Government of India spends trillions of rupees every year on various Central Schemes to provide basic facilities to common man in the areas like infrastructure, education, health and employment generation. Some such major schemes are given below.
SOCIAL SECURITY SCHEMES
PRADHAN MANTRI SURAKSHA BIMA YOJANA
The scheme announced in 2015 budget is offered by all Public Sector General Insurance Companies for giving insurance cover against death by accident.
- Eligibility: Available to all persons in the age group 18 to 70 years, having a bank account.
- Premium: Rs.12 per annum to be directly debited by the bank from the subscriber’s account.
- Risk Coverage: For accidental death and full disability-Rs.2 Lac and for partial disability–Rs.1 Lac.
PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA:
The scheme announced in 2015 budget is offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme to offer life insurance cover.
- Eligibility: Available to all persons in the age group of 18 to 50 and having a bank account.
- Premium: 330 per annum to be debited from the applicant’s account.
- Risk Coverage: Rs.2 Lac in case of death by any reason.
ATAL PENSION YOJANA
Launched from 1st June 2015, this scheme is administered by the Pension Fund Regulatory and Development Authority – PFRDA to focus on the unorganised sector workers. It will replace the previous Swavalamban – NPS Lite scheme.
- Eligibility: The scheme is open to all bank account holders between 18 years and below 40 years, who are not members of any statutory social security scheme and are not income tax payer.
- Benefit: Pension ranging between Rs.1000 – Rs. 5000 is payable after the age of 60.
- Govt Funding: The government would co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower, for a period of 5 years from 2015-16 to 2019-20, to those who join the scheme before 31st Dec 2015 and are not tax payers.
VARISHTHA PENSION BIMA YOJANA 2017
The scheme, implemented by LIC, would provide an assured return of 8% per annum for 15 years to persons of age 60 years and above, with an option to opt for pension on a monthly, quarterly, half-yearly or annual basis. Pension amount ranges from min Rs. 500/- per month to max. Rs. 5000/-per month.
PRADHAN MANTRI VAYA VANDANA YOJANA
Under this scheme, senior citizens (60 years and above), earn a fixed rate of return of 8% per annum (payable every month or quarterly / half yearly / yearly) for 10 years. The returns are also exempted from GST. By investing a onetime amount, minimum 1.5 lac and maximum 15 lac, the investor could get 1000 to 10,000 rupees monthly pension just after one month of deposit. The scheme is implemented by the LIC.
PRADHAN MANTRI JAN DHAN YOJNA
Launched on August 28th, 2014 the Scheme aims to provide at least two bank accounts per family in the country as part of ‘Sampoorn Viteeyea Samveshan’ or Comprehensive Financial Inclusion. Government has introduced concept of “Bank Mitra” (Bank Agents) to promote the PMJDY scheme.
The salient features of the scheme are:
- The scheme was be launched in two phases – first from 15.8.14 to 15.8.15 and second from 16.8.15 to 15.8.18, each phase targeting opening of 7.5 crore bank accounts.
- The accounts will be opened with zero balance with no minimum balance condition.
- All account holders will get mobile banking facility for easy money transfer.
- All account holders will be issued Rupay debit card to facilitate ATM withdrawals.
- Every account holder will get an accidental insurance cover of Rs. 2 lakhs provided the Rupay card has been used at least once in 90 days.
- Accounts run satisfactorily for 6 months will be allowed to have over draft facility of Rs. 10,000, to persons up to age of 65 years.
- A Rs. 1,000-crore credit guarantee fund will be set up by NABARD for this purpose.
ATAL BIMIT VYAKTI KALYAN YOJNA:
Launched by the Employees’ State Insurance Corporation (ESIC) for persons covered under the ESIC Act for providing cash relief to unemployed persons while they search for new assignment.
AAM ADMI BIMA YOJANA (AABY)