“There will be simultaneous functions across states. The enrolment for insurance and pension schemes will begin after the PM launches them. However, the insurance cover will be enforced from June 1,” said Hasmukh Adhia, secretary, department of financial services.
The schemes are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to autodebit facility of a subscriber’s account , as per the finance ministry. Finance Minister Arun Jaitley had announced these schemes in the budget. The two insurance schemes – Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – will provide insurance cover in case of death and death/disability due to accident.
The Atal Pension Yojana (APY) will address old-age income security needs. 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 5,000 per month starting at age 60, depending on the contribution option exercised on entering at an age between 18 and 40 years.
SUBSCRIBE TO ATAL PENSION YOJANA