Mangaluru, May 8, 2015 : Pradhan Mantri Jan Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyothi Bima Yojana (PMJJBY) and Atal Pension Bima Yojana (APY), the three new social security schemes announced by the Union Government will be launched in the district on May 9 at 5 pm at a function to be held at CV Nayak Hall in the city on behalf of all banks in the district.
This was informed to reporters here on May 7, Thursday at a press meet organised by Corporation Bank on behalf of all banks in the district. Speaking at the press meet, Lakshminatha Reddy, Corporation Bank General Manager said Prime Minister Narendra Modi’s address after launching the scheme at Kolkata that evening, will be telecast live at the programme venue.
He also urged the public to make good use of the three schemes which are available in all banks. If the PMSBY and PMJJBY are meant for everyone, the Atal Pension Yojana is mainly for the unorganised sector workers, he informed.
Pradhan Mantri Jan Suraksha Bima Yojana (PMSBY):
PMSBY will offer a renewable one year accidental death-cum-disability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber.
The scheme would be administered through public sector general insurance companies or other general insurance firms willing to offer the product on similar terms on the choice of the bank concerned.
Pradhan Mantri Jeevan Jyothi Bima Yojana (PMJJBY):
PMJJBY will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber. The scheme would be offered or administered through LIC or other Life Insurance companies willing to offer the product on similar terms on the choice of the bank concerned.
Atal Pension Bima Yojana (APY):
The pension scheme will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1,000, 2,000, 3,000, 4,000 or Rs 5,000 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. The period of contribution by any subscriber under APY would be 20 years or