Finance Minister Arun Jaitley today announced a slew of low-cost pension and insurance schemes, including Atal Pension Yojana and Universal Social Security scheme.
Atal Pension Yojana will provide defined pension according to contribution. Of this, 50% contribution would be made by the government, he said while presenting the Budget for 2015-16 in the Lok Sabha..
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"The government proposes to work towards Universal Social Security for all Indians," he said.
Besides, the government proposes to launch PM Suraksha Bima Yojana to increase the access to insurance. It will be linked Pradhan Mantri Jan Dhan Yojana.
The scheme will offer coverage of Rs 2 lakh for premium of just Rs 12 a year, he said.
"These social schemes reflect our intention that no person suffers from avoidable pain due to illness, old age," he said.