New Delhi, April 30: Prime Minister Narendra Modi is set to launch three social security schemes related to the insurance and pension sectors here on May 9, the Government of India's Press Information Bureau said. These schemes will provide affordable universal access to social security linked to auto-debit facility from the subscriber's bank account.
The schemes Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will provide insurance cover in case of death by any cause or disability due to an accident while Atal Pension Yojana (APY) will address the old-age security needs.
PMSBY will offer a renewable one-year accidental death-cum-disability cover of Rs 2 lakh to all savings-account holders in the age group of 18-70 for a annual premium of Rs 12 per subscriber. The scheme will be administered through public sector general insurance companies or other such companies willing to offer the product on similar terms.
PMJJBY will offer a renewable one-year life cover of Rs 2 lakh to all savings-account holders in the age group of 18-50 years covering death caused by any reason for an annual premium of Rs 33 per asubscriber.
APY, on the other hand, will focus on the unorganised sector and provide the subscribers a fixed minimum pension of Rs 1000, 2000, 3000, 4000 or 5000 per month starting at the age of 60, depending on the contribution option taken on entering an age between 18 and 40.