It has become history when people were conscious about only specific products like the public provident fund and traditional life insurance plans for investments. But things have changed since the government turned into these schemes in a new package.
People around eight crore are entered in these new schemes and many more are about to join these new schemes launched by government.
What are these schemes?
PRADHAN MANTRI SURAKSHA BIMA YOJANA:
It is a personal accident policy which gives you the surety to protect not only your family but also your loss of income due to any disability.
- Age should be 18 to 70
- Bank account is necessary
Features of this scheme:
- Claim of 2 lakhs will be given by this policy if a person dies in an accident or suffers from a permanent disability due to an accident.
- Policy will be valid to age of 70
Here claims given by this policy in permanent disability, what kind of permanent disability?
Loss of both eyes or loss of both hands and feet or loss of sight of one eye and loss of one hand or one foot. The policy does not cover temporary disabilities.
PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA:
It is a pure term plan that does not pay you anything back when the policy matures. If the insured dies it pays the sum insured to the family.
Age should 18 to 50 years and anyone with a bank account can buy the policy.
This is the policy which provides risk cover in case of an untoward incident pays Rs 2 lakh to the family as claim money. The policy is valid for one year (from June 1, 2015 to May 31, 2016), after which you need to pay premium to renew the policy.
ATAL PENSION YOJANA:
Scheme provides pension plans to people to make their life well in their old age. These kind of schemes help people at the time they are not able to work or earn for their living.
The scheme is available to all bank account holders between 18 and 40 years of age. You need to contribute for 20 years or more under the scheme.
According to this scheme you will be able to get pension of Rs 1,000 to Rs 5,000 per month, at the age of 60 years. Which varies on the age of joining the APY? Government provides the benefits of the scheme on the basis of current age. For example, a 35-year-old needs to pay Rs 902 a month for a pension of Rs 5,000.
Government also contributes 50% of your contribution.
But many of our people are still not aware or have information about these schemes due to lack of sources or communication by the government officials. Although we can get this information anytime from government websites or can get the information when it is available on newspaper or tv but due to lack of resources many places are still not aware about these government scheme.