Prime Minister’s ‘Jan Suraksha Yojana’ Covering Insurance and Pension Schemes For Poor in India

Prime Minister of India, Mr.Narendra Modi unveiled Insurance and Pension Schemes for the poor people of India, subsequent to and linked to  his ‘Jan Dhan Yojana’ Scheme of opening Bank Accounts for all the citizens of India, under the name-“Jan Suraksha Yojana”.

The following are the 3 Social Security Schemes started in India by the present Union Government under the name-‘Jan Suraksha Yojana’:

Accident Insurance Scheme- named – the ‘Pradhan Mantri Suraksha Bima Yojana’- offering  a renewable accidental death-cum-disability cover of Rs. 2 lakh for a premium of Rs. 12 per annum/Re 1 per month.

The Accident Insurance scheme will be available to people in the age group of 18 to 70 years with a savings bank account, who give their consent to join and enable auto-debit on or before May 31 for the coverage period – June 1 to May 31 – on an annual renewal basis.

The Life Insurance Scheme, named- ‘Pradhan Mantri Jeevan Jyoti Yojana’l offering  a renewable one year life cover of Rs. 2 lakh for a premium of Rs. 330/ Less than Re 1 per day.

The Life Insurance Scheme will be for people in the age group of ’18 to 50 years’, having a Bank Savings Bank Account.

The Atal Pension Scheme, focussing on the unorganised sector which does not pay any income tax, who are not covered by any other Social Security Scheme,

The Pension Scheme is offering a monthly pension between Rs. 1000 and Rs. 5000, depending on the amount of contribution to be made for 20 years, The Scheme is open for people in the age group of ‘from 18 to 40 years and the monthly pension amount will be paid from the age of 60 years.

Out of the premium amount for the pension scheme, depending on the option for monthly pension amount from Rs 1000 to Rs 5000, the Government will bear 50% of the premium, subject to Rs 1000/ per year, for the members joining the scheme before 31st December 2015.

The above 3  Jan Suraksha Yojana schemes, launched countrywide,  targeting the poor and the unorganised sector who are not covered by any form of Insurance or Pensions Schemeare  expected to reduce the number of zero balance bank accounts created under the ‘Jan Dhan Yojana’- Bank Accounts for all the citizens of India, to eradicate ‘Financial Untouchability’ in the country.

It is notable that for people who have opened Savings Bank Accounts in Banks under the “Jan Dhan Yojana” Scheme,before 26th January 2015, an Accident Insurance of Rs 1 Lakh and a Life Insurance of Rs 30,000/- without payment of any amount as the premium by the account holder, and the premium will be paid by the Government of India, for the Bank Account Holders under the ‘Jan Dhan Yojana’ Scheme.

However, the ‘Jan Suraksha Yojana’ with the above 3 Insurnce/Pension Schemes do not have the scheme of any “Medical Claim” Scheme, which has become a must for the people of today, in view of the increasing chronic and fatal diseases and the cost of treatment’s thereof.

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