Wednesday, May 6, 2015

New Social Security Schemes


New Social Security Schemes by PM Modi

After Jan Dhan (PMJDY), the government will launch 3 mega social security initiatives in India (a Pension and two Insurance schemes) on May 9, 2015 in Kolkata.

These schemes are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank account of a subscriber.


The Insurance and Pension Schemes

  1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) - Life Insurance
  2. Pradhan Mantri Suraksha Bima Yojana (PMSBY) - Accidental Insurance
  3. Atal Pension Yojana (APY) - Pension



Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

It will offer a renewable one-year life cover of Rs. 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs. 330 / annum per subscriber.

The scheme would be offered or administered through Life Insurance Corporation (LIC) or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.



Pradhan Mantri Suraksha Bima Yojana (PMSBY)

It will offer a renewable one-year accidental death-cum-disability cover of Rs. 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs. 12 / annum (i.e., Rs. 1 / month) per subscriber.

The scheme would be administered through public sector General Insurance companies or other general insurance firms willing to offer the product on similar terms on the choice of the bank concerned.



Atal Pension Yojana (APY)

It will focus on the unorganized sector and provide subscribes a fixed min. pension of Rs. 1000, 2000, 3000, 4000 or 5000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18-40 years.

The period of contribution by any subscriber under APY would be 20 years or more. The fixed min. pension would be guaranteed by the government.

While the scheme is open to bank account holders in the prescribed age group, the central government would also co-contribute 50 % of the total contribution, or Rs. 1000/annum, whichever is lower, for a period of 5 years for those joining the scheme before December 31, 2015 and are not members of any statutory security scheme and are not income tax payers.










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