Social Security Schemes


“A large proportion of India’s population is without insurance of any kind, health, accidental or life. Worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age,” said Finance Minister Arun Jaitley in his budget speech on 1 Mar 2015. Schemes were launched by Prime minister on 9 May 2015.

Government announced insurance schemes Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). This article gives the highlights of these schemes. These schemes would be come in effect  from 1 June 2015.

The government plans to use technology to the extent possible to reach out to the beneficiaries, thereby plugging leakages in the system. The JAM (Jan Dhan Yojana, Aadhaar and mobile) number trinity will allow government to transfer benefits in a leakage-proof, well-targeted and cashless manner.
 

Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental Death Insurance) are:
 
  • Eligibility : Available to people in age group 18 to 70 years with bank account.
  • Premium :  Rs. 12 per annum.
  • Payment Mode : The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
  • Risk Coverage :  For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.
  • Eligibility : Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme. Name of nominee to be given in the form.
  • Terms of Risk Coverage : A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
  • Who will implement this Scheme? : The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D). But if the proceeds from insurance policy exceed Rs.1 lakh, TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.



Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of The Pradhan Mantri Jeevan Jyoti Bima Yojana  (PMJJBY – SCHEME 2 – FOR LIFE INSURANCE COVER)
 
  • Eligibility : Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  • Premium :  Rs 330 per annum. It will be auto-debited in one instalment.
  • Payment Mode : The payment of premium will be directly auto-debited by the bank from the subscribers account.
  • Risk Coverage : Rs. 2 Lakh in case of death for any reason.
  • Terms of Risk Coverage : A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
  • Who will implement this Scheme? : The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.



Atal Pension Yojna (APY)

The scheme will be launched on June 1, 2015 and focus is on the unorganised sector.  A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income. Under the Atal Pension Yojna Scheme (APY), the subscribers, under the age of 40, would receive the fixed monthly pension of Rs. 1000 to Rs. 5000 at the age of 60 years, depending on their contributions.

To make the the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs. 1,000 per annum, whichever is lower to each eligible subscriber account for a period of 5 years from 2015-16 to 2019-20. The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before December 31, 2015.
 
  • Eligibility for APY :  Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
  • Age of joining and contribution period :  The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.
  • Enrolment agencies : All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup of National Pension System.
TOP

A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine.

I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me: when I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel the presence of the Almighty, who formed us in his own image.

Duis dictum tristique lacus, id placerat dolor lobortis sed. In nulla lorem, accumsan sed mollis eu, dapibus non sapien. Curabitur eu adipiscing ipsum. Mauris ut dui turpis, vel iaculis est. Morbi molestie fermentum sem quis ultricies. Mauris ac lacinia sapien. Fusce ut enim libero, vitae venenatis arcu. Cras viverra, libero a fringilla gravida, dolor enim cursus turpis, id sodales sem justo sit amet lectus. Fusce ut arcu eu metus lacinia commodo. Proin cursus ornare turpis, et faucibus ipsum egestas ut. Maecenas aliquam suscipit ante non consectetur. Etiam quis metus a dolor vehicula scelerisque.

Nam elementum consequat bibendum. Suspendisse id semper odio. Sed nec leo vel ligula cursus aliquet a nec nulla. Sed eu nulla quam. Etiam quis est ut sapien volutpat vulputate. Cras in purus quis sapien aliquam viverra et volutpat ligula. Vestibulum condimentum ultricies pharetra. Etiam dapibus cursus ligula quis iaculis. Mauris pellentesque dui quis mi fermentum elementum sodales libero consequat. Duis eu elit et dui varius bibendum. Sed interdum nisl in ante sollicitudin id facilisis tortor ullamcorper. Etiam scelerisque leo vel elit venenatis nec condimentum ipsum molestie. In hac habitasse platea dictumst. Sed quis nulla et nibh aliquam cursus vitae quis enim. Maecenas eget risus turpis.