In a prelude to the launching of three ambitious social security schemes by the Prime Minister pertaining to insurance and pension sector on 9th of May, Lead District Manager, M. Shafi Ayaz convened a meeting of all the banks and insurance companies working in the district to review the enrollment process here today.
The two insurance schemes to be launched, namely Pradhan Mantri Surekhsha 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.
Lead District Manager who presided over the meeting said the enrollment of people for two insurance schemes in the district has started from 1st may 2015. For successful implementation of these schemes all banks will be organizing awareness camps in their service areas, educational institutions and other public places. PMSBY and PMJJBY shall be effective from 1st June 2015 and are applicable to all accounts holders of the bank with the eligibility criteria with regard to age. The LDM briefed the participants about the procedure for enrollment, consent/declaration, claim and other related issues.
To provide affordable universal access to essential social security protection in a convenient manner linked to auto-debt facility from the bank account of the subscriber, this would be a path breaking initiative. 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.