New Delhi : Prime Minister Narendra Modi will launch the flagship social security schemes, including Rs 2 lakh accident cover at a premium of just Re 1 per month, in Kolkata on May 9. These schemes, to be launched by Modi, are aimed at providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank account of a subscriber, a Finance Ministry statement said.

These schemes were announced in the Budget by Finance Minister Arun Jaitley on February 28. The two insurance schemes -Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – would provide insurance cover in the unfortunate event of death by any cause, death or disability due to an accident, whereas the pension scheme – Atal Pension Yojana (APY) –  would address old age income security needs, it said.

 The convenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life or accident insurance and old age income security products in the country.

PMSBY will offer a renewable one year accidental death cum disability cover of Rs 2 lakh for partial permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber, it said.

The scheme would be administered through Public Sector General Insurance Companies or other General Insurance companies willing to offer the product on similar terms on the choice of the bank concerned, it added.

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