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Prime Minister Narendra Modi will launch three mega social security schemes under the “Jan Suraksha” scheme here on Saturday during his two-day visit to West Bengal.
The three schemes include an accident insurance – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), life insurance – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and pension scheme – Atal Pension Yojana (APY).
The schemes will be launched simultaneously across 115 centres, and 60 Cabinet ministers will participate.
According to Hasmukh Adhia, Secretary (Financial Services), Union Ministry of Finance, the Centre will be spending at least ₹150 crore this year for marketing them.
“The administrative cost is very low because of which the premium charged is less. Not just public sector insurance companies or banks, a number of private sector banks and insurance companies will also offer these services,” he added.
The pension scheme is targeted mainly at the unorganised sector.
Explaining the two insurance schemes – PMSBY and PMJJBY –, Adhia said they address the issue of very low coverage of life or accident insurance. The schemes will be linked to the bank accounts and will have an auto-debit facility.
“They will provide affordable personal accident and life cover to a vast population. These are going to be a game-changer in the social security landscape of the country,” he said.
Under the PMSBY, a renewable one-year accidental death–cum–disability insurance cover of ₹2 lakh will be provided. Those in the age group between 18 and 70 are eligible for it. A premium of ₹12 a year will be charged per subscriber.
In the PMJJBY, a renewable one year life cover of ₹2 lakh will be offered to all account holders aged 18-50 years, at a premium of ₹330 a year. The scheme will be offered through LIC or other life insurance companies.
Other programmes Apart from launching the Jan Suraksha schemes on Saturday, the Prime Minister will also pay a visit the President Maharaj of Ramakrishna Mission, Swami Athmasthananda, who has been unwell for quite some time.
A meeting with West Bengal Chief Minister, Mamata Banerje, and some BJP leaders have also been scheduled, sources said.
Modi is also expected to visit the Dakshineshwar Temple and Belur Math before he heads for inauguration of SAIL’s IISCO plant near Asansol on Sunday. His transit to Ranchi will be through the greenfield Kazi Nazrul Islam airport at Andal.
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