sanu kumar

The new hope of India our prime minister Narendre Modi on 9th, may announced the new three schemes to increase thepenetration of insurance in India which is 3.9 % which is below world average. The new three scheme are a good motivators for the insurance company to invest but not that effective work for the poorest of poor which prime minister claim to address. The insurance are:

• Pradhan Mantri Jeevan Jyoti Yojana.
• Pradhan Mantri Surasha Bima Yojana.
• Atal Pension Yojana.

 from range Rs. 12 to Rs 1452. Age limit from 18 to 60, and requirements just a bank account, is it the scheme that every one of us want.The so called game changer by NDA. On kolkata, during speech narendra modi talk about the beggar, rikshawala and poorest of poor for whom the schemes are made,regardless the fact that most of them don't have a bank account.

From:NDTV

HRD minister Mrs Ismriti Irani was so inspired from his hero that after solving all problem of Indian education system and clearing everybody doubt about her education, she moved to amethi to make 12 rupees bima of 5000 people falling below poverty line in every constituency. Which approx. mean 7.5 lakh from the pocket of our selfless and altruistic minister.

Lets look at some of the features of three insurance scheme and try to find out the positive and dark side of the schemes.

1. Pradhan Mantri Jeevan Jyoti Yojana.

    

Rules:

• one year cover, renewable from year to year.
• life insurance cover for death due to any reason.
• Only bank account holder of age 18- 50.
• payment of 2lakh during death.
• Rs 300/- will be deducted direct from account.
• Will be canceled if not sufficient balance.

2. Pradhan Mantri Surasha Bima Yojana.

Rules:

• one year cover, renewable from year to year.
• death and disability.
• administrated through public sector insurance company but private can also take part.
• age of 18 to 70, mandatory to have account.
• one time payment per year of just Rs. 12/-.
• for death insurance cover = 2 lakh
• for major injury ( blind, complete locomotive disability) = 2 lakh.
• for minor injury ( vision lost in one eye, lost one hand, one leg ) = 1 lakh
• termination can be due to closer of account or insufficient balance.

3.Atal Pension Yojana.

Rules:

• one year cover, renewable from year to year.
• subscriber would receive 1000, 2000, 3000, 5000 after completing 60 years.
• age limit between 18 to 40.
• must be a bank account holder, through auto-debit.
• also contribute 50% of total contribution. eg you give Rs. 100 government will add Rs. 50 to it.
• scheme is not for income tax payer. 
• premium is from Rs 42 to Rs 1452, which will determine what amount you will get after 60 year. 
• Link your bank account and adahar card. download form and deposit in bank.[download form in English, Hindi]  

Now lets see the details of the insurance scheme and look at its dark side.

1. the schemes are made so to connect it with the jan dhan yojana, now the jan dhan yojana was the great initiative from the government but has its own drawbacks.

About 75% account have no balance as given in the government website. 

2. In Pradhan Mantri Jeevan Jyoti Yojana, if you die after the age of 50 you would not be given a single penny and you know the avrage age of death in india is 66.21 year which is increasing year by year. so, seems to be a profitable business for insurance company.

3. there in not a single rupee contribution from the existing government, then why the scheme name start with pradhan mantri yojana.

4. the same problem you can see with Pradhan Mantri Surasha Bima Yojana, no money will be returned if you are not able to acquire claim within particular time frame, and no involvement of government money.

5. Atal pension yojana can make your account dead if you are not able to give your premium  within 8- 12 months.  

6. OK now look at one situation if you get a pension of 5000/- after 40 years and there in increase in the inflation of 5% then that 5000 will act as a 600-700 rupees compare to today.

Whenever a new government come it makes all the running schemes of the previous government paralyze, and put new scheme with the name of their popular leader. I think the idea of putting the name of a leader is destructing the working of the scheme as when government change they cannot endorse  the scheme which represent the opposition party.