Mohammad Mustafa, joint secretary, Ministry of Finance, Government of India presided over a meeting with the office bearers of all the national and private banks at State Bank of India (SBI’s) administrative office, Dehradun and discussed implementation of Prime Minister Narendra Modi’s three social security schemes- Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY) slated to start from June 1, 2015.
SBI (Delhi division) senior officer BK Das said that the three ambitious social security schemes will be launched by Prime Minister Narendra Modi on May 9. PMJJBY will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber. PMSBY will offer a renewable one year accidental death cum disability cover of Rs 2 lakh for partial permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber, he added.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will 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) is to address old- age income security needs. Under APY scheme, to get a fixed monthly pension between Rs 1,000 per month and Rs 5,000 per month, the subscriber has to contribute on monthly basis between Rs 42 and Rs 1454 respectively, if he joins at the age of 18 years. The minimum age of joining APY is 18 years and maximum age is 40. The benefit of fixed pension would be guaranteed by the Government. The Central Government would also co-contribute 50 per cent of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years.
He expressed hope that around ten lakh people of the state would be linked with these schemes within two/three days in Uttarakhand. Public awareness campaign through installing banners, posters and other mediums, including print and electronic, will be launched at Panchayat, block and district levels by the banks in the state from Sunday/Monday, he added.