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PM Modi flags off three key social security schemes

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Prime Minister Narendra Modi on Saturday flagged off three key social security schemes in a nationwide launch. The launch was carried out simultaneously across 153 places in the country. The schemes include accident insurance, life insurance and a pension plan that targets the people who never have any insurance or do not get any pension.

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Speaking at the launch ceremony, PM Modi said, “The journey to development will be incomplete if the poor do not share its fruits”. Banks were nationalised for the poor, but did we see the poor in the banks? Eighty-90% of people do not have access to pension and insurance. So it would be a great help for all of them.”

The accident insurance (Pradhan Mantri Suraksha Bima Yojana) will offer a renewable accidental death-cum-disability cover of Rs. 2 lakh for a premium of Rs. 12 per annum.

The life insurance scheme (Pradhan Mantri Jeevan Jyoti Yojana) will offer a renewable one year life cover of Rs. 2 lakh for a premium of Rs. 330.

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The Atal Pension Scheme, which will be between Rs. 1000 and Rs. 5000, will focus on the unorganised sector which does not pay any income tax.

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