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Prime Minister to Launch Pradhan Mantri Suraksha Bima Yojana (PMSBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY) on 9th May 2015 at Kolkata

Dated:- 8-5-2015 - It has been mentioned in the Budget Speech of 2015-16 that a large proportion of India s population is without insurance of any kind - health, accidental or life. Further, as the young population of India ages, it is also going to be without any formal pension provision. It is estimated that the unorganised sector workers, which constitute 88% of the total labour force of 47.29 crore, as per the 66th Round of NSSO Survey of 2011-12, do not have any formal pension provision. En .....

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he insurance and pension sector on 9th May 2015 at Kolkata. This would be a path breaking initiative towards providing affordable universal access to essential social security protection in a convenient manner, linked to auto-debit facility from the bank account of the subscriber. The two insurance schemes to be launched, namely Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), would provide insurance cover in the unfortunate event of death by any .....

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lation at an affordable premium of just ₹ 12 per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account, who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. PMSBY will offer a renewable one year accidental death cum disability cover of Rupees Two Lakh (Rupees One Lakh for partial permanent disability). The scheme would be offered/administered thr .....

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r Life Insurance companies willing to offer the product on similar terms on the choice of the Bank / RRB / Cooperative Bank concerned. APY, the third scheme to be launched, will focus on the unorganised sector and provide subscribers a fixed minimum pension of ₹ 1000, 2000, 3000, 4000 or ₹ 5000 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. Thus, the period of contribution by any subscriber unde .....

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minimum guaranteed pension, over the period of contribution, the subscriber would be able to retain such excess in his account, resulting in enhanced scheme benefits to him. While the scheme is open to bank account holders in the prescribed age group, the Central Government would also co-contribute 50% of the total contribution or ₹ 1,000 per annum, whichever is lower, for a period of 5 years for those joining the scheme before 31st December, 2015 and are not members of any statutory soci .....

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