Launching Centre's three social security schemes, Karnataka Chief Minister Siddaramaiah today said his government will honestly work towards implementing them with an intention to provide social security for all.
Prime Minister Narendra Modi today announced in Kolkata the national launch of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), which were simultaneously launched in different cities across the country.
"Like Atal Pension Yojana, in Karnataka about 50 lakh people are covered under various pension schemes. About 50 lakh people are getting benefits of our scheme, those needy who have not availed themselves with the schemes can utilise this opportunity," Siddaramaiah said.
"Our government will honestly implement these schemes launched by the Central government today. We will give all co-operation in giving social justice security for all," he added.
The initiatives are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from bank accounts.
The schemes are expected to address the issue of very low coverage of life or accident insurance and old age income in the country.
Speaking at the event, State Bank of India chief Arundhati Bhattacharya said, "insurance penetration in our country is very low in comparison to any other country, because our countrymen lack knowledge on what insurance does for them."
"These three schemes will make people aware about insurance and help them to reap its benefits," she said.
The scheme would be administered through public sector general insurance companies or other general insurance firms willing to offer the product on similar terms on the choice of the bank concerned.
Union Minister Ananth Kumar thanked the Prime Minister for bringing in such "fantastic, pro poor" schemes.
