The subscriber base for two Union government social security schemes in the district has crossed the 2.69-lakh mark, but there are no takers for Atal Pension Yojana (APY).
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Yojana (PMJJY) and Atal Pension Yojana (APY) were launched in May. The PBSBY is more popular as it provides for Rs. 2 lakh accidental insurance cover at Rs. 12 an annum, while the PMSBY provides life insurance cover for Rs. 2 lakh at Rs. 330 an annum.
Of the two policies, 1,72,870 people have opted for PMSBY while 96,992 people have subscribed for PMJJY as on May 31. However, there were only 89 subscribers for APY.
Though meant to extend insurance cover to people below the poverty line and those in the unorganised sector, the schemes are open to all. But the APY, which is supposed to provide financial security in the post retirement life for people in the unorganised sector, is proving to be a damp squib. The scheme is open to people in the age group of 18 to 40 and they will pay premium till the age of 40. However, it is only on attaining the age of 60 that the subscriber will receive pension ranging between Rs. 1,000 to Rs. 5,000 depending on the premium paid.
Senior officials in banks say it is difficult to market the scheme as people scoff at the value of Rs. 5,000 more than 20 years down the line and hence give it thumbs down. Among the banks that are on the forefront in selling the two insurance products include Kaveri Grameena Bank with 58,355 policies, State Bank of Mysore with 44,775, Canara Bank with 39,380, Vijaya Bank with 27, 465, Indian Overseas Bank with 26,490, and State Bank of India with 23,723 policies.
