Financial Inclusion Key Priority: Centre Tells Lok Sabha
This information was conveyed by Pankaj Chaudhary, the minister of state for finance, in a written reply to a question.
The Union government has launched flagship insurance schemes with the intention to create a universal and affordable social security system, especially for the poor and the underprivileged, the Centre told the Parliament on Monday.
This information was conveyed by Pankaj Chaudhary, the minister of state for finance, in a written reply to a question in the Lok Sabha, according to a release by the Press Information Bureau.
The schemes are as follows:
Pradhan Mantri Jeevan Jyoti Bima Yojana, which offers insurance coverage of Rs 2 lakh to the people in the age group of 18-50 in case of death of the insured, due to any reason, at an annual premium of Rs 436.
Pradhan Mantri Suraksha Bima Yojana, which provides insurance coverage to the people in the age group of 18-70 for Rs 2 lakh in case of accidental death or total permanent disability and Rs 1 lakh for partial permanent disability; due to accident, at a premium of Rs. 20 per annum.
Pradhan Mantri Jan Arogya Yojana, which gives a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation.
Pradhan Mantri Fasal Bima Yojana which offers safeguards to farmers against crop losses caused by unpredictable natural hazards. Under the scheme, the premium paid by farmers is capped at 2% for Kharif,1.5% for Rabi and 5% for commercial/horticultural crops.
These schemes are open to all eligible citizens of India, the minister said.
In order to increase the coverage and outreach under PMJJBY and PMSBY, several steps are being taken, including regular campaigns at the grass-root level with active participation of banks and local administration, including creation of a Jansuraksha portal to host all relevant material/information related to these schemes.
A strong network of about 16 lakh banking correspondents representing the last mile connect in the banking services delivery system is in place to enroll all eligible citizens including SC, ST and OBCs under these social security schemes.
Apart from this, allocation of targets and regular/periodic review to all banks is being done to ensure increase in the coverage of these schemes. These concerted efforts aim to ensure that every eligible citizen, particularly those from vulnerable sections of society, is brought under the safety net of affordable social security.
