BackNarendra Modi launches three social security schemes in Kolkata
Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana were simultaneously launched at 115 locations throughout the country
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Kolkata: Prime Minister Narendra Modi on Saturday announced three flagship social security schemes, including an insurance cover for less than ₹ 1 per day, while choosing to launch the ambitious programme from a dais shared by bitter critic and West Bengal chief minister Mamata Banerjee. While demanding a complete waiver of West Bengal’s ₹ 2.74 trillion debt burden, Banerjee also echoed Modi’s call for the centre and the states to work together for upliftment of the poor and the development of the country.
Invoking words of Rabindra Nath Tagore and Gopal Krishna Gokhale, Modi said “what Bengal thinks today, India thinks tomorrow" and added that the process of development would be incomplete if it did not reach the poor. Banerjee, who has been very critical of Modi and the BJP, which has been working hard to make inroads into West Bengal, also said the downtrodden and the poor people were the backbone of the country. “We must not forget the poor because it is the government of the people, by the people and for the people," she said.
Modi said 80-90% people in the country neither have insurance cover nor any possibility of pension. While the three schemes will come into force from 1 June, the Prime Minister said that in the first seven days of the trail-run, banks have enrolled 50.5 million people, including 4.2 million from West Bengal. The schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY)—were simultaneously launched at 115 locations throughout the country.
The Pradhan Mantri Jeevan Jyoti Bima Yojana will offer a renewable one-year life cover of ₹ 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of ₹ 330 per annum. The Pradhan Mantri Suraksha Bima Yojana will offer a renewable one-year accidental death-cum-disability cover of ₹ 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of ₹ 12 per annum per subscriber. The Atal Pension Yojana will focus on the unorganized sector and provide subscribers a fixed minimum pension of ₹ 1,000, ₹ 2,000, ₹ 3,000, ₹ 4,000 or ₹ 5,000 per month, starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.
Listing the success of Jan Dhan scheme, Modi said that 150 million bank accounts have been opened since 15 August last year and ₹ 15,800 crore has been deposited there. “Now 95% of the poor are covered under the proper banking sector," he said, adding it was the inspiration for doing more for them and therefore he was launching the “Jan Suraksha" social security schemes. Modi said that the schemes have been announced targeting 80% of the people who are not covered by any social security measure.
“I told the poor, this nation, this government and our banks are for you...poor do not want ‘sahara’. We need to change how we think. The poor need ‘shakti’," Modi said. He said the success of the Jan-Dhan scheme demonstrated the power of the poor who desisted from maintaining zero balance accounts and instead deposited cash in those. “See the power of the poor. The poor should be not given alms, but rather they should be empowered. Now it is the turn to unfold more programmes for the poor," he added.
The two leaders, who shared the dais for the first time since Modi became Prime Minister, did not spare a chance to take jibes at each other. “Our government had launched the Kanyashri scheme for the uplift of the girl child. For this we have allocated ₹ 1,000 crore. But the similar central scheme Beti Padhao Beti Bachao has an allocation of only ₹ 100 crore," Banerjee said. The chief minister said that not all the village panchayats in the state were covered by a bank and demanded that at least one bank branch should be present in each. To this, Modi said, “This land has the blessings of both Lakhsmi and Saraswati. This land contributed a lot in manufacturing. Now she is saying that there are no bank branches in all villages. What happened in the last 60 years? The chief minister is saying this because she believes that if something can be done, then it will be by me."
The social security schemes were welcomed by industry lobby CII. “Establishing linkages of three social security schemes with bank accounts will go a long way in expanding penetration of insurance and pension in the country and serve the cause of extending universal social security cover in most economical and efficient manner," CII president Sumit Mazumder said. “This is huge step in the direction of creating universal social security system in India." PTI
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