Modi in Kolkata: Will launch schemes and meet ailing Maharaj, CM

After launching the schemes, Modi will visit Sishumangal Hospital in the city to pay a visit to ailing Atmasthanand Maharaj of the Ramkrishna Mission. He will then head to Raj Bhavan to meet a BJP delegation led by state party president Rahul Sinha. This will be followed by a meeting with Chief Minister Mamata Banerjee. On Sunday, Modi is scheduled to visit Dakshineswar temple and Belur. From Belur, he will fly to Asansol.

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Hasmukh Adhia, Secretary (Financial Services) of Union Ministry of Finance, said the Centre will spend at least Rs 150 crore this year to market the three schemes to be launched on Saturday. “The administrative cost is very low because of which the premiums charged will be less. Not just public sector insurance companies or banks, a number of private sector banks and insurance companies will also offer these services,” Adhiya added.

Adhiya explained that the two insurance schemes — PMSBY and PMJJBY — will resolve an important issue like low coverage for accident insurance. “They will provide affordable personal accident and life cover to a vast population. The schemes will be linked to the bank accounts and will have an auto-debit facility,” he said.

Calling the scheme a game changer, Adhiya added that under PMSBY, a renewable one-year accidental death-cum-disability insurance cover of Rs 2 lakh will be given to those in the age group of 18 and 70. For this, a premium of Rs 12 per annum will be charged. Under PMJJBY, a renewable one-year life cover of Rs 2 lakh will be given to all account holders between 18 to 50 years of age, at a premium of Rs 330 per annum. The scheme will be offered through LIC and other life insurance companies.

The pension scheme or APY is targeted mainly at the unorganised sector.