Daijiworld Media Network - Mangaluru (CLP)

Mangaluru, May 9: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY), the social security schemes introduced by the Modi-led government under Jan Suraksha Yojana, were launched at the district-level by union minister for law and justice D V Sadananda Gowda at C V Nayak hall here on Saturday on May 9.

Sadananda Gowda officially inaugurated the three schemes by lighting the lamp. The schemes were launched simultaneously with the national launch by Prime Minister Narendra Modi in Kolkata.

Addressing the gathering, Sadananda Gowda said, "Many citizens are living without any social security. The new three schemes will provide security to every citizen of the country, with lowest premium. No government in the past even tried to provide social security to the citizens like the BJP government led by PM Narendra Modi.

"Bank officials have played a vital role in making the Pradhan Mantri Jan-Dhan Yojana a successful one accross the nation. About ten years ago there was huge gap and friction between bankers and normal citizens of the country. Due to many political factors everyone thought that banks were only for the rich people, and that only big corporates could awail loans. For the first time in the history of independent India bank officials have gone to the doors of the ordinary labourer. This explains the need of bank accounts in India. That was a step towards good governance and financial discipline in the country. Even the New York Times has written editorial on the success of Pradhan Mantri Jan-Dhan Yojana," he added.

Lashing out at the opposition parties at the national level, he said "When the Pradhan Mantri Jan-Dhan Yojana was launched, many opposition parties had laughed it off, but now the same Yojana has provided bank accounts to 13 crore citizens of the nation. No policy in the world will give you accident cover of Rs 2 lac for a premium of Rs 12. The BJP government is often criticized as being 'pro-corporate' and 'anti-poor', but today after the launch of PM Narendra Modi's three schemes all will be silenced. I wish all success for the schemes."

MP Nalin Kumar Kateel said, "I thank PM Narendra Modi for launching a number of schemes for the benefit of the common man. Now even a common labourer can avail the Atal Pension Yojana which will provide security to him. Pradhan Mantri Jan-Dhan Yojana was a huge success in the district and we wish that all the three schemes launched today will achieve the same results and reach all the citizens of the district. In the past India was looking up to other nations but with PM Narendra Modi assuming power, today other nations are looking at India as a dependable country. I wish all success to the three social security schemes."

MLC Ganesh Karnik, UCO Bank CMD Arun Kaul, deputy commissioner A B Ibrahim, ZP CEO Sreevidya, MCC commissioner Hephsiba Korlapati and others were present.

About the schemes

The Jan Suraksha Yojana, under which the schemes - 'Pradhan Mantri Suraksha Bima Yojana' (accident insurance), 'Pradhan Mantri Jeevan Jyoti Yojana' (life insurance) and 'Atal Pension Yojana' were launched countrywide, is expected to reduce the number of zero balance bank accounts created under the Jan Dhan Yojana. The schemes target the poor and unorganised sector who are neither covered by any form of insurance nor get pension.

Under the accident insurance scheme, a person will be provided cover of Rs 200,000 for an annual premium of Rs 12. The cover is for accidental death or permanent total disability.

The 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 will offer a renewable one year life cover of Rs.200,000 to all savings bank account holders in the age group of 18 to 50 years, covering death due to any reason, for a premium of Rs.330 per annum per subscriber.

On the other hand, the pension scheme focuses on the unorganised sector and provides subscribers a fixed minimum pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.

Thus, the period of contribution by any subscriber under APY would be 20 years or more.

The benefit of fixed minimum pension enjoys sovereign guarantee.

While the scheme is open to bank account holders in the prescribed age group, the central government would also co-contribute 50 percent of the total contribution or Rs 1,000 per annum, whichever is lower, for five years.

The government contribution will be for those joining the scheme before Dec 31, 2015, are not members of any statutory social security scheme and are not income tax payers.

It is estimated that the unorganised sector workers, which constitute 88 percent of the total labour force of 47.29 crore, as per the 66th Round of NSSO Survey of 2011-12, do not have any formal pension provision.

The three schemes were simultaneously launched at 112 centres in different states and union territories attended by respective chief ministers/governors and the union ministers.

With IANS Inputs