The Union Cabinet on Wednesday approved operationalisation of three Centre-sponsored insurance and pension schemes — Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana — in all States and Union Territories.

The schemes were announced by Finance Minister Arun Jaitley in his Budget speech earlier this year. “Atal Pension Yojana will benefit two crore subscribers in the first year,” a government spokesperson said.

The Pradhan Mantri Suraksha Bima Yojana provides insurance against accidental death and disability at a premium of ₹12 per annum.

The risk coverage for accidental death and full disability is ₹2 lakh while for partial disability the amount is ₹1 lakh.

The Pradhan Mantri Jeevan Jyoti Bima Yojana provides life insurance cover of ₹2 lakh for death at an annual premium of ₹330 while Atal Pension Yojana is a pension scheme for old-age income security.

In another decision, the Cabinet agreed to revise the double taxation avoidance agreement between India and South Korea. The revisions will provide tax stability as well as higher economic cooperation and boost investment flow.

Meanwhile, the Cabinet Committee on Economic Affairs also approved a modification in the Mega Food Park scheme to streamline its implementation.

“The change will lead to further investment in food processing and each park will benefit 6,000 farmers directly and 25,000 farmers indirectly,” a spokesperson added.

Amongst other decisions, the Cabinet also approved an MoU for co-operation in renewable energy between India and Seychelles.

Approval was also given for the launch of the GSAT 18 communications satellite and services to augment existing telecom, television and VSAT services.

It also approved amendment of the Whistleblowers Protection Act 2011 to safeguard against disclosure affecting sovereignty and integrity.