Pradhanmantri Suraksha Bima Yojana launched in Chennai
PMSBY, PMJJBY & APY are path breaking initiatives for social security”: Radha Mohan Singh
Speech by Radha Mohan Singh, Union Minister for Agriculture at launch of schemes at Chennai
Radha Mohan Singh, Union, Minister for Agriculture has said that Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jivan Jyoti Bima Yojana and Atal Pension Yojana, three social security schemes are the result of the farsightedness of our Prime Minister, Shri Narendra Modi ji who is committed to the economic empowerment of the poor.These unique schemes would be path breaking initiatives towards providing social security at a very nominal cost to the millions of countrymen.Radha Mohan Singh was addressing the function organised at the Tamilnadu launch of the schemes at Chennai today. Full text of his speech is as follows:
“It gives immense pleasure to be part of this historical event in which Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jivan Jyoti Bima Yojana and Atal Pension Yojana are going to be launched. These three social security schemes are the result of the far-sightedness of our Prime Minister Shri Narendra Modi ji who is committed to the economic empowerment of the poor.
These unique schemes would be path breaking initiatives towards providing social security at a very nominal cost to the millions of countrymen. These are designed to provide utmost convenience with auto debit facility from the bank account of the subscriber. Pradhan Mantri Suraksha Bima Yojana and PM Jivan Jyoti Bima Yojana would provide insurance to individuals in any unfortunate event causing death or disability. The Atal Pension Yojana would address the problem of income security during old age. There are millions of senior citizens who do not have any secure source of income during the ripe years of their life. You are aware how our elders are finding it helpless to live without any source of income. These schemes have been designed in such a way as to provide a very convenient delivery mechanism. These schemes will also address issues like very low coverage of life or accident insurance as well as old age income security products in this vast country.
Let me now briefly explain to you, how innovatively these schemes are designed. Pradhan Mantri Suraksha Bima Yojana will provide insurance coverage of Rs.2 lakhs for individuals on payment of just Rs.12/- per annum. This scheme can benefit all the savings bank account holders in the age group of 18-70 years. Public sector general insurance companies or other general insurance companies that are willing to offer insurance coverage to individuals on similar terms would offer and administer this scheme. The scheme is delivered through banks including regional rural banks as well as cooperative banks.
Pradhan Mantri Jivan Jyothi Bima Yojana is another well thought out scheme which offers Life Insurance coverage of Rs.2 lakhs for any savings bank holders in the age group of 18-50 years on payment of just Rs.330/- per year. This scheme is offered through LIC of India or other Life Insurance companies that are willing to offer life insurance on similar terms.
Coming to Atal Pension Yojana, it focuses on the unorganized sector where nearly 400 million employees representing more than 80 per cent of all employees are engaged. Atal Pension Yojana would provide a fixed minimum pension Rs.1000 to Rs.5000 per month starting from the age of 60. The amount of pension will depend on the monthly contribution by the employee and the age at which the employee subscribes the insurance. In any case the individual will have to subscribe under Atal Pension Yojana for a minimum of 20 years. The most significant part of this yojana is co-contribution by government of Rs.1000/- per annum or 50% of the total contribution whichever is lower, for the first 5 years if one joins the scheme before the end of this year, that is 31st December, 2015.
I am sure you will appreciate that ours is a great country with enormous social capital. Due to the change in family and social structure the social security inherent in our society is slowly getting weak. As a result, a large number of people are exposed to un-foreseen eventualities which leave them helpless and insecure. The three yojanas being launched in this state today will go a long way in addressing the growing insecurity among the poor and needy. I thank our Prime Minister Shri Narendra Modi ji who has presented this country with these three unique schemes and ushered in a new era of providing social security en-mass. I thank profusely His Excellency the Governor of Tamilnadu Shri Rosiah ji who is going to launch these unique yojanas in your state today. I also thank Shri Vishwanathan ji for his presence here. I thank you one and all for being here on this historic occasion marking a beginning for a new era of social security in this country”