Prime Minister Narendra Modi will launch three social security schemes pertaining to insurance and pension in Kolkata on Saturday.
"Later today I will be in Kolkata to launch 3 new schemes for Jan Suraksha," Prime Minister Modi tweeted.
While two insurance schemes - Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will provide insurance cover in the unfortunate event of death by any cause or disability due to an accident, the pension scheme - Atal Pension Yojana (APY) will address the old age income security needs.
The convenient delivery mechanism of the schemes is expected to address the problem of very low penetration of life or accident insurance and old age income security products in the country.
The PMSBY will offer a renewable one year accidental death cum disability cover of Rs. two lakh to all the savings bank account holders in the age group of 18 to 70 years for a premium of Rs. 12 per annum.
The Prime Minister will also visit Chhattisgarh today.