PM Modi arrives in Kolkata to launch social security schemes

Prime Minister Narendra Modi arrived in Kolkata today after his visit to Chhattisgarh.

He was received by West Bengal Governor Keshari Nath Tripathi on his arrival here.

West Bengal Finance Minister Amit Mitra and state BJP chief Rahul Sinha were also present. Prime Minister Modi will launch three social security schemes in Kolkata today.

While two insurance schemes - the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will provide insurance cover in the unfortunate event of death by any cause or disability due to an accident, the Atal Pension Yojana (APY) will address the income and security needs of the aged.

The convenient delivery mechanism of the schemes is expected to address the problem of a very low penetration of life or accident insurance and old age income security products in the country.

The PMSBY will offer a renewable one year accidental death-cum-disability cover of Rs. two lakh to all the savings bank account holders in the age group of 18 to 70 years for a premium of Rs. 12 per annum.