PM Modi dedicates three social security schemes to nation

PMSBY will offer a cover of Rs 2 lakh to all the savings bank account holders for a premium of Rs 12 per annum

Prime Minister Narendra Modi dedicated three social security schemes pertaining to insurance and pension to the nation here on Saturday.

The Prime Minister, who is on his first visit to Kolkata, launched the 'Pradhan Mantri Jivan Jyoti Bima Yojana', 'Pradhan Mantri Suraksha Bima Yojana' and the 'Atal Pension Yojana'.

While 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.

The schemes were launched in the presence of West Bengal Chief Minister and Trinamool Congress (TMC) supremo Mamata Banerjee.