PM Narendra Modi to launch three social security schemes on May 9

NEW DELHI: Prime Minister Narendra Modi will launch three social security schemes in pension and insurance sector, initiating the government’s drive popularly billed as ‘from Jandhan to Jansuraksha.’

In a statement, the finance ministry said that the three ambitious social security Schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY),Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) – will be launched by Modi in Kolkata on May 9. “This would be a pathbreaking initiative towards providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank accountof the subscriber,”the ministry noted in its statement.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will provide insurance cover in the unfortunate event of death by any cause or disability due to an accident, whereas the pension scheme, Atal Pension Yojana(APY),is to address old age income security needs.

Theconvenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life or accident insurance and old age income security products in the country. PMSBY 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 groupof 18-70 years for a premium of Rs 12 per annum per subscriber, it said.

The scheme would be administered through public sector general insurance companies or other general insuranc ecompanies willing to offer the product on similar terms on the choice of the bank concerned. PMJJBY on the other hand 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 per annum per subscriber.