3 must have Pradhan Mantri Social Security Schemes

Let's look at three must-have social security (Jan Suraksha) schemes that were launched in 2015, which can help you in securing your financial future.

• Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojna is to ensure risk coverage in case of accidental death or full or partial disability. The insured amount for accidental death and full disability is Rs.2 lakh, and it is Rs.1 lakh for partial disability. It has an annual premium of Rs.12 only, which will be directly auto debited by the bank from the subscriber's account. It is the only mode of paying the premium and thus creates a linkage between the beneficiary and the bank. A person must opt for the scheme every year by submitting a simple form to the bank by 1st June. One can also opt for the scheme on a long-term basis, and in that case his account will be auto debited every year by the bank. People between the ages of 18 and 70 years, having an Aadhar-linked bank account, are eligible for the scheme.

• Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana is to benefit people in case of death. It is available to people in the age group of 18 to 50 who have a bank account. People who join this scheme before completing the age of 50 can continue to have the risk of life cover up to the age of 55 years, subject to the payment of premium. The scheme has an annual premium of Rs.330, with a risk coverage of Rs. 2 lakh. The premium will be directly auto- debited by the bank from the subscriber's account. A person can opt for the scheme for a year or prefer to continue it as a long-term option. In the case of a long-term option, his account will be auto debited every year by the bank.

• National Pension System (NPS)

The Government of India's concern for old age income security for the working poor, particularly in the unorganized sector, resulted in the creation of a new initiative in the budget proposals 2015-16, called, Atal Pension Yojana. It is to encourage the uninsured workers in the unorganized sector to come under the National Pension System (NPS), under the Pension Fund Regulatory and Development Authority (PFRDA). The individual subscribers shall have the option to make the contribution in a monthly, quarterly and half-yearly mode.

You can now invest in Pradhan Mantri Social Security Schemes via your Suryoday SFB Savings Account and avail of its benefits.