The Union Cabinet
chaired by the Prime Minister, Shri Narendra Modi today approved the operationalisation
of the Atal Pension Yojna (APY), Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY).
Approval of the Cabinet
was given to extend funding support for implementing the APY and apprise the Cabinet
on operationalisation of the PMJJBY and the PMSBY. Approval was also given to
provide Rs. 50 crore per annum for the next 5 years as the Government
contribution for publicity / awareness creation related expenditure for PMJJBY
and PMSBY.
Under the APY,
subscribers would receive a fixed minimum pension of Rs. 1000 per month, Rs.
2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at
the age of 60 years, depending on their contributions, which itself would vary
on the age of joining the APY. The Central Government would also co-contribute
50 percent of the total contribution or Rs. 1000 per annum, whichever is lower,
to each eligible subscriber account, for a period of 5 years, that is, from
2015-16 to 2019-20, to those who join the NPS before 31st December, 2015 and
who are not members of any statutory social security scheme and who are not
Income Tax payers. The pension would also be available to the spouse on the
death of the subscriber and thereafter, the pension corpus would be returned to
the nominee. The minimum age of joining APY is 18 years and maximum age is 40
years. The benefit of fixed minimum pension would be guaranteed by the
Government.
Under PMJJBY, annual
life insurance of Rs. 2 lakh would be available on the payment of premium of
Rs. 330 per annum by the subscribers. The PMJJBY will be made available to
people in the age group of 18 to 50 years having a bank account from where the
premium would be collected through the facility of "auto-debit".
Under PMSBY, the risk
coverage will be Rs. 2 lakh for accidental death and full disability and Rs. 1
lakh for partial disability. The Scheme will be available to people in the age
group 18 to 70 years with a bank account, from where the premium would be
collected through the facility of "auto-debit".
Government expenditure
is expected to range between Rs. 2,520 crore and Rs. 10,000 crore on account of
Government co-contribution to subscribers of the APY over a period of five
years. Further, an expenditure of Rs. 2,000 crore for promotional and
developmental activities for enrolment and contribution collection under APY
and Rs. 250 crore for publicity, awareness building for PMJJBY and PMSBY is
envisaged by the Government, over a period of five years.
It is expected that
around two crore subscribers would be enrolled during the current financial
year under APY.
source : PIB News
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