Centre Government's Insurance & Pension Schemes To Be Launched From Ludhiana On May 9

Ludhiana, May 6, 2015: Vijay Sampla, Union Minister of State for Social Justice and Empowerment, will be launching two insurance schemes and one pension scheme for common man as well as labourers working in the non organised sector. This state level launching function would be organised at Guru Nanak Dev Bhawan, here, at 5 pm on May 9.

While giving information about these new schemes, Additional Deputy Commissioner (Development) Supreet Singh Gulati informed that while keeping in mind the future of common man as well as labourers working in Non Organised Sector, two insurance schemes namely, "Pradhan Mantri Suraksha Bima Yojana" (for Accidental Death and Disability), "Pradhan Mantri Jeevan Jyoti Bima Yojana" (for life insurance) and "Atal Pension Yojna" (for pension) will be launched by Union Minister of State for Social Justice and Empowerment Vijay Sampla at Ludhiana on May 9.

Gulati informed that at national level, these schemes would be launched by Prime Minister Narendra Modi from New Delhi and for Punjab, they would be launched by Mr Vijay Sampla from Ludhiana. This function would start at 5pm and finish at around 8pm.

Cabinet Minister Madan Mohan Mittal would be the guest of honour in the function, while Prime Minister's speech and a film giving details of these schemes would also be aired live. Besides this, the beneficiaries from Ludhiana district would be handed over documents regarding these schemes in the function.

The ADC (D) informed that people can apply for these schemes in a very simple manner and all they require is an Aadhar card, savings bank account copy and two passport size photographs. The forms are available in all nationalised banks and upon filling it properly and attaching the above mentioned documents, the form can be submitted in the same bank.

WHAT ARE THESE SCHEMES?

1. Pradhan Mantri Suraksha Bima Yojana (for Accidental Death Insurance):

•             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.

•             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.

•             Terms of Risk Coverage: A person has to opt for the scheme every year.

2. Pradhan Mantri Jeevan Jyoti Bima Yojana (for Life Insurance Cover):

•             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.

3. Atal Pension Yojna:

The scheme will be launched with a focus 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, whichever is lower to each eligible subscriber account for a period of of 5 years from 2015-16 to 2019-20. The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before December 31, 2015.

Eligibility: It 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.