Modi Government has already shown its intentions, and has well settled its roots in the past one year.
Recent updates about the achievements of Modi Government are the introduction of three ambitious security schemes relating to insurance and pension sector and intended at widening the financial inclusion process.
The first scheme started recently was the “Pradhan Mantri Suraksha Bima Yojana” that basically claims for accidental damage insurance and the other scheme is the Pradhan Mantri Jeevan Jyoti Yojana” that aims for life insurance schemes.
An audio visual film is also made regarding these titles showing all the three schemes of Modi Government.
The Jan Suraksha Yojana, under which these schemes are launched is basically expected to reduce the number of zero balance accounts created under this Yojana. The schemes are entitled to target the poor and unorganized sector who are not under any of the insurance schemes.
Under the accidental insurance scheme, a person will be given a provision cover of Rs. 200,000 for an annual premium of Rs. 12 only. The cover is for accidental death or Permanent total disability.
The scheme will be basically available for the people in the age group of 18 to 70 years with the savings bank account who basically give their consent to join and enable the debit criteria on or before 31st May for the coverage period of June 1 to May 31 on annual renewal basis.
The life insurance scheme will offer an overall renewable one year life cover of Rs 200,000 to all the savings bank account holders in the age group of 18 to 50 years covering death due to any reason, for a premium of Rs. 330 per annum per subscriber.
The pension scheme focuses on the unorganized sector and provides the subscribers with a fixed pension plans of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000 per month at age of 60 years, depending on the contribution option exercised on an age between 18-40 years.
The period of contribution by any subscriber under the APY would be basically 20 years or more. The benefit of fixed minimum pension enjoys a sovereign guarantee.
The Government contribution will be for those joining before 31st December 2015, are not the members of any statutory social security scheme and are not income tax payers.
It is estimated that 88% of the labor force from unorganized sector do not have any formal pension provision.
So, the three schemes are launched at 112 centers in different states and union territories attended by their respective chief ministers/governors and the union ministers.