Union HRD Minister Smriti Irani on Saturday hailed the three social security schemes launched by Prime Minister Narendra Modi.
“There was a promise that Prime Minister Narendra Modi made to the people of this country, that those who face economic challenges shall be given economic security. The ‘Pradhan Mantri Surakhsa Bima Yojana’ is historic because for just Rs12 a year, a citizen can avail benefits and cover for up to Rs 2 lakhs,” said Irani.
Earlier in the day, Prime Minister Modi launched the ‘Pradhan Mantri Jivan Jyoti Bima Yojana’, ‘Pradhan Mantri Suraksha Bima Yojana’ and the ‘Atal Pension Yojana’ in Kolkata.
While the ‘Pradhan Mantri Suraksha Bima Yojana’ (PMSBY) and the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY) will provide insurance cover in the unfortunate event of death by any cause or disability due to an accident, the Atal Pension Yojana (APY) will address the income and security needs of the aged.
The convenient delivery mechanism of the schemes is expected to address the problem of a very low penetration of life or accident insurance and old age income security products in the country. (ANI)