PM Modi's launching of social security schemes will transform lives of the poor: BJP

The Bharatiya Janata Party (BJP) on Saturday congratulated Prime Minister Narendra Modi for his plan to launch three major social security schemes. It said that these schemes would transform the lives of the poor.

"In this year's budget, the Finance Minister (Arun Jaitley) had announced plans to launch three major security schemes. These are Prime Minister Modi's personal favorutie projects. Prime Minister's Jeevan Jyoti Bima Yojana (PMJJBY), Prime Minister's Social Security Yoajana and the Atal Pension Yojana are three schemes that can reach out to the entire population of this country, covering all marginalised sections, giving them an accident cover of up to two lakh rupees, giving them a life insurance cover and giving them a pension beyond the years of their working," BJP spokesperson G V L Narasimha Rao told ANI.

"I think, Prime Minister Modi deserves congratulations for bringing about these massive projects, covering massive programmes and covering the entire population for social security. This was lacking for the last six decades of independence and this will transform the lives of poor people," he added.

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.