Prime Minister to launch three Social Security Schemes

Prime Minister Narendra Modi is ready to launch three Social Security schemes associated with the insurance and pension sectors here on may nine, the Government of India’s Press information Bureau aforesaid.

These schemes can offer cheap universal access to Social Security linked to auto-debit facility from the subscriber’s checking account.

The schemes Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can offer insurance cover just in case of death by any cause or disability owing to an accident whereas Atal Pension Yojana (APY) can address the old-age security wants.

PMSBY can provide a renewable annual accidental death-cum-disability cover of Rs.2 lakh to any or all savings-account holders within the age bracket of 18-70 for an annual premium of Rs.12 per subscriber.

PMJJBY can provide a renewable annual life cover of Rs.2 lakh to all savings-account holders within the age bracket of 18-50 years covering death caused by any reason for an annual premium of Rs.33 per a subscriber.

APY, on the opposite hand, can concentrate on the unorganised sector and supply the subscribers a fixed minimum pension of Rs.1000, 2000, 3000, 4000 or 5000 per month beginning at the age of sixty, looking on the contribution option taken on coming into an age between eighteen and forty.

Image credit: Arrival of Narendra Modi, Prime Minister of India image by G20 Argentina is licensed under CC BY 2.0

Image Reference: https://www.flickr.com/photos/g20argentina/45378999534/