Finance Minister Arun Jaitley on Saturday said the Jan Dhan Yojana could be more than just a successful financial inclusion scheme and could be a platform for effective delivery of public resources and creation of a social security network for all Indians. The Finance Minister said that in a short period of 100 days, 12.5 crore families had been given bank accounts and brought into the financial mainstream. He said the government would use this as a platform to introduce a universal social security framework, something unprecedented in the history of India.
As part of this framework, the government will launch the Pradhan Mantri Suraksha Bima Yojana, which will offer coverage of up to Rs. 2 lakh in case of accidents — for a premium of just Rs. 12 a year. The Atal Pension Yojana will provide a defined pension according to the individual’s contribution of which 50 per cent will be made by the government. The Pradhan Mantri Jeevan Jyoti Bima Yojana will similarly offer coverage of up to Rs 2 lakh in case of natural and accidental deaths for an annual premium of Rs. 330.
“These social security schemes reflect our commitment to utilise the Jan Dhan platform, to ensure that no Indian citizen will have to worry about illness, accidents, or penury in old age,” Mr. Jaitley said. For nearly 10.5 crore of the population above 60 years, of which about 1 crore are above 80 years old, the government has decided to set up a Senior Citizens’ Welfare Fund. It will also introduce a new scheme for providing physical aids and assisted living devices for senior citizens living below the poverty line. “Success of Jan Dhan Yojana is gladdening. Building on that, key schemes are announced that will comprehensively transform the lives of the poor,” Prime Minister Narendra Modi tweeted.
