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The two insurance schemes to be launched- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojona (PMJJBY) would provide insurance cover to the family in the event of accidental and natural death respectively.
The pension scheme, Atal Pension Yojona would provide the unorganised sectors of the population and provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 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.
Announcing the schemes today, finance secretary, Hasmukh Adhia, secretary of financial services with Ministry of Finance said, "After the huge success of the Jan Dhan scheme under which 15 crore bank accounts were opened, the government will unveil three social security schemes under the Jan Suraksha programme. Prime Minister Narendra Modi will launch the schemes tomorrow."
For the insurance schemes the premium has been fixed at Rs 12 and Rs 330 for the PMSBY and PMJJBY respectively. "The administrative cost is very low because of which the premiums charged are less,"Adhia said.
Terming this as a revolution, he added that not only public sector insurance companies or banks, a number of private sector banks and insurance companies will also offer these services.
The schemes will be linked to the bank accounts and will have an auto-debit facility.
Under the PMSBY, a renewable one-year accidental death-cum-disability insurance cover of Rs. 2 lakh for those in the age group between 18 and 70, a premium of Rs. 12 per annum will be charged.
In the PMJJBY, a renewable one year life cover of Rs 2 lakh will be offered to all account holders falling in the age of 18-50 years, at a premium of Rs. 330 per annum. The scheme will be offered through LIC or other life insurance companies.
"Throughout the country, 101 banks and more than 1 lakh branches will provide these services," Adhia said.
