Social Security Scheme

  • PMSBY
  • APY

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a group accidental insurance policy. It will offer accidental death and disability cover. A sum assured of INR 2 lakhs is paid upon accidental death and total permanent disability and INR 1 lakh on permanent partial disability

Benefit Description CriteriaSum Assured (INR)
Death2 lakhs
Permanent vision loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot2 lakhs
Permanent vision loss of sight in one eye or loss of use of one hand or one foot1 lakhs

Pradhan Mantri Suraksha Bima Yojana Eligibility (PMSBY)

  • The applicant should have completed 18 years of age and should not have crossed 70 years.
  • The person should have a valid government Aadhar identity card to get registered under this scheme.
  • Should have a savings bank account in their own name.
  • The person should give permission to the bank for auto debit facility for premium payment.

Pradhan Mantri Suraksha Bima Yojana Premium (PMSBY)

The aim of the policy is to be affordable for every class of the society especially the low-income group. Keeping this factor in mind the premium has been kept to a bare minimum of INR 12 per annum per member. The premium will be auto-debited from the saving account linked to this scheme. The premium will be deducted on or before 1st June every year.

APY

  • The Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement.To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement
  • The GoI has therefore announced a new scheme called Atal Pension Yojana (APY)1 in 2015-16 budget. The APY is focussed on all citizens in the unorganized sector.
  • The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
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