Prime Minister Narendra Modi will launch the ambitious Social Security Schemes pertaining to the insurance and pension sector Saturday, in Kolkata. The two insurance schemes to be launched, namely Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) would 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), would address old age income security needs. The convenient 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 (Rs 1 lakh for partial permanent disability) to all savings bank account holders in the age group of 18 to 70 years for a premium of twelve rupees per annum per subscriber. The scheme would be offered or administered through Public Sector General Insurance Companies (PSGICs) or other General Insurance companies willing to offer the product on similar terms on the choice of the Bank.
Besides the launch function at Kolkata, simultaneous launch functions of the schemes will also be held at 129 places across the country. Chief Ministers and Union Ministers will attend the launch function at these locations.
Goa Chief Minister Laxmikant Parsekar along with Union Minister of State for Ayush, Shripad Naik will launch the schemes in Panaji. LCD screens will be installed at launching venues across Goa, where all the schemes will be launched at one time, which will be followed by the Prime Minister’s speech.
In Haryana, the three schemes namely will be launched at five places tomorrow.Giving this information a government spokesman said that Union Minister of State for External Affairs, Gen V. K. Singh (Retd.) will launch these schemes from Karnal where Chief Minister Manohar Lal will preside over the launch function.
In Gurgaon, the schemes will be launched by Haryana Finance Minister Capt Abhimanyu, in Rohtak by Education Minister Ram Bilas Sharma, in Hisar by Agriculture Minister OP Dhankhar and in Ambala by Public Works Minister Rao Narbir Singh.