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Prime Minister Narendra Modi to launch 3 social security schemes linked to insurance and pension sector

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By NewsGram Staff Writer

The Prime Minister Narendra Modi will launch three ambitious social security schemes pertaining to the insurance and pension sector on 9th May 2015 at Kolkata.

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, whereas the pension scheme, Atal Pension Yojana (APY), would address old age income security needs.

PMSBY will offer a renewable one year accidental death cum disability cover of Rs 2  lakh (Rs 1 lakh for partial permanent disability) to all savings bank account holders in the age group of 18 to 70 years for a premium of Rs. 12/- per annum per subscriber. The scheme would be administered through Public Sector General Insurance Companies (PSGICs) or other General Insurance companies.

PMJJBY on the other hand will offer a renewable one year life cover of Rupees 2 lakh to all 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 scheme would be offered  through LIC or other Life Insurance companies willing to offer the product on similar terms.

APY, the third scheme to be launched, will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs. 1000, 2000, 3000, 4000 or Rs. 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 under APY would be 20 years or more. The fixed minimum pension would be guaranteed by the government.

While the scheme is open to back account bank account holders in the prescribed age group, the Central Government would also co-contribute 50% of the total contribution or Rs. 1000 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 social security scheme and are not income tax payers.

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Copyright 2015 NewsGram

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James Murdoch Isn’t Taking Over Tesla: Elon Musk

Musk is still the CEO of Tesla.

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Elon Musk, CEO of SpaceX. Wikimedia.

Tesla CEO Elon Musk has denied that James Murdoch, the younger son of media mogul Rupert Murdoch, is going to replace him at electric car maker Tesla.

Reacting to a Financial Times report that claimed James Murdoch was going to join Tesla as Chairman, Musk tweeted on Thursday that this was not true.

Tesla CEO Elon musk
Elon Musk agrees to step down as Chairman (VOA)

“This is incorrect,” tweeted Musk, reacting to the report.

James Murdoch, who serves as a director on Tesla’s board, is set to end his innings as 21st Century Fox’s CEO.

Media reports have also thrown names like former Vice President Al Gore and Jim McNerney of Boeing as potential candidates to lead Tesla.

tesla, maezawa, elon musk
Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. Pixabay

Coming under pressure from his lawyers and investors of Tesla, the tech billionaire on September 29 agreed to step down as Tesla Chairman for three years and paid a $20 million fine, in a deal with the US stock market regulatory authority, the Securities and Exchange Commission (SEC), to resolve securities fraud charges.

Also Read: Tesla Launches a New Programme That Lets You Send Images Into Space

Tesla paid another $20 million to the SEC, despite not being charged with fraud.

Musk is still the CEO of Tesla. (IANS)

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