The Prime Minister Narendra Modi will launch three social security schemes pertaining to the insurance and pension sector on May 9, 2015 at Kolkata. It is considered to be a path breaking initiative towards providing affordable universal access to essential social security protection in a convenient manner linked to auto-debit facility from the bank account of the subscriber. This would provide social security to the economically vulnerable people across the country, especially in rural India.
The two insurance schemes to be launched, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) would provide insurance cover in the unfortunate event of death by any cause, death or disability due to an accident respectively. The pension scheme, Atal Pension Yojana (APY), would address old age income security needs. The convenient delivery mechanism of the schemes is expected to address the situation of very low coverage of life, accident insurance and old age income security products in the country.
Besides the launch function at Kolkatta, simultaneous launch functions of the schemes will also be held at 116 locations in the Capital and other major centres of the different states and at district headquarters. Chief ministers and union ministers will attend the functions at various locations.