Social Security Schemes
Department of Financial Services, Ministry of Finance, Government of India, launched three ambitious Social Security Schemes pertaining to the insurance and pension sector, viz. 1) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), 2) Pradhan Mantri Suraksha Bima Yojana (PMSBY) and 3) Atal Pension Yojana (APY) on 9th May, 2015 across the country. These schemes are expected to be path breaking initiatives towards providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank account of the subscriber.
The two insurance schemes, namely PMJJBY and PMSBY, provide insurance cover in the unfortunate event of death by any cause / death or disability due to an accident, respectively, whereas the pension scheme, APY, addresses old age income security needs. The convenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life / accident insurance and old age income security products in the country.
In J&K State, the events for launch of these schemes were held at Srinagar and Jammu respectively. The event at Srinagar was organised by J&K SLBC at SKICC, Srinagar. Hon’ble Union Minister for Minority Affairs Smt. Najma A. Heptulla was the Chief Guest and Hon’ble Finance Minister, J&K State, Dr. Haseeb A. Drabu, was the Guest of Honour. Similarly, the event at Jammu was organised by Punjab National Bank as per the directions of Department of Financial Services, Ministry of Finance, Government of India. Union Minister PMOs Dr. Jitendra, Member Parliament Jammu Poonch Constituency Jugal Kishore, Minister for Social Welfare Bali Bhagat and Minister of State for Finance Pawan Gupta were also present at the occasion.
FROM JAN DHAN TO JAN SURAKSHA
Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), Hon’ble Prime Minister envisages to work towards creating a universal social security system for all Indians, specially the poor and the underprivileged with the proposed launch of Jan Suraksha on 9th May, 2015. This would be a path breaking initiative towards providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank account of the subscriber.
WHAT IS JAN SURAKSHA?
- Jan Suraksha involves three social security schemes to bring additional financial services to the public, following bank accounts for all under Jan Dhan Yojana.
- This includes Suraksha Bima Yojana, an accident insurance scheme; Jeevan Jyoti Bima Yojana, a group term life scheme; and Atal Pension Yojana, a pension scheme.
- The insurance plans have a cover of Rs 2 lakh each with a meager premium of Rs 12 a year for accident insurance and Rs 330 for the life product.
- Atal Pension Yojana will focus on the un-organised sector and provide subscribers a fixed minimum pension between Rs 1,000 to Rs 5,000 a month.
- All three schemes are for bank-account holders and will have direct credit and debit facility.