SOCIAL SECURITY SCHEMES

On his first visit to West Bengal after becoming Prime Minister of India, Narendra Modi surprised financial analysts by declaring three social security schemes for 1.25 billion people. Now accidental insurance is available at mere Rs.12 for a coverage of

Rs.200,000. Read summary of schemes :

Pradhan Mantri Suraksha Bima Yojna

Eligibility

 18 to 70 years of age

 Having a savings account with a public sector bank

 Insurer allows auto withdrawal for the payment of annual premium

Policy cost and coverage

 Rs.12 per subscriber for a coverage of Rs.2,00,000

Maturity

 Death due to accident or total physical disability due to accident

Pradhan Mantri Jeevan Jyoti Yojana

Eligibility

 18 to 50 years of age

 Having a savings account with a public sector bank

 Insurer allows auto withdrawal for the payment of annual premium 

Policy cost and coverage

 Rs.330 per subscriber for a coverage of Rs.2,00,000

Maturity

 Death due to any reason

Atal Pension Yojana

 Subscriber should have saving account

 Eligible age for entering into scheme - 18 to 40 years

 Provides subscribers a fixed minimum pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month starting at the age of 60 years

 Period of contribution by subscriber should be equal to or more than 20 years

 Central government will contribute 50% of the contribution by subscriber or Rs.1000 per annum, whichever is lower for 5 years.