptualised by Prime Minister Narendra Modi were simultaneously launched in Arunachal Pradesh today by Union Minister of State for Home Affairs Kiren Rijiju and Chief Minister Nabam Tuki.

Pradhan Mantri Suraksha Bima Yojana :

• The Scheme will be available to people in the age group 18 to 70 years with a bank account, from where the premium of Rs. 12 would be collected through the facility of “auto-debit”.

• The risk coverage will be Rs. 2 lakh for accidental death and full disability.

• The risk coverage will be Rs. 1 lakh for partial disability.

Pradhan Mantri Jeevan Jyoti Bima Yojana :

• Annual life insurance of Rs. 2 lakh would be available on the payment of premium of Rs. 330 per annum by the subscribers.

• The PMJJBY will be made available to people in the age group of 18 to 50 years having a bank account from where the premium would be collected through the facility of “auto-debit”.

Atal Pension Yojana :

• Subscribers would receive a fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.

• The Central Government would also co-contribute 50 percent of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years.

• The minimum age of joining APY is 18 years

•  Maximum age is 40 years.

• The benefit of fixed minimum pension would be guaranteed by the Government.

• The pension would also be available to the spouse on the death of the subscriber and thereafter, the pension corpus would be returned to the nominee.

• It is expected that around two crore subscribers would be enrolled during the current financial year under APY.