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Prime Minister Narendra Modi Will Inaugurate Pension Schemes on May 9

Prime Minister Narendra Modi will launch social security schemes, including an accident cover of Rs 2 Lakh, at a premium of just Re 1 per month, on May 9, in Kolkata.

These flagship social security schemes, commenced by P.M. Modi, are aimed at providing universal access to social security in a suitable manner linked to auto-debit ability from the bank account of the insured.   

On 28th February 2015, Finance Minister Arun Jaitley announced the two insurance schemes, Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which would provide insurance cover in the unfortunate event of death by any reason or disability due to an accident.

PMSBY will proffer a renewable 1-year accidental death cum disability cover of Rs 2 Lakhs for partial permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum. PSGI Companies or other General Insurance companies will manage these schemes.

PMJJBY on the other hand, will offer a renewable 1-year life cover of Rs 2 Lakh to each saving bank account holder in the age group of 18-50 years. The cover will include death benefits too. The scheme would be offered through LIC or other life insurance companies willing to offer the product on similar terms and on the choice of the bank concerned.

The Pradhan Mantri pension schemes will focus on the unorganized sector and provide subscribers a fixed monthly pension ranging between Rs. 1000 and Rs. 5000, as per the contribution option exercised on the vesting age, between 18 and 40 years. The pension benefit will commence from the age of 60 years onwards until the death of the insured.

Thus, it said, the period of contribution by any subscriber under APY would be 20 years or more. The government would guarantee the fixed minimum pension.

Source: This news was published on April 30, 2015 in ibnlive.in.com/under the title: Prime Minister Narendra Modi to launch insurance, pension schemes on May 9

Written By: PolicyBazaar - Updated: 30 December 2020
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