Social Securities Scheme Launched

With no less time, BJP led government introduced social security schemes to let mass population be securitised. It is the need of the hour to provide social security to all especially those who have been less benefited from our economic development.

With the oust of the news on launching 3 SSS (Social Security Scheme) on 9th May'2015 at Kolkata by PM Mr. Modi, a fresh air of hope in improving poor section has aroused. These schemes are:

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)- It is a low premium Life insurance scheme which was announced by Finance Minister Arun Jaitely in the Union Budget 2015/16. The scheme will also be linked with the Pradhan Mantri Jan Dhan Yojna. Person with the age group of 18 years to 50 years are eligible. If the account is opened before attaining the age of 50 years, the life cover would remain intact up tp the age of 55 years, if premium is paid regularly. Premium payable for this scheme is Rs 330 per year i.e. less than Rs 1 per day.

Key points of the scheme:
i) The payment of premium will be directly auto-debited by the bank from the subscribers account.
ii) Risk coverage of Rs.2 Lakh in case of death for any reason.
iii) The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
iv) The policy holder is required to renew the policy each year and the premium will be auto-debited from his bank account.
v) Nominee name is to be given in the form along with relationship. In case the nominee is minor, name of the guardian is also to be given.
vi) Government contribution towards this scheme will be decided separately each year. The contribution will come from the unclaimed money lying ideal in various public welfare funds.
vii) The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY) - It will be available to people in age group 18 to 70 years with bank account. Premium payable for this scheme is Rs.12 per annum. The premium will be directly auto-debited by the bank from the subscriber’s account (This is the only mode available), for accidental death and full disability - Rs.2 Lakh and for partial disability – Rs.1 Lakh. The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:
(i)       Various Ministries can co-contribute premium for various categories of their beneficiaries from their budget or from Public Welfare Fund created in this budget from unclaimed money. This will be decided separately during the year.
(ii)     Common Publicity Expenditure will be borne by the Government.

3. Atal Pension Scheme - To address the longevity risks among the workers in unorganised sector and to encourage the workers to voluntarily save for their retirement, who constitute 88% of the total labour force of 47.29 cr as per the 66th round of NSSO survey of 2011-12, but do not have any formal pension provision, the government had started the Swavalamban scheme in 2010-11. However, the coverage was inadequately mainly due to lack of guaranteed pension benefits at the age of 60. Therefore, Atal Pension Yojana (APY) came into force. The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PERFA).Under this scheme, the subscribers would receive the fixed minimum pension of Rs 1000 per month, Rs 2000 per month, Rs 3000 per month, Rs 4000 per month, Rs 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government.

All the three schemes are equally weighted and well planned. It is a win-win-win situation for Government- Banks-People.

Why we need to be socially securitised?

Life is unpredictable and uncertain but many planning goes in vain due to lack of financial planning. The schemes as discussed above will make them sensitive and circumspect for their future even if they have less knowledge on financial planning.

Saving and Investing from early stage will give mature return in future. Our major development goes in the pocket of knowledgeable, urbane, and smart population but poor remains poor ,even though their purchasing power have improved now-a-days and this is due to inexperience of saving money in planned manner. Thus, schemes by government of such kinds are most welcomed and appreciated because poor population are really in need to be securitised due to poverty vicious circle and its consequences.

Government Strategically Planned?

I must say, there is really a forerunner working behind all economic policies that introduced in past 1 year. With the launch of Jan- Dhan Yojana firstly government connected it's people through "Banking for All" which is actually needed in this 21st century India.

Then PAHAL introduced which directly transfer benefit of subsidy amount for LPG Customers. And all three Social security schemes are recently launched will work through banks only by investing a small penny of money from wallet and can secure future. Our large junk of population today know about value of saving but they never strategically planned either by uprising expenditure need due to customization or less knowledge/clarity on efficient financial planning.

Nevertheless, still today our 68% population lives in rural area and have less knowledge on technology driven in banking i.e. Net banking, mobile banking and banking transaction. There was a big challenge to add population to banking activities but by Government JDY (Jan Dhan Yojana) it could be made possible. But by mere opening an account in a bank is not sufficient, our mass population should have basic knowledge of banking activities and technology use in banking in order to avoid cheats or frauds. Moreover, to make our schemes successful it should be a vital concern for our government as well.

Hopefully, by launch of such schemes and more schemes in near future will encourage our ignorant portion of population to take interest in knowing banking activities/terms/ways of transaction/banking via mobile or net, etc.



Henceforth, Banking and Technology is a good way to reach to greater population at a time. Thus successes of such schemes are having probable chance to reach out to the wider population and will benefit needed section of society in real terms. Aside proper analysis is required in set interval to check the real performance of schemes whether it's working or not in order to maintain the significance of such national schemes.

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