The Finance Ministry has declared detailed guidelines for three social protection schemes announced in the Budget. Though anyone can enroll in those schemes, it mainly aims to cover workers of random sectors besides the poor and vulnerable sections of the society.
Pradhan Mantri Suraksha Bima Yojana
This scheme is mainly for accidental death insurance cover for up to Rs 2 lakh. Here are the key details:
Eligibility: Available to people in the age group 18 to 70 years with a bank account.
Premium: Rs.12 per annum.
Payment Mode: The premium order be directly auto-debited by the bank from the contributor's 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.
Joining the scheme: 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 June 1 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 Bima Yojana
This scheme aims to present 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 installment.
Payment Mode: The payment of premium order be directly auto-debited by the bank from the subscriber's account.
Risk Coverage: Rs 2 lakh in case of death for any reason.
Terms of Risk Coverage: A character has to opt for the scheme every year. He can also favor giving a long-term option of proceeding, in which case his account will be auto-debited every year by the bank.
Who will perform this Scheme? : The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
Atal Pension Yojana
Ministry said that ‘Swavalamban’ Scheme launched in 2010-11 does talk about pension coverage but it considers this as short mainly due to lack of clarity of pension benefits at the age after 60. It hopes that Atal Pension Yojana will remove these difficulties. The new scheme will focus on individuals in the unorganized sector, who join the National Pension System (NPS) and who are not members of any statutory social security scheme. The scheme would be launched on June 1.
Under this scheme, the subscribers would get a fixed pension of Rs 1,000, 2,000, 3,000, 4,000 or 5,000 at the age of 60 years, depending on their contributions. The gains would vary on the age of joining the scheme. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, the minimum duration of contribution by the subscriber under APY would be 20 years or more.
The advantage of a fixed pension would be supported by the Government. The Central Government will also co-contribute 50% of the subscriber's contribution or Rs 1,000 per annum, whichever is lower, to each eligible patron account, for a period of 5 years, that is, from 2015-16 to 2019-20, who join the NPS before December 31 this year and who are not income-tax payers. The existing subscribers of the Swavalamban Scheme would be automatically transferred to the new system unless they are opt-out.
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