"We will involve willing private sector insurance firms in popularising Pradhan Mantri Suraksha Bima Yojna, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana (APY)," Department of Financial Services Secretary Hasmukh Adhia told PTI in an interview.
"If the insurance companies comply with our parameters set for these simple to be administered schemes, they can sell these products," he said.
As private sector banks participated in Pradhan Mantri Jan Dhan Yojana, similar interest is expected in the insurance and pension schemes announced in the Budget 2015-16, he said.
"The beauty of these low premium products is that it is very simple and no other document is required except Aadhar. All those having a bank account can buy these products and secure their themselves against life and accidental risk," he said.
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Life insurance scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana will cover both natural and accidental death risk of Rs 2 lakhs just at a premium of Rs 330 per year, or less than one rupee per day, for the age group 18-50.
Similarly, the budget has announced Atal Pension Yojana, a defined pension scheme. Total corpus would depend on the contribution and its period.
To encourage people to join this scheme, he said the Government will contribute 50 per cent of the beneficiaries' premium limited to Rs 1,000 each year for five years in the new accounts opened before December 31, 2015.
The minimum age of joining APY is 18 years and maximum age would be 40 years, he said, adding, therefore, minimum period of contribution by the subscriber under APY would be 20 years.