The Government of India has decided to launch three social security schemes related to pension and insurance on May 9′ 2015. The launch functions will also be held at 116 locations, including the national capital and major centres of different states and district headquarters. Chief Ministers and Union Ministers will attend the functions at various locations in the country.
The schemes will be launched by PM Narendra Modi in Kolkata.The names of the social security schemes are,
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- Atal Pension Yojana (APY).
The schemes are expected to address the issue of very low coverage of life or accident insurance and income for old aged people in India.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- PMJJBY will offer a renewable one year life cover of Rs 2 lakh.
- Age group – 18-50 years (must be savings bank account holders).
- It covers death due to any reason.
- Annual Premium – Rs 330 per annum.
- The scheme would be administered through LIC or other Life Insurance companies.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
- PMSBY will offer a renewable one year accidental death-cum-disability cover of Rs 2 lakh for partial/permanent disability.
- Age Group – 18-70 years (must be savings bank account holders)
- Annual Premium – Rs 12 per annum.
- The scheme would be administered through public sector general insurance companies or other general insurance firms.
Atal Pension Yojana (APY)
- The pension scheme will focus on the unorganised sector.
- The scheme provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 per month starting at the age of 60 years.
- The minimum pension amount is depend on the contribution option exercised on entering at an age between 18 and 40 years.
- The period of contribution by any subscriber under APY would be 20 years or more.
- The fixed minimum pension would be guaranteed by the government.
GK Questions
- In Jan Dhan Yojana, after Six months of opening of the bank account, the account holders can avail how much money as overdraft from the bank? Rs 5000
- In Jan Dhan Yojana, the accidental insurance cover of Rs 1 lakh is given by which bank? HDFC Bank
- In India, Pension is regulated by Pension Fund Regulatory and Development Authority. Who is the current Chairman of PFRDA? Hemant G Contractor
