PM Modi's social security schemes 'a good initiative': Tharoor

Congress leader Shashi Tharoor on Saturday termed the social security schemes launched by Prime Minister Narendra Modi as a good initiative, but added that they must help the general public.

"It is good to have come up with schemes which address the gap in our country as social security is good but the government must be careful to back up the schemes they are funding. The practical issue is this must work in the real world. I really like the concept but I hope that the general public actually benefits from this concept," said Tharoor.

"I do not want a situation where the government will announce which is a very good concept and not funded because the insurance companies will not be able to sustain it," he added.

Earlier in the day, Prime Minister Modi launched the 'Pradhan Mantri Jivan Jyoti Bima Yojana', 'Pradhan Mantri Suraksha Bima Yojana' and the 'Atal Pension Yojana' in Kolkata.

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.