The subscriber base for social security schemes launched by the Centre early this month has evoked good response in the district with last minute rush to enrol for the products which will come into effect from June 1, 2015.
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) were launched by the Centre early this month to provide for accident insurance worth Rs. 2 lakh at Rs. 12 per annum under PMSBY and life insurance worth Rs. 2 lakh at Rs. 330 per annum under PMJBY tailor-made for people in the unorganised sector without a regular source of income. However, it is also open to all SB account holders irrespective of their economic status. In addition, the Atal Pension Yojana was also launched to provide for post-retirement income by way of pension.
The total number of subscribers for the social security schemes had crossed 1.96 lakh as on May 29 and the numbers are expected to rise as the scheme will come into effect from Monday. “Given the rush, we expect to increase the subscriber base to over 2.25 lakh mark within a day or two”, said K.N. Shivalingaiah, Lead Bank Manager, SBM, Mysuru.
Of the bouquet of the insurance products, it is the PBSBY with an annual premium of Rs. 12 which has caught the imagination of the public especially in the rural areas as it provides for security net by way of Rs. 2 lakh for the family members in the event of any untoward incident of the insured.
“Out of the nearly 1.96 lakh subscribers for the insurance products, more than 1.27 lakh account holders have enrolled for PMSBY while about 69,000 subscribers have enrolled for PMJBY in the district”, said Mr. Shivalingaiah.
Apart from the low premium of Rs. 12 per annum, the cut off date for enrolment being 70 years and security for the survivors in case of the death of the insured, is what has made the PMSBY popular especially among those in the unorganised sector.
The Cauvery Grameena Bank alone has enrolled over 48,000 subscribers for the PMSBY in the district. The State Bank of Mysore has sold over 33,000 policies while Syndicate Bank has enrolled 41,740 customers for the insurance scheme. The SBI has enrolled over 23,000 customers while Canara Bank has upward of 18,000 customers for the products.
N. Pinageeswaran, Chief Manager, Syndicate Bank, pointed out that the products were selling well across the district but the PMSBY had more traction in rural areas.
“It is easier to market these products in villages where people go by word of mouth and are convinced to emulate their fellow-citizens”, he said.
As the premium for the insurance schemes will be auto-debited from the accounts of the subscribers, the dormant SB accounts opened under the Pradhan Mantri Jan Dhan Yojana too will be activated automatically.
It is easier to market these products in villages where people go by word of mouth and are convinced to emulate their fellow-citizens
N. Pinageeswaran
Chief Manager, Syndicate Bank
