In India, 88 percent of the total work force of 48 crore belongs to unorganised sector working in shops, offices, small industries, domestic helps, laborers, running of small businesses and earning small income. These unorganised workers are without any benefit of security in case of accident, death or old age.
One of the great achievement of present government is recent introduction of three social security schemes to provide relief to the marginalised by way of accidental death insurance, life insurance cover and monthly guaranteed Pension Scheme. Recent Budget announcement of the National Health Insurance Scheme covering more than 10 crore poor families will benefit over 50 crore individuals, with health cover upto Rs 5 lakh per family per year. These schemes are targeted to the people who do not have any social security cover. These schemes will make significant difference to their lives which we do not realize being in privileged position.
Pradhan Mantri Suraksha Bima Yojana: (Accidental Death Insurance)
Eligibility: Any person in age group 18 to 70 years with bank account.
Premium: Rs 12 per annum.
Payment Mode: The premium will be directly auto-debited by the bank from the subscriber’s account. This is the only mode available.
Risk Coverage: For accidental death and full disability – Rs 2 lakh and for partial disability – Rs 1 lakh.
The premium paid will be deductible under section 80 C and also the proceeds amount will get tax- exemption u/s 10(10D). But if the proceeds from insurance policy exceed Rs 1 lakh, TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.
Pradhan Mantri Jeevan Jyoti Bima Yojana (Life Insurance Cover)
Eligibility: Available to people in the age group of 18 to 50 and having a bank account.
Premium: Rs 330 per annum.
Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscriber’s account.
Risk Coverage: Rs 2 lakh in case of death for any reason.
Atal Pension Yojana (Pension Cover):
l Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs 1000 and Rs 5000 per month.
l Govt will also co-contribute 50% of the subscriber’s contribution or Rs 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
l Govt will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period June 1, 2015 to December 31, 2015. The benefit of five years of government Co- contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
l All bank account holders may join APY.
l APY is applicable to all citizens of India aged between 18-40 years.
Under Pradhan Mantri Jan-Dhan Yojana (PMJDY), poor can open bank account in any Bank with zero balance, to avail various financial services. These accounts have free accidental insurance cover of Rs 1 lakh and life cover of Rs 30,000 payable on death to legal heirs and over draft facilities upto Rs 5000.
Under Pradhan Mantri Mudra Yojana (PMMY) any shopkeeper vegetable vendor, service unit, small industry carrying on business as proprietor or partnership firm can avail loan of Rs 50,000 to Rs 10,00,000 without any security with interest rate varying from 10 to 17%.
Most of the needy persons to whom these schemes are meant are not aware of the schemes and though some of them may be aware, do not know how to get them. These schemes can be of great value to them in case of distress and old age, when there is nothing to fall back upon.
Most of us shed tears, sitting in our cozy and comfortable environment, for their pitiable position all the time blaming Government for not doing anything worthwhile to remove their plight and express admiration to western countries for providing safety net to their citizens.
This is an opportunity for all of us to be a social worker and also philanthropist for which one has not to be millionaire.
To begin with get your domestic servants, newspaper delivery boy, milk supplier, driver, office and shop employees, security men covered under these three schemes. You can be graceful and generous in contributing their first year premium to make a good beginning. Better still, if you can afford make their annual contribution as long as they work with you. You will automatically get inner happiness and satisfaction and fulfill your desire to be genuine social worker.
The process of subscribing to these schemes is absolutely very simple. All that is required is a bank account and filling up a single page form.
In the second round, you can guide under- privileged persons in your neighborhood to subscribe to these schemes.
Social organization such as Rotary clubs, Lions clubs, JAYCEEs, Giants, Samrat and other associations, Gram Panchayats, NGOs can play great role in getting under privileged person to join the scheme by holding camps and educating them about benefits of the scheme and helping them to open bank account and fill up the form.
Just for your knowledge I am giving indicative monthly contribution required at different ages to get monthly pension of Rs 5,000 and the amount nominee of the subscriber will get in case of that.
