More than ten per cent of bank account holders in Goa have enrolled themselves for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APY), according to latest information received by ‘The Navhind Times.’Actual percentage may even be higher, as of the 22.75 lakh bank account holders in the state, most have accounts with at least two banks.
The three social security schemes of the government appear to be a robust success with lead bank State Bank of India disclosing on Wednesday that 2.58 lakh policies have been accepted by banks till date. The figure is as on May 20, which is the last date of compilation by SBI.
“Response to the three schemes is very good and we are satisfied with the progress,” said an SBI official adding that the momentum is picking up. About 100-200 forms are being accepted each day in branches and processing is on. Meanwhile, banks have started deducting premium from savings accounts on the accepted policies, he said.
Lead bank SBI said that it has enrolled 1.25 lakh customers and is leading while the Canara Bank said that it is the second highest with 20,000 policies. Sources in the Canara Bank said that they have been aggressively promoting the schemes among their customers. Other public sector banks have policies in the range of 7,000-7,500. Private sector banks are also accepting forms but they have enrolled lesser numbers because some of these banks are yet to tie up with insurers.
Bankers said that of the three schemes, the maximum response is to the insurance scheme PMSBY (62 per cent) for which the age limit is 70 years. The least response is to the pension scheme APY as it is targeted at the unorganised sector and the scheme was also launched late. The other insurance scheme, PMJJBY, is also doing good business.
There is no enrolling target set for the banks but the instruction is to enroll as many as their account holders as possible. Bankers said that response to the schemes is from all income groups including the educated and working class. The government is trying to publicise the schemes among first time account holders (from Jan Dhan Yojana) and asking them to keep balance in their account. “Premium for the schemes is deducted from the bank account and, therefore, keeping a balance is necessary,” a manager explained.
The three social security schemes are a part of Jan Suraksha Yojana and aimed at providing insurance and pension coverage to all. It was launched by the Prime Minister on May 9. The first phase ends this week on May 30 and final ending is on August 31. Within days of unveiling of the schemes, the total enrollment in Goa was 1.18 lakh.
Of the schemes, PMSBY and PMJJBY provide insurance while APY is a pension scheme. To be a part of the schemes, one has to be a bank accountholder and within the age group, while the income bracket does not matter. The premium is as low as Rs 12-Rs 330 annually, depending on the scheme.
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