Schemes launched by Modi Government: In Detail

Hello Readers,

Here is a post containing all the details regarding the Government Schemes recently launched by Modi Government. The post is contributed by “Swati” one of an ardent readers of BA. Hope you all like the post!

Pradhan Mantri Suraksha Bima Yojana
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.

The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.

Highlights of the Pradhan Mantri Suraksha Bima Yojana (Pmsby – Scheme 1 – for Accidental Death Insurance) are

  • Eligibility: Available to people in age group 18 to 70 years with bank account.
  • Premium:  Rs 12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
  • Risk Coverage:  For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.
  • Additional Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme.  Name of nominee to be given in the form.
  • Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
  • Who will implement this Scheme? The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

Pradhan Mantri Jeevan Jyoti Yojana
The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason.

Here are the key highlights of this scheme:
  • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  • Premium: Rs 330 per annum. It will be auto-debited in one instalment.
  • Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
  • Risk Coverage: Rs 2 Lakh in case of death for any reason.
  • Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.

Atal Pension Yojna (APY)
The scheme will be launched on June 1 2015 and focus is on the unorganised sector.  A pension provides people with a monthly income when they are no longer earning. A Subscriber receives pension based on accumulated contribution out of his current income.Under the  Atal Pension Yojna Scheme (APY), the subscribers ,under the age of 40, would receive the fixed monthly pension of  Rs. 1000 to Rs 5000 at the age of 60 years, depending on their contributions.
To make the the pension scheme more attractive,  government would co-contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum,
  • Eligibility for APY: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
  • Age of joining and contribution period: The minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age.
  • Enrolment agencies: All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through setup  of National Pension System.  
  • if person joined Atal Pension Yojna at 35 years, he will contribute till age of 60 years ie 25 years.
  • If he wants monthly pension of Rs 1000 he would contribute Rs 181 a month. On his death his wife would get Rs 1000 per month and after her death the nominees will get 1.7 lakh.
  • If he wants monthly pension of Rs 3000 he would contribute Rs 543 a month. On his death his wife would get Rs 3000 per month and after her death the nominees will get 5.1 lakh.

Thank You Swati :))