PM Modi Launched Three Social Security Schemes Today on Tagore’s Birthday

Today is Ravindranath Tagore’s 155th birth day. PM Narendra Modi has chosen this day to launch three social security schemes — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) at Nazrul Mancha in Kolkata.

Prime Minister Narendra Modi reached Kolkata on a two-day visit to the state. He will lay the foundation stone of these three schemes along with his other schedule of governance, business, centre-state issues, spiritualism etc.

The two insurance schemes Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will provide insurance cover in the accidental death or disability & unfortunate event of death by any cause respectively.

Whereas, Atal Pension Yojana (APY) is a pension scheme which will secure the old age income security needs of the unorganised sector of people.

Atal pension yojana APY PM Jevan Jyoti Bima Yojana PMJJBY PM Suraksha Bima Yojana PMSBY

Hasmukh Adhia, Secretary (Financial Services) of Union Ministry of Finance, said that  “The administrative cost is very low because of which the premiums charged will be less. Not just public sector insurance companies or banks, a number of private sector banks and insurance companies will also offer these services,” Adhiya added.

Adhiya also addressed the schemes as a game changer. He added that Suraksha Bima Yojana (PMSBY) is a renewable one-year accidental death-cum-disability insurance which will give a coverage of Rs 2 lakh. The premium amount charged for this scheme is Rs 12 per annum & individuals in the age group of 18 and 70 can avail this.

Similarly, Jeevan Jyoti Bima Yojana (PMJJBY) is a renewable one-year life cover of Rs 2 lakh will be given at a very low premium of Rs 330 per annum. Any Indian citizen between 18 to 50 years of age with a savings bank account are eligible for this scheme.

The pension scheme Atal Pension Yojana or APY is targeted mainly at the unorganised sector for their income security needs in old age.

Govt. is doing a massive promotion in all the media contact points. Centre will spend around Rs 150 crore this year to promote these three schemes launched on Saturday. At the same time it is also being launched nation-wide through functions organised at 112 centres in various States and UTs which would be attended by the respective Chief Ministers or Governors and the Union Ministers.

Share your experience below if anyone has attended the launching program of Suraksha Bima Yojana, Jeevan Jyoti Bima Yojana & Atal Pension Yojana.