Budget 2015: Individuals to benefit from social security measures

Finance Minister Arun Jaitley’s first full union budget contained a slew of goodies for the common man and woman, particularly for the economically weaker sections, in the form of social security measures.

As part of the plan to create a universal social security system for all Indians, the finance minister also announced the launch of Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) to cover accidental and natural deaths.

Both the schemes will provide covers of Rs 2 lakh each. While PMSBY will cover accidental death risk, the latter will cover both natural and accidental death risks.

“While this is meant for all, it will primarily attract interest from the economically weaker sections of the society who are out of the insurance net,” says Arijit Basu, managing director and CEO, SBI Life.

For the Jeevan Jyoti Yojana, those in the age-group of 18-50 years will have to pay a premium of Rs 330 per year. For the accidental death cover, the annual premium works out to Rs 12.