Over 10 crore people have been enrolled under the two social security schemes launched by Prime Minister Narendra Modi in May.
On May 9, Modi had launched two insurance schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY)-- and a pension scheme Atal Pension Yojana (APY).
"As far as the two insurance schemes -- Sukasha and Jeevan Jyoti -- are concerned we have now touched a figure of 10.17 crore. In just one month and three days we have already crossed the 10 crore figure," Finance Minister Arun Jaitley told reporters here.
Besides, in the pension scheme APY, as many as two lakh people have joined, he added.
Jaitley said with the success of these social security schemes, now even private banks are eager to join in to sell the policies.
"The initial participation of private sector banks in these schemes had not been as much as public sector banks'.
But today, seeing the response, the private sector banks have said they are also receiving interesting queries and are going to participate in a big way," Jaitley said.
PMSBY will offer a renewable one-year accidental death- cum-disability cover of Rs 200,00,0 for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber. The scheme is managed by general insurance firms.
PMJJBY on the other hand will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.
The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.
The pension scheme will focus on the unorganised sector 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 an age between 18 and 40 years.
The period of contribution by any subscriber under APY would be 20 years or more. The fixed minimum pension would be guaranteed by the government.
Photograph: Reuters
